Posted By: Retired DQ
ABA Staff Analysis©: Economic Impact Payments - 03/24/21 12:06 PM
SNIP:
"“While federal law does not prohibit using EIPs to pay overdrafts, ABA encourages banks to avoid such offsets, if feasible,†said ABA. ABA encouraged banks to work with the bank’s IT system or vendor to identify EIPs entering customers’ account and avoid offsetting the amount of the EIP to cover an overdraft, through manual or automated “work-arounds†or other means."
https://www.aba.com/-/media/documen...p;utm_medium=email&utm_source=Eloqua
"“While federal law does not prohibit using EIPs to pay overdrafts, ABA encourages banks to avoid such offsets, if feasible,†said ABA. ABA encouraged banks to work with the bank’s IT system or vendor to identify EIPs entering customers’ account and avoid offsetting the amount of the EIP to cover an overdraft, through manual or automated “work-arounds†or other means."
https://www.aba.com/-/media/documen...