COVID-19 Updates

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On December 21, 2020, Congress authorized a $900 billion bipartisan coronavirus relief package to provide assistance to American consumers and businesses struggling as a result of the coronavirus pandemic. A provision of the law includes sending government payments to eligible Americans. To help answer common questions about these payments, the American Bankers Association has developed the following questions and answers.

1. How large a payment will I receive?

The Internal Revenue Service is the agency responsible for determining eligibility. In general, single adults with an adjusted gross income of $75,000 or less will get $600. The $600 limit will also apply to dependents. So, married couples earning a combined adjusted gross income of $150,000 or less with two kids, will receive a total of $2,400. Individual and married taxpayers earning over $75,000 and $150,000 respectively will get reduced payments with full phase-outs at $99,000 and $198,000.

For complete eligibility information please visit the IRS website.

2. Will college students be eligible to receive a payment?

The CARES Act definition of eligible individuals excludes those who are claimed as a dependent on another taxpayer’s return. Accordingly, to the extent a college student is claimed as a dependent on the tax return of a parent, he or she would not be eligible for the rebate.

For complete eligibility information please visit the IRS website.

3. When will I receive my payment?

We expect more than 130 million payments to be made via ACH in the first three weeks in January.

If you filed taxes in 2019 and included your bank routing and account number for payments or refunds, and this information has not changed, the IRS has the information it needs to send your payment electronically. In addition, for Social Security recipients, the IRS will use direct deposit by the Social Security Administration to facilitate payments. If the direct deposit information you have provided in the past is for a bank-issued prepaid debit card, you will receive your funds on that card account.

You can check the status of your payment by visiting the IRS’ “Get My Payment” web tool. Recipients will be mailed a check if the IRS does not have your information on file. Check payments will follow weeks or possibly months after the direct deposits are sent.

4. Can I receive my payment electronically if my current information is not on file with the IRS?

The IRS is offering a web portal called “Get My Payment” where you can check the status of your information and your payment. For this round of EIPs, the IRS is NOT activating its online portals to accept new bank routing information from recipients scheduled to receive a paper check.

5. I have a bank account. Can I still receive a paper check?

Yes, but be aware that your payment will be slower than an electronic transfer. Paper checks may be sent out weeks after the electronic checks are sent.

If you are willing to wait, we recommend that you deposit the check through remote deposit capture. This is basically taking a picture of your check through the bank’s smartphone app. Follow the simple directions and you can make the deposit from the comfort and safety of your home the same day the check arrives in the mail. For info on this service click here.

Alternatively, you can make the deposit at your bank’s ATM or at a branch. If visiting a branch remember to check our locations and hours page before your visit.

6. I don’t have a bank account, but want to receive my money faster. What can I do?

Please contact a banker at one of our 8 locations if you need more information on the process of opening a bank account. For contact info visit our locations page.

7. What can I do to prevent fraudsters from accessing my funds?

There will be a large amount of funds disbursed to qualifying individuals. Accordingly, there is a risk for fraud of various types. The IRS has announced various ways individuals can be on guard against these types of bad activities. See the notice.

It is important to remember that banks or the federal government will never contact you by telephone, text or email asking for your account information. Do not provide any banking information to anyone claiming to be registering you for your relief payment.

8. What happens if a payment is made to someone who is deceased?

The legislation states that eligible recipients that were alive as of 1/1/20 are enabled to receive EIPs. If the recipients dies between 1/1/20 and receiving an EIP, that payment remains valid. These payments would be accepted through the deceased’s estate.

9. What happens if a payment is made to someone incarcerated or a non-resident alien?

See the answer above. The IRS has determined that incarcerated individuals and non-resident aliens are not eligible and should return the funds using the provided instructions.

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