by Maurie Backman | Updated July 25, 2021 - First published on Jan. 1, 2021
Many or all of the products here are from our partners that pay us a commission. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.
Eager to get your $600? Here's why you could be in for a long wait.
After months of haggling and negotiations, lawmakers have finally passed a $900 billion coronavirus relief bill to follow up late March's CARES Act. The new bill includes boosted unemployment benefits, a second round of Paycheck Protection Program loans for small businesses, and, perhaps most notably, direct stimulus payments in the amount of $600 per adult or child.
The good news is that since this is the second go-round for those stimulus payments, the IRS has a system in place for pumping them out, and the checks have already started hitting some recipients' bank accounts. Those who expect a paper check will need to wait a bit longer, but even those payments are already in progress. If you're eagerly anticipating that money, you should know that you may end up waiting longer than expected. Here are two reasons why.
There are plenty of good reasons to switch from one bank to another -- better interest rates on your savings, superior customer service, and more convenient branch and ATM locations. But if you've switched to a new bank since filing your last tax return or since registering your bank account details on the IRS website, then you're apt to experience a delay in getting your stimulus money.
If the IRS attempts to send your stimulus payment to an invalid bank account, it will generally bounce back. At that point, the IRS will issue you a check in the mail -- but only once that initial payment is rejected. The result? It could take a number of weeks to get your money.
If you're getting your stimulus payment via direct deposit and your bank account hasn't changed, your new address shouldn't affect when you get that money. But if you're expecting a check in the mail and you've moved recently, you can expect a delay in getting that cash.
First of all, it will take the IRS longer to issue paper checks than direct deposit payments, so you're looking at a bit of a delay off the bat. But if your address has changed, you could get stuck waiting even longer.
That said, you can file a change of address form with the IRS so the agency has the right details for you on file. That could help minimize any delays you experience.
You may also be able to use the IRS' Get My Payment tool to update your mailing address. As of this writing, that tool is temporarily unavailable -- most likely because the agency needs to update it to account for this new stimulus round. But once it's back, you'll probably be able to register your address so the IRS knows where to send your money. You may be able to update your bank account information there too. We should know more once the tool is back up and running.
If you've been hurt financially in the course of the pandemic, you may be anxious to get the stimulus cash you're entitled to. But if the above scenarios apply to you, you may experience a delay. Be prepared for that possibility and do what you can to prevent it.
If you have credit card debt, transferring it to this top balance transfer card secures you a 0% intro APR into 2023! Plus, you’ll pay no annual fee. Those are just a few reasons why our experts rate this card as a top pick to help get control of your debt. Read The Ascent's full review for free and apply in just 2 minutes.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters.
Copyright © 2018 - 2021 The Ascent. All rights reserved.