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IRS Says 100M Stimulus Payments Placed In Bank Accounts

By Theresa Schliep · January 8, 2021, 3:34 PM EST

The Internal Revenue Service has distributed about 100 million coronavirus relief payments into bank accounts and is working with financial institutions to redirect misplaced funds, the agency said Friday.

The agency is working to address economic impact payments that were deposited into temporary bank accounts that people establish when obtaining advance tax refund loans or other products requiring temporary accounts, the agency said in a statement.

Approximately 100 million payments have been distributed by the agency using direct deposit, and it has begun sending out paper checks and prepaid debit cards to others, according to the statement.

People who use the IRS' payment tracking tool and see unfamiliar account numbers should not call the agency or their bank, but instead continue monitoring their accounts for the funds, the agency said. Relief legislation passed at the end of 2020 provided for one-time $600 payments for individuals, plus $600 for qualifying children.

--Additional reporting by Christopher Cole. Editing by Joyce Laskowski.

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