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Tcf Bank And Huntington Bank Merger Causes Debit Card Error For Several Customers
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MINNEAPOLIS Insufficient funds. Declined. Those were a couple of the notifications many TCF Bank debit card holders received Friday night and Saturday morning in the wake of the company’s merger with Huntington Bank.
“Went to fuel up the truck, went in, tried to pay, debit card declined,” said TCF customer Matthew Koscielski.
Koscielski is one of several customers who say they were notified ahead of time that online banking would be down through the transition period over the weekend, but could continue using TCF and Huntington Bank ATM’s with no ATM transaction fees.
However, customers say they never received any sort of outage warning involving debit cards.
“Especially, you know, the day of payday, nevertheless,” said Koscielski.
Many customers took to social media voicing their concerns. One customer wrote: “Its shameful, people are trying to buy food, medications, ubers and lyfts with no one to contact.”
“It wasn’t until people started complaining that they finally this morning started to answer those complaints,” said Koscielski.
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The company responded on Twitter Saturday morning explaining there was a conversion error Friday night where debit cards were temporarily unavailable, even though the old TCF debit cards were supposed to be active through Nov. 4th.
“I always keep a little bit extra spare cash because I understand you know technology stuff fails,” said Koscielski.
How To Open A Tcf Bank Account
You can open a bank account with TCF in three ways through the mobile app, by visiting a branch or by opening an account online. Youll have to be at least 18 years old and provide the following:
- Government-issued photo IDs such as a valid drivers license, state ID, military ID, passport or residence permit
- Social Security number or taxpayer identification number
- Money to fund the account either through a credit or debit card or, for a bank transfer, the routing number and account number of your current bank
Now that you know the information youll need, here are the steps to open the account:
Also Check: Will Stimulus Checks Be Deposited On Direct Express Card
Those Who Usually Don’t File A Tax Return Need To Do So This Year
Even if you had no income last year, or too little to file a return, you should file a basic 2020 tax return this year, the IRS says. That is the only way for the agency to get the information it needs to disburse a payment.
When you file that basic return, the IRS will send the check to the address provided on the form.
“People do not need a permanent address or a bank account. They don’t need to have a job,” the IRS writes. “For eligible individuals, the IRS will still issue the payment even if they haven’t filed a tax return in years.”
The quickest way to receive a stimulus payment is via direct deposit. Still, that can be inaccessible for some Americans. Millions operate outside of the banking system in the U.S.
The IRS is encouraging those without a bank account to set one up for free at a local bank. To help, the FDIC has launched a campaign that highlights 75 banks and credit unions that are offering no- or low-cost accounts specifically for the unbanked. You can read more information about that and search for local accounts on the FDIC’s website.
Treasury Says Some Stimulus Checks Will Reach Taxpayers This Week
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Congress may still be debating the size of additional checks, but Treasury is already taking action to deliver a second round of Economic Impact Payments . This second round of checks is part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021, passed by Congress last week and signed into law by President Trump on Sunday night.
According to the Treasury Department, checks will begin to be direct deposited into accounts, arriving as early as tonight for some. Direct deposit payments will continue into next week.
Taxpayers expecting paper checks wont have to wait as long as last time: paper checks will begin to be mailed tomorrow, Wednesday, December 30.
Treasury and the IRS are working with unprecedented speed to issue a second round of Economic Impact Payments to eligible Americans and their families, said Secretary Steven T. Mnuchin. These payments are an integral part of our commitment to providing vital additional economic relief to the American people during this unprecedented time.
Recommended Reading: Golden State Stimulus Check Update
Theres Still Time To Get Payments
If you havent yet filed your tax return, you still have time to file to get your missed 2021 stimulus payments.
Visit ChildTaxCredit.gov for details.
The IRS has issued all first, second and third Economic Impact Payments. You can no longer use the Get My Payment application to check your payment status.
Most eligible people already received their Economic Impact Payments. However, people who are missing stimulus payments should review the information below to determine their eligibility to claim a Recovery Rebate Credit for tax year 2020 or 2021.
Securely access your IRS online account to view the total of your first, second and third Economic Impact Payment amounts under the Tax Records page.
Third Stimulus Check: Banking Delays
“We expect that electronic stimulus payments will be available in eligible Chase accounts as soon as Wednesday, March 17, 2021,” Chase wrote on its website.
Meanwhile, Wells Fargo tweeted: “Customers who are eligible to receive direct deposit of their stimulus payment may expect it as soon as March 17, 2021, emphasizing on its website that it would process the payments in line with effective date provided by the US Treasury of 17 March.
To our understanding, Bank of America has not issued a statement regarding when they will process the payments, but it appears that many Bank of America customers on Twitter are complaining about their payments being withheld.
