COVID-19 Economic Impact Payment
Taxpayers are set to begin receiving Economic Impact Payments in relation to the global coronavirus pandemic. We understand that you may have questions regarding these payments. We are here to keep you informed and up-to-date with the latest information.
Your Economic Impact Payment
For most taxpayers, the payments will be received automatically, and there is nothing else you need to do. As long as you have filed your taxes for 2019 or filed in 2018, the IRS will have the information they need from you to disburse your payment.
The basic information you need to know about your Economic Impact Payment can be found on the IRS website, including eligibility requirements and payment amount information.
Stay on Top of Your Payment
The IRS has launched a portal allowing you to check the status of your payment and update the information they need from you, if necessary. Check your payment status here.
The best way to know once your payment has been deposited is to set up e-Alerts in Digital Banking. Let us do the work for you! You’ll be notified right away via email or text message when a deposit is received. Save yourself the time of calling on the phone to check your payment status, or logging in to check your account online multiple times throughout the day. Just sit back, relax, and wait to be immediately notified as soon as your deposit hits!
If the IRS doesn’t already have your direct deposit account information on file, they will issue a paper check to the address on file on your most recent tax return. If you receive a paper check, you can deposit the check into your account using the Mobile Deposit* feature in our app. If you’re new to mobile deposit, our Digital Banking Guide has step-by-step instructions on how to enroll and use Mobile Deposit.
If you want to transfer funds after receiving your payment, you can do that through Digital Banking. Transfer between your own accounts, to another member, or even an external account at a different financial institution, all with just a few clicks. View our Digital Banking Guide for transfer instructions.
*Must meet eligibility requirements to access Mobile Deposit.
As a security measure, the IRS will mail a letter regarding your Economic Impact Payment to the address on file for your most recent tax return or your last known address within 15 days of submitting your payment. This letter will state how the payment was made and provide information on how to report any failure to receive the payment. Remember that the officially recognized term for the payment is “Economic Impact Payment” and any other official communication will refer to it as such. Beware of any communication you receive that refers to it as stimulus check or payment, or relief check or payment, as it may not be legitimate. If you are unsure if your letter is legitimate, visit IRS.gov to learn the warning signs to protect yourself against scam artists.
Please know that there is no “sign-up process” that you need to complete to ensure you receive your payment. Any attempts to obtain your direct deposit account information or any other banking information via phone call, email, text message, social media communication, or even in person, is a scam. Please also be aware that there is no “early access” to the economic impact payments. Any claim that you can receive your payment faster or speed up the verification process is a red flag. Do not engage in any requests for your information online, over the phone, or in person.
The IRS has created a Coronavirus Economic Impact Payment Information Center on their website that houses further information regarding these questions and more. Visit the Information Center for more details.