Recovery of Stolen Checks Act

Key Points

• This bill allows people to choose direct deposit to get their money if a tax refund check is lost or stolen in the mail. Right now, the government typically sends another paper check as a replacement, which could also be stolen or lost.
• Taxpayers who are waiting for a replacement refund would be able to sign up for an electronic transfer instead of waiting for a new piece of mail. This is designed to get money into bank accounts faster and more safely.
• The Treasury Department would have six months to create the rules and systems for these electronic transfers after the bill is signed into law.
• This change helps protect people from mail theft and fraud, which are growing problems for those waiting on important government payments.

Impact Analysis

Govbase has not yet run an impact analysis on this legislation.