Information on Economic Impact Payments

Update: April 2, 2021
The IRS and Treasury Department announced that Social Security and other federal beneficiaries who do not normally file tax returns can expect their $1,400 stimulus payments to be “issued” this weekend. Patriot members receiving these payments will see them appear as ‘pending’ in eBranch and Patriot Mobile.

According to government agency, the majority of the payments are expected to be sent electronically and received at financial institutions on April 7, at which time they will be available in member accounts.

Update: March 12, 2021
The first batch of the third round of Economic Impact Payments will soon be on their way to eligible Americans. The best way to check when your payment will be processed is to refer to the Internal Revenue Service stimulus payment tracking tool called Get My Payment.

This tool can confirm when a payment has been processed as well as flag if there’s a problem, which could lead to a delay in your receiving your stimulus payment. The IRS relies on a taxpayer’s most recent tax return to determine how much they should receive and when they might receive it. Because this third stimulus payment comes in the midst of tax season, the IRS may use your 2019 or 2020 tax information depending upon the timing of your filing.

Here are some additional things to consider:

    • Not all EIP or stimulus payments will go out at the same time. Those whose bank/credit union account information is on file with the IRS will likely get their money first because the IRS has their direct deposit information. (If you recently changed financial institutions, the IRS may NOT have the new account information on file in which to deposit the stimulus payment.)
    • Individuals filing electronically through a tax preparer, particularly for a rapid refund, may have their payments sent through the tax preparer rather than directly to them from the IRS resulting in delays.
    • Other individuals may receive paper checks or prepaid debit cards in the mail.
    • Individuals who don’t normally file tax returns (due to their income) may have to take an extra step to register online for stimulus payments, or file a 2020 tax return.
    • Members with eBranch and Patriot Mobile may see their incoming stimulus payments in ‘pending’ status – if this is the case, you can expect to have access to these funds within the next few days.

For more information and details on round three of stimulus payments, please check the IRS web site – at irs.gov.

Update: January 5, 2021
Did you know that the answers to many of your stimulus payments related questions can be found at irs.gov. To learn more about the schedule of direct deposits and paper checks and how to check the status of your stimulus payment online, click here for irs.gov.

Update: December 30, 2020
The Internal Revenue Service will begin delivering a second round of Economic Impact Payments to millions of Americans as part of the implementation of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021. The initial direct deposit payments may begin arriving as early as today for some and will continue into next week. Learn more.

EIP FRAUD ALERT
November 4, 2020

The IRS is warning people about a text message scam piggybacking on the economic impact payments authorized under the Coronavirus Aid, Relief and Economic Security Act. The text reads, “You have received a direct deposit of $1,200 from covid-19 TREAS FUND. Further action is required to accept this payment into your account. Continue here to accept payment,” according to the IRS. If you receive this text, take a screenshot and email it to [email protected]

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The first wave of Economic Impact Payments started arriving in members accounts via direct deposit on April 15th, after which the Treasury will continue issuing payments every Friday.

Individuals who file their taxes electronically and provide the IRS with direct deposit account information will receive payments by ACH direct deposit.  Be sure to check your accounts to see if your direct deposit payment has arrived.

If the IRS doesn’t have your direct deposit information, you can expect a paper check.  Paper checks may take up to 20 weeks, as stimulus payments are being sent in waves and not everyone will receive payments at the same time.  While most Economic Impact payments are being distributed by direct deposit or check, some members are receiving payment in the form of an Economic Impact Payment (EIP) debit card. Find out how to transfer money from your EIP debit card to your Patriot account.

For more information on economic impact payments and to check on the status of your payment visit the IRS web site.