What are Economic Impact Payments?
In December 2020, Congress passed and the President signed legislation that authorizes the IRS to begin issuing a second round of Economic Impact Payments (EIP), (also known as “stimulus” funds), as part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 to eligible individuals.
Who issues Economic Impact Payments?
The Internal Revenue Service (IRS) is responsible for issuing Economic Impact Payments. We encourage you to visit IRS.gov for the latest information on eligibility and individual benefit payments.
Who qualifies for the Second Round of Economic Impact Payments?
According to the IRS, generally U.S. citizens and resident aliens who are not eligible to be claimed as a dependent on someone else’s income tax return are eligible for this second payment. Eligible individuals will receive an Economic Impact Payment (EIP), or stimulus payments, of up to $600 for individuals or $1200 for married couples and up to $600 for each qualifying child. Generally, if you have adjusted gross income for 2019 up to $75,000 for individuals and up to $150,000 for married couples filing joint returns and surviving spouses, you will receive the full amount of the second payment. For filers with income above those amounts, the payment amount is reduced. We encourage you to visit IRS.gov for eligibility details.
Do I have to take any action to receive my payment?
According to the IRS, there is no action required by eligible individuals to receive this Economic Impact Payment. Some may see the ACH direct deposit payments as pending or as provisional payments in their accounts before the official payment date of January 4, 2021.
According to the IRS, payments are automatic for eligible taxpayers who filed a 2019 tax return, those who receive Social Security retirement, survivor or disability benefits (SSDI), Railroad Retirement benefits as well as Supplemental Security Income (SSI) and Veterans Affairs beneficiaries who didn’t file a tax return. Payments are also automatic for anyone who successfully registered for the first Economic Impact Payment online at IRS.gov using the agency’s Non-Filers tool by November 21, 2020 or who submitted a simplified tax return that has been processed by the IRS. For Social Security and other beneficiaries who received the first round of payments via Direct Express, they will receive this second payment the same way.
We encourage you to visit the IRS.gov to check the status of your Economic Impact Payment.
How do I receive my payment if I qualify?
According to the IRS, they will use the data already in their systems from the first round of Economic Impact Payments to send the new payments. Taxpayers with direct deposit information on file will receive the payment that way. For those without current direct deposit information on file, they will receive the payment as a check or debit card in the mail. We encourage you to visit the IRS.gov to check the status of your Economic Impact Payment.
When can I expect to receive my payment?
Funds from Economic Impact Payments made through an ACH direct deposit should be available for bank customers to access on the effective date, as long as the account is open and there are no restrictions on the account. We encourage you to visit the IRS.gov to check the status of your Economic Impact Payment.
What happens if I have an overdrawn account (negative balance) when the Economic Impact Payment is deposited into my account?
Bank customers whose accounts are overdrawn at the time of their Economic Impact Payment deposit will receive a temporary credit equal to that of their overdrawn balance.
How soon will my funds be available if I have an Economic Impact Payment via paper check?
If you deposit your Economic Impact Payment (EIP) check into your account via branch, or mobile app (Mobile Remote Deposit) or a an ATM, it will typically take one business day for funds to be made available. In some scenarios, funds may take longer than one business day to be available.
I was not required to file taxes in 2019, am I still eligible to receive a payment?
We encourage you to visit IRS.gov for the latest information on program eligibility and individual benefit payments.
How do I know the payment arrived?
You can sign in to your mobile banking app to check your transaction history. You can check the status of your payment by visiting IRS.gov.
How can I make sure I am not a victim of fraud as it relates to these economic impact payments?
Phishing is a type of fraud. It is an attempt to acquire personal information, sometimes to compromise online banking accounts, by posing as a legitimate company via email or phone.
Most banks do not proactively call or email customers asking for personal information, and bank customers should be mindful of these fraudulent phishing emails and calls concerning or taking advantage of the Coronavirus (COVID-19) situation. If you believe a phone call could be phishing, hang up and, if you are concerned about your account, your bank directly.
- Do not click on any of the links embedded in the email.
- Forward the email to your bank.
- After forwarding the email to your bank for investigation, delete it.
- Be sure to monitor your account and call your bank if you notice any unusual activity.
With fraud specifically related to COVID-19 on the rise, we want to help to keep you and your money safe. Be on the lookout for the following signs of fraud, whether it’s via phone, email, text, mail, social media or even in person.
- Requests to sign over your Economic Impact Payment to another person or organization.
- Requests for personal or banking information related to speeding up or increasing your Economic Impact Payment.
- Anyone that asks you to deposit or receive their payment into your account on their behalf.
