Important information About Economic Impact Payments
Last week, as part of the Coronavirus Aid, Relief and Economic Security ("CARES") Act, the U.S. Federal Government began delivering "Economic Impact Payments" to eligible Americans. These direct cash payments to individuals and families are for financial relief during the coronavirus pandemic and are sometimes referred to as "stimulus checks."
Here are a few things to keep in mind:
- The Internal Revenue Service (IRS) is responsible for the timing, amount, and distribution of these payments, and has stated that payments will be sent in waves over the course of multiple weeks into July 2020.
- The IRS will distribute payments using the information that the IRS has on file for each eligible individual or family.
- For most of the recipients, payments will be deposited directly into the same bank account that they have most recently used to receive a tax refund or monthly Social Security payment.
- Others will receive paper checks in the mail, at the address that the IRS has on file for that individual.
- Credit Unions such as GeoVista Credit Union, cannot and do not provide personal account or address information to the IRS.
- Direct deposits are posted for open accounts on the effective date set by the Treasury.
You may have questions about these payments and your account information.
Here are answers to questions you may have, and tools you can use:
Am I eligible, and when will my payment arrive? Contact the IRS.
- The IRS Economic Payment Information Center has detailed information on eligibility, requesting, calculating and receiving payments.
- The IRS Get My Payment Website can provide you information about the status of your payment, payment type (direct deposit or paper check) and how to set up a direct deposit if available.
Is my payment in my account? Check account without leaving home.
If you are receiving your payment through direct deposit:
- Monitor your account and take care of everyday banking needs using online banking
- We also recommend that you set up an account alert to tell you when deposits post to your account. You can set up alerts in online banking.
- The description of the deposit in your account includes the word "IRS." Keep in mind, the IRS is using the same description for both the stimulus payment and income tax refund.
How can I access and use my funds quickly? Use your debit card to pay and get cash.
- Use your debit card to make purchases and withdraw cash from one of our ATMs. Keep in mind that our ATMs have a dispense limit of $700 per transaction.
- You can check your balance, send money to friends and family and pay bills using our bill payer in online banking.
- Please expect longer lines in our drive-up lanes.
I have questions about the amount of my payment. Who can help me?
- Visit the IRS website for information regarding eligibility, requesting, calculating and receiving payments.
- You can check status of your payment, payment type (direct deposit or paper check) and how to set up a direct deposit if available at the IRS Get My Payment website.
- Our staff will not have information on Economic Impact Payment eligibility, timing, or distribution. These payments are decided and distributed solely by the IRS.
What can I do to help protect against fraud? Take these steps.
- Check the IRS website for information about your payment status and account information.
- Make sure your contact information is accurate in your account.
- Set up security and account alerts.
- Remember, if we need to reach out to you, we'll NEVER ask for personal or financial information or an access code through email, text, or unsolicited calls.
- Visit the Federal Trade Commission Coronavirus Scams website for tips on how to recognize potential scams and learn more about how to keep your accounts secure.