Millions could see their coronavirus stimulus checks taken by debt collectors.
Bola Sokunbi, CEO and founder of Clever Girl Finance, shares her tips on how to manage your stimulus checks.relief checks from the IRS in their bank accounts, many are facing an unwelcome surprise: Debt collectors can take the money to satisfy certain types of debt.
A group of 25 attorneys general wrote Treasury Secretary Steve Mnuchin a letter this week, urging him to exempt the stimulus payments from garnishment for those types of debt. Sen. Sherrod Brown speaks while Sen. Rob Portman, right, listens, during a press conference on S.667, the "Otto Warmbier North Korea Nuclear Sanctions and Enforcement Act," with a bipartisan group of Senators and Cindy and Fred Warmbier, parents of Otto Warmbier, who died after being held prisoner in North Korea, on Dec. 18, 2019 in Washington, D.C.So far, Mnuchin has not acted to change the guidelines. The Treasury Department did not respond to ABC News’ inquiries.
Some banks have complied. Wells Fargo said in a statement the bank is"pausing for 30 days the collection of negative balances existing at the time when stimulus payments are deposited." CitiBank has adopted a similar policy. Treasury Secretary Steven Mnuchin speaks about the coronavirus in the James Brady Press Briefing Room at the White House, April 13, 2020, in Washington."Under the CARES Act, Congress exempted these payments from offset for debts owed to federal and state agencies, except in the case of child support, but did not exempt them from court-ordered garnishment to pay creditors," the letter says.
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