Jump to content
ATX Community

Wrong Bank Account


Pohangtom

Recommended Posts

My client forgot she changed bank accounts. Therefore the funds were electronically sent to a closed bank account. When this happens does the IRS issue a paper check? Do you know how much additional time this takes?

Thank you

It will be a paper check and it will be a lot of additional time (several weeks for sure). On top of that, client may also get a penalty (have seen that happening already, even if the account is one number off). OT...I deposited several checks; one was only for $20 for some little thing I did for a client. Because he had dated it 01/12/08, the teller said that it would probably come back and it would cost me $20 for the inconvenience. This was a perfectly good check. Needless to say, I still have it and will add it to his tax prep when he is finished. What kind of crazy world are we living in?

Anyway, there is nothing you can do about your situation except wait it out. :wacko:

Link to comment
Share on other sites

It should not cost her anything, unless she has written checks in expectation of getting it, which she should not have done. But it will be a week or two extra. Good thing it was her fault for not telling you.

You are right, it should not; but banks and credit unions have their own rules. I guess they call it a handling fee even though they really didn't handle anything.

Link to comment
Share on other sites

Has anyone noticed that banks and credit uniuons have different ways....I have to make sure I enter the correct end 'tag' for CU accounts

Absolutely! If that end tag isn't on the CU account number, it messes them up for some reason. They explained to me that it has to be 10 numbers but when they get the electronic deposit, the last number drops off. Actually, the last number for CUs indicates whether it is savings, checking, IRA or what have you. They are also the ones who charge the fees for the slightest infraction of their rules.

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Restore formatting

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...