I got audio of a webinar between regulators and bank compliance officers. Banks have been asking whether they can use the payments to offset debts. "There's nothing in the law that would preclude that action," Treasury said twice on the call.https://prospect.org/coronavirus/banks-can-grab-stimulus-check-pay-debts/ …
-
-
Show this thread
-
This can even happen in the case of a "charged-off" account with a negative balance that a customer abandoned & thought was closed. If direct deposit was set up with the IRS to go to that account, the bank can keep the money & pay off old debt with it.https://prospect.org/coronavirus/banks-can-grab-stimulus-check-pay-debts/ …
Show this thread -
I checked with the five largest consumer banks. Only JPMorgan Chase said they would not use CARES Act payments to offset debts. The other four gave no response.https://prospect.org/coronavirus/banks-can-grab-stimulus-check-pay-debts/ …
Show this thread
End of conversation
New conversation -
-
-
Thanks. Twitter will use this to make your timeline better. UndoUndo
-
-
-
What the fuck
-
My words, too....
End of conversation
New conversation -
-
-
Its time to stop being nice. It's time to say what Trump is doing. Trump wants more dead people.
-
This Tweet is unavailable.
- Show replies
New conversation -
-
-
wow, that misses the point. the check needs to go to immediate needs not past debts. backwards and short-sighted.
-
This is intentional. The cruelty is the point.
- Show replies
New conversation -
Loading seems to be taking a while.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.