Economic Impact Payments
Economic Impact Payments, also known as Stimulus Payments, have been approved to help Americans through this difficult time. The below information is from the IRS website and should answer any questions you might have about these payments.
Economic Impact Payment Card
Nearly four million people are being sent their Economic Impact Payment (EIP) by prepaid debit card, instead of paper check. The card, pictured at right, will arrive in a plain envelope from Money Network Cardholder Services. The Visa name will appear on the front of the card; the back of the card has the name of the issuing bank, MetaBank®, N.A. Information included with the card will explain that the card is an Economic Impact Payment Card.
What do I need to do to receive my payment?
Your economic impact payment will either be directly deposited into your bank account or a check will be mailed to you. Direct deposit information used will be what's on file from your most recent tax filing.
If you’re a Social Security (or SSEB) beneficiary who doesn’t need to file taxes, you’ll receive your economic impact payment the same way you receive your benefits, either by direct deposit or by check.
Do I qualify and how much will I receive?
U.S. residents will receive the Economic Impact Payment of $1,200 for individual or head of household filers, and $2,400 for married filing jointly if they are not a dependent of another taxpayer and have a work eligible Social Security number with adjusted gross income up to certain limits. In addition, you may qualify to receive $500 for each child under the age of 17 you claim on your taxes. Learn more here.
When can I expect to receive my payment?
The IRS will begin rolling out economic impact payments in April 2020. For most people, you won’t have to do anything – the payment will be directly deposited into your bank account or sent to you by check. Be aware, however, that if it’s sent by check, it might take a little longer.
The best way to check the status of your automatic deposit is to utilize online banking or download our app. As soon as your deposit arrives, you will see it in your account using these products.
Can I provide the IRS with my bank account information?
You can provide the necessary information to the IRS easily and quickly for no fee through Non-Filers: Enter Payment Info. The IRS will use this information to determine your eligibility and payment amount and send you an Economic Impact Payment. After providing this information you won’t need to take any additional action.
Be aware of scams.
With the rollout of economic impact payments, there’s an increased risk of scams. It’s important to stay vigilant and aware of unsolicited communications asking for your personal or private information – through mail, email, phone call, text, social media or websites – that:
- Ask you to verify your SSN, bank account, or credit card information
- Suggest that you can get a faster payment if they fill out information on your behalf or if you sign over your check to them
- Send you a bogus check, perhaps in an odd amount, and then ask you to call a number or verify information online in order to cash that check
Be aware that scammers are also able to replicate a government agency’s name and phone number on caller ID. It’s important to remember that a government agency will never ask you for your personal information or threaten your benefits.
Payment Confirmation Letter
For security reasons, the IRS plans to mail a letter about the economic impact payment to the taxpayer’s last known address within 15 days after the payment is paid. The letter will provide information on how the payment was made and how to report any failure to receive the payment. If a taxpayer is unsure they’re receiving a legitimate letter, the IRS urges taxpayers to visit IRS.gov first to protect against scam artists.