Friday, March 19 Update:
We have received instructions to deposit the next batch of stimulus payments on Wednesday, March 24. To find out when your payment might be arriving, you can use the IRS’s Get My Payment tool.
If you’ve been paying attention to the headlines, you likely are aware that the next round of Economic Impact Payments (EIPs), or stimulus checks, has been approved by lawmakers. We wanted to let you know that we are prepared for any needs and questions you might have as you look forward to having some extra cash to save or spend.
Some of the details are still being finalized, but we will provide updates as they arise. Here’s what we know so far:
How will you receive your stimulus payment?
If the refund from your 2020 tax return (or your 2019 return if you have not yet filed for 2020) was direct deposited, the IRS will direct deposit your stimulus check to that same bank account. If you did not receive your tax refund by direct deposit, your payment will be mailed to the address listed on your tax filing.
When will you receive your stimulus payment?
This week, banks have started receiving the payment files and instructions. Customers receiving their stimulus money by direct deposit could see the money in their account as soon as Wednesday, March 17. If your payment is being mailed, it could take longer.
My bank account information has changed or was incorrect. How will I get my stimulus payment?
If your payment is invalid due to an incorrect account number, we will work to find the correct account number, verify it, and deposit the payment into that account.
If the IRS attempts to deposit your payment into a closed account, we will return your stimulus payment to the IRS and they will mail it to the address they have on file from your most recent tax return. If you have not filed a tax return, you can get your stimulus payment by claiming the Recovery Rebate Credit on next year’s (2021) tax filing.
Increased online banking usage
Our online banking servicer has indicated that they have added capacity for the expected increase in traffic to online banking due to the arrival of economic impact payments. However, please be aware that you may experience some system latency.
If you have any questions, please contact us.