If you’ve been paying attention to the headlines, you likely are aware that the next round of Economic Impact Payments (EIPs) 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 payment?
If the refund from your 2019 (or 2018 if you did not file in 2019) tax return was direct deposited, the IRS will send your payment 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 payment?
This week, banks have started receiving the payment files and instructions. Stimulus payments may be available to some customers as soon as the first week of January and all payments are to be made by January 15. If your payment is being direct deposited, you can expect it to be in your account within that timeframe. If your payment is being mailed, it could take longer.
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.