Financial Trade Groups Address Confusion Around Economic Impact Payment Date

In response to confusion about when consumers can access the latest round of economic impact payments, the American Bankers Association joined a coalition of nine financial trade groups today in issuing a statement confirming that the Internal Revenue Service chose March 17 for EIP funds to become available. An estimated 100 million payments are expected to arrive without incident on that date.

The groups explained that the IRS sent an initial wave of EIPs through the ACH system over the weekend for payment on March 17. “The actual funds will be sent to the banks and credit unions on March 17, at which time funds will be made available to customers. Until that time, the funds remain with the government,” the statement noted. “While the IRS could have chosen to send the funds via same-day ACH or provided for an earlier effective date, it chose not to do so. It is up to the sender, in this case the IRS, to decide when it wants the money to be made available and the IRS chose March 17.”