Information on Economic Impact Payments

Melissa McCollough

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Published on 04-22-2020

Categories: Articles, Member Tips

Last week, the federal government began delivering Economic Impact Payments to Americans who qualify. These direct cash payments, or “stimulus checks”, are for financial relief during the COVID-19 pandemic.

A Few Things to Remember:

  • Coastal cannot provide personal account or address information to the IRS.
  • The IRS will disburse payments using the information that they have on file for each eligible individual/family.
  • The IRS is responsible for the timing, amount and distribution of the payments. They have stated that payments will be sent in waves into July 2020.
  • For most recipients, payments will be direct deposited into the account that they have most recently used for their tax refund or monthly Social Security payment.
  • Some recipients will receive paper checks in the mail at the address that the IRS has on file.
  • Direct deposits are posted for open accounts on the effective date set by the Treasury

Questions You May Have

Am I eligible for a payment? How much will it be and when will it arrive?

Check with the IRS. Here are some resources that could help:

How can I make sure my payment is deposited into my account?

If your payment is coming through direct deposit:

  • Keep tabs on your account and take care of your everyday banking needs using Online Banking or Coastal’s Mobile app.
  • You can set up a deposit account alert to tell you when a deposit posts.
  • “IRS” will be included in the description of the deposit on your account. The IRS is using this exact description for both your stimulus payment and income tax refund.

If your payment is coming through paper check:

  • Download Coastal’s Mobile app. You can easily snap a photo of your check using our Mobile Deposit feature.
  • Check out our Branches & ATMs Locator. Drive-up and vestibule tellers remain available at our branches. If you visit one of our vestibule teller machines, please practice social distancing, as well as covering your mouth and nose.

How can I access and use my payment?

How can I protect myself against fraud?

Check with the IRS. Here are some resources that could help:

  • Visit IRS website for information about your payment status and account information.
  • Make sure your contact information is correct in your account and make use of alerts.
  • Remember that Coastal will never ask for personal or financial information or an access code through email, text, or unsolicited calls.
  • Visit the Federal Trade Commission’s Coronavirus Scam Tips page for pointers on how to avoid scams.

 


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