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The U. S. Treasury is expected to send a third round of Economic Impact Payments (EIPs) to millions of eligible Americans. The first payments will be sent direct deposit and begin posting to eligible accounts as early as Wednesday March 17th with additional payments to follow over subsequent weeks. What do you need to know and how will you receive your payment if eligible?
What do I need to do to receive my economic impact payment?
The vast majority don’t need to take any action. According to the government, the IRS will calculate and automatically send millions of Economic Impact Payments via direct deposit, to be available to eligible recipients. The IRS already has direct deposit information for millions of Americans from the first and second round of EIPs and from already filed 2019 & 2020 tax returns. For the most up-to-date information, you can visit IRS.gov/coronavirus.
Once deposited, how quickly will I have access to the funds? Is this different for direct deposit and checks?
Americans who have the funds deposited directly into their account will have access to the funds much faster. Waiting for a paper check or prepaid card to be printed and mailed will take longer.
What should customers do if they are expecting a payment or check and it did not come?
During the first and second round of EIPs, the IRS’s “Get My Payment” portal allowed consumers to check the status of their payment. We expect the IRS to launch a similar initiative for this round. The portal will not allow recipients to input any bank account information.
Be Wary of Fraudsters
Consumers should be very wary of fraudsters who are attempting to scam people out of their payment. Please keep in mind, the government will not contact you by phone, text or email about this payment. They will not ask for your personal information such as Social Security Number or your banking account information.
We are here to help!
Please feel free to contact your local branch or our Customer Care Center if you have questions or if we can further assist with your financial needs.
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