As of now, there's only one potential solution: Pick up the phone
Electronic payments are supposed to put cash in hands much quicker than a paper check, but some people's money is bypassing them completely and being used to pay off negative balances.published on Tuesday, banks have the implicit right to seize a coronavirus relief payment deposited into a customer's account and use it to offset any delinquent loans or overdraft fees owed to the bank.
"There's nothing in the law that precludes that action," a Treasury Department official reportedly said in reference to the CARES Act on a phone call with banking officials. The bill does, however, explicitly prohibit debt collectors from snatching stimulus payments for unpaid state or federal debts other than child support. In some cases, offsetting negative account balances is an automatic process.
2. If that doesn't work, reach out to a reporter who can publicize the ongoing issue or call attention to a member of Congress who has the power to reach the decision makers.People who bank with credit unions or local banks may be more vulnerable This week, the four largest US banks — Wells Fargo, JPMorgan Chase, Citibank, and Bank of America — have said they will pause collections on unpaid balances so customers can get their full stimulus payment,
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Americans who request help from their banks get it, but many don't ask - Business InsiderAn April 13 LendingTree survey shows 91% of people who asked for help with credit card and mortgage payments were approved by lenders.
Read more »
Can banks can use your stimulus check to pay off debt you owe them?The Treasury Department said banks can use stimulus money to offset account holders' existing debts, but four of the United States largest commercial banking systems say they are not going to do that.
Read more »
Freight Service Convoy To Pay Cost Of Trucking Donations To Food Banks In COVID-19 CrisisFreight service Convoy will cover the cost of hauling food to local pantries and soup kitchens donated by U.S. businesses to help reduce a growing food shortage for millions of Americans
Read more »
Farmers and food banks grapple with broken food supply chainIt can be hard to reconcile images of farmers dumping milk and plowing over produce with images of hundreds of cars lined up at food banks or empty grocery store shelves as more Americans find themselves in need of help to get healthy food during the novel coronavirus pandemic. Farmers and food banks
Read more »
Op-ed: To help Main Street businesses, look to Main Street banksLocal community banks were among the most prepared and willing to step up during these unprecedented times, releasing loans far earlier than many of their Wall Street counterparts.
Read more »
‘Outer Banks’ Cast on Shocking Finale and Season 2 (Exclusive)'It's cool because depending on what happens, it leaves the entire world of OuterBanks to what could happen next.' 😱
Read more »