Because Republic Bank has closed out their 2020 accounts in preparation for the 2021 tax season, they cannot process direct deposit stimulus payments. The payments will be sent back to the IRS for processing.
Taxpayers who used Republic Bank products to receive a tax refund or the economic stimulus refund will be receiving a prepaid card or check in the mail at the address used on their 2019 tax return.
Republic Bank can be reached to determine if your Economic Impact Payment was routed through one of their bank products via 866-581-1040. If your Economic Impact Payment was routed through Republic Bank, you can expect the IRS refund to come as a prepaid card or check in the mail soon. According to the IRS, electronic payments started going out on Tuesday night, December 29, and paper checks will start being mailed on Wednesday, December 30.
If you registered for the original EIP payment online at the IRS, EIP-2 should automatically go to the same account. Also, the IRS intends to have final payments out by mid-January. Finally, if you have not received an economic stimulus payment but you are eligible for one, you can claim it when you file your 2020 taxes.
We hope that you stay healthy, and we are here to serve you,
Your Little Giant Tax Team