Updated Information About Stimulus Payments
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Updated Information About Stimulus Payments

While millions of Americans have started receiving stimulus payments from the federal government as financial relief during the coronavirus pandemic, there are still questions about where that money comes from, how it is being distributed, and who is eligible.

Here is some important information about the Economic Impact Payments, which are part of the Coronavirus Aid, Relief and Economic Security Act, or CARES:

Where are the payments coming from?

The Internal Revenue Service is responsible for distributing the stimulus payments and has already started the process. Payments to qualifying individuals or families will come either as a direct deposit or by mail. For most eligible recipients, direct deposits will be made to the financial account used for their most recent federal tax refund or their Social Security payments. If the IRS does not have that account information, a paper check will be mailed to their address on file with the IRS.

The Internal Revenue Service (IRS) is responsible for the timing, amount and distribution of these payments, and indicates that payments will be sent in waves over the course of multiple weeks into July 2020. Financial institutions do not have information about how much you might be eligible to receive or when that money will be distributed.

I don’t have my payment yet, what should I do? 

Direct deposit payments have already begun but it may take multiple weeks into July for all payments to be distributed. Here are a few things you can do in the meantime: 

  • To check on your payment, the IRS has created the ‘Get My Payment’ website so eligible recipients can check on payment status and amount, whether it is scheduled to come as a direct deposit or check, and whether more detail – such as financial account information – is needed.
  • If you are not required to file a tax return, you can use the IRS’s ‘Non-Filers: Enter Payment Info Here’ page to provide the necessary information. Non-filers who are eligible for stimulus payments include U.S. citizens or resident aliens who have a Social Security number, could not be claimed as a dependent of another taxpayer, and had an adjusted gross income under certain limits. 
  • For a list of questions and answers about the stimulus payments, including account information and any changes that have occurred, visit the IRS’s ‘Get My Payment Frequently Asked Questions’ page.

Have a child but are in certain groups that didn’t need to file a tax return?

The federal government has set different eligibility guidelines for some recipients who qualify for a $500 payment per eligible child but are not required to file a tax return. These groups include those who receive Social Security retirement, survivor or disability benefits (SSDI), Railroad Retirement benefits, Supplemental Security Income (SSI) and Veterans Affairs beneficiaries who didn't file a tax return in 2018 or 2019.  READ THIS IMPORTANT INFORMATION HERE.

How will I know if my money has been deposited?

You can regularly monitor your account to see if the payment has been directly deposited from the IRS by using our online or mobile banking tools, which are available to you 24/7. You can even set an alert to notify you when a direct deposit has been posted.

What if I’m receiving a paper check?

Once you receive your paper check in the mail, you can deposit it directly into your account by using mobile deposit through our free mobile banking app or at one of our drive-thru windows during scheduled hours.

How can I access and monitor my money?

Once the stimulus money has been deposited to your account, you can access it quickly by using your debit card or visiting one of our ATMs to withdraw cash.

You can also monitor your accounts, transfer money, send payments, or set up a variety of alerts with our mobile banking app or through online banking.

Protect yourself against fraud

Scams surrounding the stimulus payments have already been reported. To protect yourself, set up account alerts through mobile or online banking, and be on the lookout for unsolicited email, texts and phone calls that ask for personal or account information, usernames and passwords, or access codes.