$944M Worth Of Stimulus Checks Have Been Returned Or Rejected By Banks: Treasury – By Danielle Ong (IB Times) / May 27 2021
- More than 700,000 stimulus checks were returned to the IRS
- 4.5 million payments were sent to individuals who were not eligible to receive the aid
- Half of those payments, totaling $5.5 billion, went to deceased individuals
More than 700,000 stimulus checks amounting to $944 million have been returned or rejected by banks, according to the latest report issued by the U.S. Treasury Department on Thursday.
According to the “Implementation of Economic Impact Payments” report by the Treasury Department, the federal government sent 4.5 million payments to individuals who were not eligible to receive the aid. Half of those payments, totaling $5.5 billion, went to deceased individuals. The rest were issued to dependents, nonresidents, and others who erroneously received duplicate payments, the report stated.
Roughly 59,500 of those payments to the deceased, worth $72 million, were voluntarily returned to the IRS by Oct.1.
In addition to the returned funds, the IRS also received another 668,277 checks amounting to $872 million. These payments were rejected by banks or returned to the IRS as undeliverable.
