First, you have to understand that the problem was not caused by TurboTax. If you used TurboTax refund transfer option to pay your fees from your federal refund, then the IRS never had your real bank information, they only had the bank information for SBT bank which processes the transfer. The IRS knows the account numbers used by SBT bank and was not supposed to make a payment to those accounts, instead, the IRS was supposed to mail a check or debit card.
If you have already filed your 2020 tax return, the IRS will use the information from that return to make the third stimulus payment. If you did not use refund transfer this time, then the IRS has your real bank and will make the payment directly to you. If you did use refund transfer again, the IRS has not yet released information on what they will do with those customers.
if you have not filed for 2020, then the IRS will use your 2019 information. If that information indicates that you used SBT bank for a refund transfer, then you should expect that the IRS will mail a check or a debit card. However, all this information is subject to change once the IRS release is updated information for the third payment. This will likely take at least several days, but you should watch the IRS website for updates.
Thank you for the great breakdown. We have not filed yet.
however, for Stimulus check #2, when I called Intuit customer service they stated they had been working with the IRS to correct the oversight. My assumption was Intuit helped the IRS with the bank accounts since I received a direct deposit three days later.
so, more specifically, has intuit proactively engaged the IRS yet with the understanding this will likely be the case and to help assure the IRS has their customers bank information as they did for the second stimulus check...I.e. problem
averted prior to this being a problem again.