Collecting the Economic Impact Payment - 2020 CARES Act USA

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Hey all, I received last week my Treasury stimulus check (finally) and went to Deutsche Bank today to see about getting it deposited. They don't do it. 

 

I no longer have a US bank account anymore and I really don't want to go through my parents in the US (more trouble than its worth) -- What banks here can clear this check for me? Deutsches Bundesbank? Sparkasse? The bank teller at Marienplatz today said that they don't do it, but other banks here might while providing no clues as to which banks. 

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TargoBank have cleared CDN cheques for me.  You could see if they will clear US cheques. But they may also require you to open an account with them!

I have sent some to a friend in Canada, and they have deposited it in my CDN account.  But, a problem if you do not have a US account.

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3 minutes ago, RedMidge said:

TargoBank have cleared CDN cheques for me.  You could see if they will clear US cheques. But they may also require you to open an account with them!

I have sent some to a friend in Canada, and they have deposited it in my CDN account.  But, a problem if you do not have a US account.

 

I was with Citizens Bank in the US and if I didn't put any money into the account each month, they charge me $5. If I don't notice it, then I get an overdraft fee and then the fee gets more. It was essentially more trouble than it was worth to keep it. Closing the account was a nightmare from abroad too. I can technically still activate it again, but I don't have a debit card that's recent to even get the money out here. And then, I'd have to cancel it again by withdrawing the exact amount from the account down to the cent. 

 

I didn't think it would be this hard. I worked tech sales in the past for North America (Germany based) and the Americans always paid by check in the mail (so annoying lol) and we never had issues processing them at the bank. However, Treasury Department checks are apparently different compared to regular personal checks. And this is what the guy at Deutsche Bank told me. 

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Looks like we'll be getting another $600 check in January/February (15 January deadline for IRS to mail them out), so keep a look out.

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30 minutes ago, fraufruit said:

Too bad they won't give more money to those truly in need instead of $600 to everybody.

 

I agree, but there is already an income limit for who is eligible and more complicated means-testing often takes up more resources than a universal system, not to mention that more people in need end up falling through the cracks in a means-tested system.

 

As a freelancer with no right to public funds in Germany but who was essentially prevented from working for a decent chunk of the year, 2020 has been one hell of a struggle, and the first stimulus check was much needed (as will be the second).

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I got the second stimulus check by mail today, family of four so $2400. First stimulus check I got $3400.

 

Imagine if they go forward with the third stimulus -  $2000 checks/person then it will be $8000 :o. It's crazy.

 

We are fortunate to be in that sweet spot of being just below the highest income threshold, but not only by USA measures but also Germany -  the Baukindergeld for our house purchase gives us 24k euros over 10 years (2400/yr). And in my wife's home country we got another 10k euros for having the kids. My wife doesn't work, so we wouldn't be eligible if we had dual income. Still feels weird to get this money.

 

 

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Yes, this second check is $600. Fist was $1200. I think the third one is supposed to be $1400 to make up the difference between the $2000 that was asked for in the second round.

 

I think it's ridiculous how they are giving all that money to those who don't need it instead of helping out those who do even more. So I'll donate mine like I did with the first one. Most of my friends/family did the same. Some have even sent their checks back. Having said that, it is terribly difficult to target certain people and would take a lot of time which people in need don't have.

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I think it's strange that they send these cheques worldwide. Some Americans in Germany might already get support from the German government, e.g. Kurzarbeitergeld or €4000 for freelancers, so they receive double support. Some might be retired and receive their pension. Nothing changed here.

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10 minutes ago, LukeSkywalker said:

I think it's strange that they send these cheques worldwide. Some Americans in Germany might already get support from the German government, e.g. Kurzarbeitergeld or €4000 for freelancers, so they receive double support. Some might be retired and receive their pension. Nothing changed here.

 

Exactly. Combined with most Americans simply don't need the money no matter where they live.

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25 minutes ago, LukeSkywalker said:

I think it's strange that they send these cheques worldwide. Some Americans in Germany might already get support from the German government, e.g. Kurzarbeitergeld or €4000 for freelancers, so they receive double support. Some might be retired and receive their pension. Nothing changed here.

And some may have just moved here.  The problem is there’s no one size fits all.  So they expeditiously included all US citizens.  It’s on our conscience to do the right thing.  Mine supports a disabled person.

(BTW - Retirees and those on disability pensions within the US are also entitled to the money)

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The $1.9 Trillion looks to make it through Congress by the end of the month so the $1400 they are talking about is due about mid-March, just when the last relief is scheduled to end. If everything goes smoothly...

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My sister said they already go their $1400 checks. I couldn't believe it since Joe's package hasn't been confirmed yet. Oh well. They donate theirs so all is good.

 

Still no $600 for me. So what.

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1 minute ago, fraufruit said:

My sister said they already go their $1400 checks. I couldn't believe it

 

Me neither.  The $1400 payment is nowhere near being a done deal and the income thresholds for eligibility are likely to be much lower. She probably got some combination of the $600 EIP payments which started going out on 4 Jan.

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They each got $1400. No idea why. I don't think they got the $600 checks, though, but did get the $1200 a while back as did I.

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It is a huge undertaking. There will be mistakes made.

 

I do hope they decide to target these next checks to those who really need them, though.

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