Updated January 4, 2021
Nacha has learned that the IRS is issuing a smaller number of Economic Impact Payments (EIPs) by ACH than previously expected, although the total volume is still approximately 100 million. These payments have an effective date of Jan. 4, 2021. People that are eligible and expecting to receive EIPs by Direct Deposit that haven’t received them should check directly with the IRS via the Get My Payment tool. The IRS reminds people that they should not contact their financial institutions with payment timing questions.
Additionally, consumers can check the status of both their first and second payments by using the Get My Payment tool.
Posted December 30, 2020
The IRS and the U.S. Treasury have confirmed that 113 million EIPs by ACH are being processed this week, with an effective date of Monday, Jan. 4, 2021. Under the Nacha Rules, RDFIs must make funds available by 9:00 a.m. (RDFI local time) on Jan. 4. The EIPs by ACH will be identified with a Company Name of “IRS TREAS 310” and a Company Entry Description of “XXTAXEIP2”.
Additional Frequently Asked Questions have been added to the Nacha website to reflect this new public information.
The IRS also confirms that additional EIPs by check will begin to be mailed today, Dec. 30. Estimated check volume is 5 to 7 million per week.
Posted December 29, 2020
The ACH Network stands ready to deliver Direct Deposits for Economic Impact Payments (EIPs) quickly and accurately. The nation’s financial institutions and the ACH Operators will work diligently to make funds from EIPs available to Americans on the date instructed by the IRS; funds from ACH EIPS are expected to be available Jan. 4.
Direct Deposit is a proven, fast and secure way to deliver federal benefits and government assistance, even in the face of unprecedented crises. During the first round of EIPs under the CARES Act, the IRS made more than 120 million EIPs via Direct Deposit that were paid on time on the date instructed by the IRS.
In this second round, Nacha expects that more than 100 million EIPs by Direct Deposit will be paid to Americans on a single day, demonstrating the proven industrial strength of the ACH Network.