|
COVID-19 and Stimulus Payment Protection
On March 24, 2021, Governor Murphy announced that financial institutions across New Jersey will provide stimulus payment protection for New Jerseyans receiving federal relief during the COVID-19 pandemic. The Governor secured support from Bank of America, Citibank, PNC Bank, Santander Bank, TD Bank and Wells Fargo, in addition to 45 other federal and state-chartered banks and credit unions to protect the stimulus payments of New Jersey residents. Participating institutions have put in place measures to protect access to stimulus funds regardless of whether the consumer’s bank account is overdrawn or has a negative balance.
|
|
Background:
On March 11, 2021
a third federal stimulus package, the American Rescue Plan Act of 2021, was signed into law. As part of this federal stimulus package, the United States Department of the Treasury will mail to and deposit stimulus payments into the bank accounts of eligible Americans.
Under Governor Murphy’s initiative, New Jerseyans will be eligible for the following relief by participating financial institutions upon contacting their bank or credit union:
Protected access to stimulus payment for at least 30 days
Participating institutions have put in place measures to protect access to stimulus funds regardless of whether the consumer’s bank account is overdrawn or has a negative balance.
This service shall be available for a period of at least 30 days from receipt of funds in the consumer’s account and will apply to stimulus funds provided to New Jerseyans through the American Rescue Plan Act of 2021.
Affected New Jerseyans should confirm with their financial institution when the overdrawn status or negative account balance will be reinstated, including any applicable fees.
If consumers do not see their institution on the list, they should contact their institution to request information about any available stimulus protection programs offered in response to COVID-19.
Additionally, Governor Murphy signed an Executive Order that provides that all stimulus payments issued to New Jerseyans under the American Rescue Plan Act are exempt from, and will not be subject to, garnishment by private creditors and debt collectors. The Executive Order continues to allow for garnishment in connection with any action for, or any judgment awarding, any child support, spousal support, or family support, or any criminal restitution payable to victims.
|
