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Some outstanding EIP checks cancelled by IRS

FRB Services has posted a notice that, effective July 6, 2020, the Treasury Department’s Internal Revenue Service has announced the cancellation of outstanding Economic Impact Payment (EIP) checks issued to recipients who may not be eligible for such program payments, including those that may be deceased.

The Bureau of the Fiscal Service encourages financial institutions to determine the status of EIP checks by using either the Treasury Check Verification Application (TCVA) for single queries, or the Treasury Check Verification Service (TCVS) for bulk queries using an automated programming interface (API).

If a financial institution inadvertently negotiates a cancelled EIP check, Treasury will not request or demand recovery from financial institutions, unless there is an additional reason to do so, for example the check was not properly endorsed. Similarly, Treasury will not reclaim from financial institutions ACH payments made to recipients who may not be eligible for such payments under program specifications.

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