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So here's my scoop: banks have been given the green light by regulators to take the $1,200 CARES Act payments and use them to offset an individual's existing debts.https://prospect.org/coronavirus/banks-can-grab-stimulus-check-pay-debts/ …
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/ …
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/ …
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/ …
I thought SS, federal and state pensions, were exempt from bank offset. When did this change?
All those things are exempt. The $1,200 CARES Act payment is not.
Some FI’s have already given advances against Recovery Act checks. Green light might be to address that aspect.
I'm concerned about unregulated entities running "Recovery Act anticipation loans" and things like that.
This doesn’t put food in the fridge or give the ability to get the medicine needed. Can never ever trust the Trumps.
This was not Trump. Wake up.
Long term we should all have an account at the Federal Reserve. https://greatdemocracyinitiative.org/wp-content/uploads/2018/06/FedAccountsGDI.pdf …
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