Bank Accounts Get Boost As IRS Starts To Deposit Economic Stimulus Checks - KCBD NewsChannel 11 Lubbock

4/28/08

Bank Accounts Get Boost As IRS Starts To Deposit Economic Stimulus Checks

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Your bank account could soon get a boost that is if the last two digits of your Social Security number end in 00 through 20. The Internal Revenue Service started to deposit Economic Stimulus Checks into bank accounts Monday morning.

The government plans to make 800,000 transactions each day through Wednesday. This comes four days earlier than originally scheduled.

Paper checks are expected to be mailed out May 9, so by mid May those with who filed a 2007 tax return and have a Social Security number ending with 00 though 09 should get a check in their mailbox. But as IRS starts making direct deposits, some in Lubbock say they already have plans for those dollars.

"I'm going to put it in my savings account," Victor Jones said.

"There was not a moment of thinking oh, we'll save this," Hillary Burchette Lubbock resident said.

Burchett and her 2-year-old daughter just finished picking up groceries. Burchette says when her check arrives she plans to use it to help pay for such expenses.

"It seems that prices have just gone up on everything so I'm sure it will be spent on day to day stuff and really nothing special," Burchette added.

Rebate checks rage from $600 for an individual up to $1,200 for married couples, plus $300 dollars for each eligible child under the age of 17.

"If you filed a tax return and you got a direct deposit to a checking or savings account that's the way that you will get it," Jack Mayekawa, District Manager in Lubbock with H&R Block said.

At H&R Block in Lubbock, phones continue to ring with questions about when rebate checks will arrive. Mayekawa says even those who did not file a 2007 tax return but make at least $3,000 a year can still qualify.

"If you draw on Social Security or you're drawing on Veterans benefits and then you didn't make $3,000 but receive $3,000 in of benefits you can actually file a tax return," Mayekawa added.

NewsChannel 11 asked one Lubbock resident how much they expected on their refund check. 

"About $600, I hope," Deborah Kemp said.

However, Kemp says because she filed her taxes by mail, so she does not expect any government dollars in her mailbox until this summer.

"I plan to pay off my credit cards," Kemp added.

According to the IRS if your Social Security numbers ends in 00 to 20 and you received your 2007 tax return electronically, you should see the rebate check in your bank account by Friday.

NewsChannel 11 has also learned if you have since closed that bank account, your rebate will be returned back to the IRS. Mayekawa suggests contacting your bank and the IRS. He also says those who moved since filing their tax return by mail need to fill out a change of address form through the IRS to ensure they receive a rebate check in their new mailbox.

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