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By Aimee Picchi Federal aid programs plagued by delays
The third stimulus checks $1,400 for each eligible adult and dependent are still landing in accounts, providing welcome relief to millions of people. But that relief might be short-lived for some, given that the $1,400 checks can be garnished by private debt collectors.
Unlike the second stimulus payment, which was protected against garnishment from private debt collectors after the first round of checks lacked protections, the third round of stimulus checks also don t include garnishment prohibitions. That s because of the quirk of the American Rescue Act s passage through budget reconciliation, which limited legislative options, according to a March letter from the American Bankers Association and other banking groups that asked for Congress to take steps to protect the payments.
Didn t Get Your $1,400 Stimulus Check? A Debt Collector Might Have It.
There is no provision in the American Rescue Plan to prevent garnishment of the payments in order to satisfy private debts, even though one of the two stimulus packages that passed in 2020 did include such a ban.
President Joe Biden in early March signed the American Rescue Plan, a $1.9 trillion stimulus package and the third to be passed since the start of the pandemic. Among other provisions, the Rescue Plan included $1,400 checks to most Americans, most of which have been paid out over the course of the last few weeks.
Roughly 8.8% of households in metro Detroit haven t taken what financial experts call the first step toward economic inclusion.
They don t have bank accounts. And it s costing them big money to cash checks and borrow money outside the traditional banking system.
Need to cash your stimulus check?
Call a local party store or check cashing store in metro Detroit and it could cost you around $60 to $100 just to cash a $1,400 stimulus check at some spots.
The bigger the check, the more money you re handing over if the fee is based on a percentage of the check s dollar amount.
Check cashing fees can be 6% or more in some local outlets. A $4,200 stimulus check for a family of three could trigger $252 in fees if the store has a 6% fee.
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Vena for Banking and Credit Unions streamlines net interest margin planning, detailed profitability analysis and more with process automation, data integration and a native Excel interface to help banks scale growth amid evolving market conditions
TORONTO, April 7, 2021 /PRNewswire/
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