The United States Treasury Department and the Internal Revenue Service have issued more than 140 million stimulus payments since April, with more on their way.
Eligible taxpayers who filed a federal tax return for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples. Parents will also receive $500 for each qualifying child. Please visit IRS.gov/coronavirus
for details and the latest updates.
The vast majority of individuals are not required to take action. The IRS will calculate and automatically send the economic impact payment to eligible individuals. For those that have already filed their 2019 tax returns, the IRS will use this information to calculate the payment amount. For those who have not yet filed for 2019, the IRS will use information from their 2018 tax filing to calculate the payment.
To date, the federal government has issued payments via direct deposit, Direct Express card (used for paying federal benefits like Social Security) or physical check. During the week of May 18th, the Treasury and IRS began sending out nearly 4 million payments using a new method: a new prepaid debit card.
The prepaid debit cards, issued by MetaBank and on the Visa Network, are called Economic Impact Payment (EIP) Cards. If you are still awaiting your economic impact payment, you could potentially receive one of these cards in the mail. Please note that if you receive an EIP Card, there are fees associated with its use. The EIP Card also comes with online account access options. You can learn more by visiting www.eipcard.com
If you receive your payment via direct deposit, you may notice your stimulus payment transaction initially coming across as "pending." First, financial institutions received a Treasury Department transmission which triggers the pending notification, the IRS then starts processing actual payments up to a few days later. As an electronic payment, it can then take a couple of additional days for the payment to make its way through the Automated Clearing House (ACH). The payments will show as available as soon as 7 17 actually receives the funds.
If you have not yet received your payment, we recommend that you visit IRS.gov/coronavirus
. You can use the “Get my payment” function to check your payment status.
For our members that receive their payment via check, we ask that you consider using our Mobile Deposit function (within our Mobile App) for quicker service and to help eliminate long wait times in our drive-thrus. Learn more about our Mobile Deposit
and Mobile Banking App
. The use of Mobile Deposit requires a 7 17 Checking Account.
Paper checks can also be deposited at many of our ATMs. Find a complete list of our ATMs.
Tips on using the economic impact payment
- Prioritize. Focus on the bills that keep a roof over your head, the lights on and food on the table. Many utilities and communications providers are working to waive fees, keep the power on and your internet working.
- Talk with your credit union or other lenders. Many offer low or 0%, small dollar loans, skip payments, loan modifications and other help so you can use your payment for critical needs.
- Save some of it. If you set aside $100-200, that can provide a cushion for bills that are coming in a couple of weeks.
- Don’t hoard cash. Keep it in your credit union. It’s safest there.
- Protect yourself from scams. There are a lot of fraudsters trying to manipulate the crisis to their benefit. Watch out for suspicious emails, texts or phone calls.
- Pay your taxes. The deadline for filing and paying income taxes has been extended to July 15. If you have not saved the money to pay them, you may want to consider using your economic impact payment to pay your taxes.
We want to remind our members to be mindful of fraudsters during this time. This is a payment being issued to taxpayers, so if you are told you need to send money to anyone, it is a scam. The IRS will not call and ask you to verify your payment details. Do not give out account information even if someone claims it is necessary to get your check. It is a scam. If you receive texts or emails claiming that you can get your money faster by sending personal information or by clicking links, delete them. It is a scam. Please also be mindful of bogus checks. If you get one for an odd amount, it is a scam.
If you have additional questions about your economic impact payment, visit IRS.gov/coronavirus
7 17 remains committed to assisting our members. We appreciate your patience and understanding during this difficult time. For the latest information from your credit union, please visit www.717cu.com/coronavirus-planning