Millions of Chime members have received over $3B in stimulus payments, and more are on the way. Thats up to 5 days earlier than most traditional bank accounts. We know that every day counts and Chime always has your back
Chime
Some digital banks, like Chime, meanwhile, have said they authorized their clients to have instant access to their payments. On Friday, Chime issued a so-called “stimmy alert” on Twitter saying it had already distributed $600 million-worth of payments to its customers.
Also Check: Will We Be Getting A Fourth Stimulus Check
What If The Amount Changes Or I Don’t Get A Check
The latest Covid relief bill includes direct checks of $600 for eligible adults and $600 per dependent, meaning a family of four could receive $2,400. Individuals who earned less than $75,000 and those married filing jointly who earned less than $150,000 in 2019 are eligible for the full amount.
Those who made more are eligible for reduced stimulus checks. But, the checks phase out completely for individuals that earned $87,000 and couples that made $174,000 in 2019.
The amount of the stimulus checks could change. Even as $600 checks are going out, Congress is still battling over increasing the economic impact payment amount to $2,000 for individuals.
If the $2,000 checks are passed, the IRS will top up checks that have already been issued as soon as possible, it said Tuesday.
If you are eligible to receive a check but don’t for some reason, you can claim it on your 2020 tax return in 2021, according to the IRS.
How To Use Irs ‘get My Payment’
The IRS also updated frequently asked questions Saturday on how to use the “Get My Payment” tool, which requires users to enter their full Social Security number or tax ID number, date of birth, street address and ZIP code.
But before you start entering your information hourly, the IRS says the tool updates once per day, usually overnight and that people should not call the IRS. Our phone assistors don’t have information beyond what’s available on IRS.gov.
The tool will show the status of when a payment has been issued and the payment date for direct deposit or mail, according to the frequently asked questions. Some will get a message that says “Payment Status Not Available.”
“If you get this message, either we have not yet processed your payment, or you are not eligible for a payment,” the IRS said. “We will continue to send the 2021 Economic Impact Payment to eligible individuals throughout 2021.”
And others will get a “Need More Information” message when using the tool if the payment was returned to the IRS because the post office was unable to deliver it for another reason.
If your address has changed the IRS says the easiest way to update is to “file your 2020 tax return with your current address, if you havent already done so. Once we receive your current address, we will reissue your payment.”
Contributing: Jessica Menton, USA TODAY
Follow USA TODAY reporter Kelly Tyko on Twitter:
Recommended Reading: Find Out About My Stimulus Check
I Used The 2020 Irs Non
Most likely, the IRS wasnt able to process your 2019 tax return or the information you submitted to the IRS Non-filer tool in time to issue your second stimulus check.
All second stimulus checks were issued by January 15, 2021. If you didnt get a second stimulus check by then , you can claim your second stimulus check as the Recovery Rebate Tax Credit on your 2020 tax return or use GetCTC.org if you dont have a filing requirement.
Is Tcf Bank Worth Considering
Its still worth your time to consider TCF Bank even though theres only one TCF Bank promotion available this month. TCF Bank offers a full lineup of personal and business banking services and loans, so its a good option for customers who live in the service area and enjoy the combination of both branch and digital banking.
Its nice to have some free money, but its more important to find a bank that gives you the products and services you need to reach your financial goals. Take a closer look at TCF Banks offerings, including individual accounts and their features, branch access and fee schedules, so you can make an informed decision.
contributed to the reporting for this article.
Information on promotions is accurate as of June 29, 2021. Additional requirements may apply. Offers and terms are subject to change.
This content is not provided by TCF Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by TCF Bank.
This article has been updated with additional reporting since its original publication.
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What If You Missed Out On Stimulus Money
If you were entitled to the $1,400 stimulus payments or to the expanded Child Tax Credit but you did not receive them, you’ll want to take action in 2022. Specifically, you can claim the money you didn’t receive by filing a 2021 tax return once the IRS begins accepting them sometime at the end of January next year.
You may have missed out on money you were owed if you didn’t file a recent tax return or if you added new dependents to your family in 2021 that the IRS didn’t know about. Be sure that you claim all of the stimulus funds available to you, as it is unlikely lawmakers will provide any more coronavirus relief in 2022.
Who Is Eligible For The Second Stimulus Check
Eligibility is primarily based on four requirements:
1. Income: The income requirements to receive the full payment are the same as the first stimulus check.There is no minimum income needed to qualify for the payment. Households with adjusted gross income up to $75,000 for individuals will receive the full payment. This stimulus payment starts to phaseout for people with higher earnings. The second stimulus check maximum income limit is lower than the first stimulus check. Single filers who earned more than $87,000 in 2019 are ineligible for the second stimulus check.
