EIPs start depositing today

The first tranche of new Economic Impact Payments sent through the ACH Network is effective today.

Payment Clarity: In a joint statement, ICBA and other financial services groups clarified that the March 17 payment date was chosen by the IRS—not the banking industry. The statement notes the government could have sent the funds via Same Day ACH or implemented an earlier effective date.

Garnishment: Maryland Gov. Larry Hogan issued an emergency order protecting the payments from garnishment, potentially setting off a patchwork of state garnishment protections. While ICBA urged policymakers to protect these payments from garnishment—like previous EIPs—banks are otherwise legally required to act on any garnishment order.

Resources: More EIP information is available in updated frequently asked questions from ICBA and the IRS as well as the agency's Get My Payment portal.