Second Round of Economic Impact Payments
As of Monday, January 4th, 2021 the Internal Revenue Service will begin distributing a second round of economic impact payments (stimulus checks) via direct deposit to people with account information on file. We have an understanding that deposits should continue in weekly batches similar to how they were deposited in April 2020. You should receive your stimulus check the same way you received it in April 2020. Checks may go out faster this time due to many people updating their direct deposit information in the spring. Just because deposits begin this week, does not mean everyone will receive a deposit.
Checks will be in the amount of $600.00, although lawmakers are considering legislation that would increase the amount. If Congress passes a bill that would increase the amount of the Economic Impact Payments, you will receive the remaining amount at a later date.
We are unaware of who will receive payments and when. The easiest and fastest way to check for your economic impact payment is through Home Teller (online banking). Home Teller offers real-time information on deposits and withdrawals. Electronic IRS direct deposits post Monday through Friday, first thing in the morning. They will not post on weekends or bank holidays.
If you do not have direct deposit information on file with the IRS, you should receive a paper check in the mail. Paper checks may go out later than direct deposit. The IRS anticipates the Get My Payment tool will be available in the coming days to track your payment and/or update any direct deposit information.
The IRS is urging taxpayers to be on the lookout for scams regarding the economic impact payments. Remember, the IRS will not call, text, or email you looking for personal banking information. Also, be aware of emails with links or attachments claiming to have information regarding the economic impact payments. Please remember to never give out bank account information, social security numbers, etc. over the phone.
Be aware that with deposits beginning next week, we expect longer wait times in the drive-thru and high phone call volume. Also, to continue to keep our lobbies open, we ask that members adhere to social distancing guidelines and members must wear masks to enter a branch location. If members are unable to wear a mask, please utilize our drive-thru and online and telephone banking.
We thank you for your patience during this unusual time. We remain centered on serving our members knowing we have a responsibility to keep members and employees healthy.
For more information regarding economic impact payments, please visit the IRS website.