View the chart below to compare income requirements for the first and second stimulus checks.
| Income to Receive Full Stimulus Payment | First Stimulus Check Maximum Income Limit | Second Stimulus Check Maximum Income Limit |
| Single Filer | ||
| $136,500 | $124,500 |
2. Social Security Number: This requirement differs from the original eligibility for the first stimulus check. Originally under the first stimulus check, if you were married filing jointly, both spouses needed valid Social Security numbers . If one spouse had an Individual Taxpayer Identification Number , then both spouses were ineligible for the stimulus check. For married military couples, the spouse with an SSN could still get the stimulus check for themselves but not the other spouse with an ITIN.
Examples
Former first stimulus check rules:
Second stimulus check rules:
Former first and second stimulus check rules for military filers:
Also Check: Stimulus Check For Social Security
Why Are Chase And Wells Fargo Withholding Payments
The banks are in their right to hold back on releasing the payments until the official 17 March payment date outlined by the US Treasury. But why have these big banks not made an effort to start disbursing those payments that have already been transferred by the IRS as has been the case with digital banks like Chime?
According to the Huffington Post, part of the reason is because Chase and Wells Fargo are set to gain from delaying the processing of payments at the expense of their customers who are eagerly awaiting the money.
“Sluggish check processing only works to banks’ advantage because of the increased ‘float’ created by a massive influx of government cash. They can juggle the delays to boost outgoing loans to other customers, and to boost their profits,” the HuffPost noted.
Newest Tcf Bank Promotions Bonuses Offers And Coupons: July 2021
Headquartered in Detroit, TCF is a full-service bank with 475 banking centers across the country. Its primary service area is in Illinois, Michigan and Minnesota. However, the bank also has a presence in Colorado, Ohio, South Dakota and Wisconsin.
In June of 2021, TCF and Huntington announced they had completed their merger. TCF customers will be transferred to Huntington by the end of the year. Thus, promotional opportunities for TCF are winding down. But, if you live within their service area, you can still open an account online.
There are no TCF Bank bonuses available for checking and savings accounts for July, but that doesnt mean you should skip the bank. Explore the products and services the bank has to offer.
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What Actually Happened
How did Summers predictions pan out? By some measures, they appear incredibly dead-on. Inflation is running at almost 6.8 percent for the year, and the unemployment rate is 4.2 percent, which is indeed similar to the Vietnam era. The comparison still works even if you take volatile food and gas prices out of the picture: The so-called core Consumer Price Index is up 4.9 percent over the last 12 months, versus a 5 percent increase in 1968. His guess was certainly better than the Feds: As of , its leaders were predicting inflation around 2.4 percent. By , after prices had begun their sudden climb, they bumped their guess up to just 3.4 percent.
As for the the persistent vs. transitory debate, thats a little trickier, but Summers seems to be winning where it counts. There are still good reasons to think much of what were experiencing is temporary, and investors still dont seem to be anticipating extremely high inflation in the future. Thats important, because Summers argumenthinges on the idea that businesses could start to expect higher inflation in the future, and raise their own prices accordingly.
What You Should Know
- It can be recalled that in April 2020, the CBN introduced the Targeted Credit Facility as a stimulus package to support households and micro, small and medium enterprises that are affected by the coronavirus pandemic
- The TCF was designed to cushion the adverse effects of COVID-19 on households and MSMEs support households and MSMEs whose economic activities have been significantly disrupted by the COVID-19 pandemic, and stimulate credit to MSMEs to expand their productive capacity through equipment upgrade and research and development.
- The intervention programme which was initially started with N50 billion had been increased to N400 billion by the apex bank due to the resounding success of the programme and its positive impact on output growth.
Recommended Reading: Who Get Stimulus Check 2021
Important Phone Numbers Websites & Handouts:
Illinois Department of Commerce & Economic Opportunity – Business Assistance & Resources
For up to the minute information, please visit the State of Illinois Coronavirus Economic Assistance website.
Under the leadership of Governor JB Pritzker, the IL Department of Commerce and Economic Opportunity is working with partners to launch emergency assistance programs for Illinois small businesses. These initiatives include:
Paycheck Protection Program
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
- Paycheck Protection Program Loans : Open January 11 – March 31, 2021
The Coronavirus Aid, Relief, and Economic Security Act originally allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn an additional $320 billion in funds were added to the program through the H.R. 266, Paycheck Protection Program and Health Care Enhancement Act on April 24, 2020, and another approximately $284 billion has been added in the Second Federal Stimulus Package signed 12/27/2020. Known as the Paycheck Protection Program , the initiative provides 100% federally guaranteed loans to small businesses.
Application Information: The deadline for the latest round of applications for a PPP Loan is March 31, 2021.
Effective February 2021, Region 8 and Region 10 moved out of Tiered Resurgence Mitigations and into Phase 4 of Restore Illinois.