COVID-19: Government Stimulus Payment
The Federal Government began issuing direct deposits of stimulus payments on January 4, 2021. You may understandably have questions about this program, but you can avoid longer than normal hold times by referring to key points below, or by visiting irs.gov/coronavirus regularly for updated information.
What you need to know
- Who is eligible to receive a stimulus payment? Generally, U.S. citizens and resident aliens who are not eligible to be claimed as a dependent on someone else’s income tax return are eligible for this second payment. Eligible individuals will automatically receive an Economic Impact Payment of up to $600 for individuals or $1,200 for married couples and up to $600 for each qualifying child. Generally, if you have adjusted gross income for 2019 up to $75,000 for individuals and up to $150,000 for married couples filing joint returns and surviving spouses, you will receive the full amount of the second payment. For filers with income above those amounts, the payment amount is reduced.
- How will payments be sent? As with the first round of stimulus assistance, the IRS will calculate and automatically send the stimulus payment to those who are eligible. They will use information from your most recent tax filings to calculate payment amounts and to determine whether your payment will be sent electronically to your bank account or mailed to you as a check. Meanwhile there are helpful steps you can take now to prepare for your possible payment.
- What if the direct deposit was sent to a closed account? If a stimulus payment is sent to a closed account, we’ll perform a search to determine if the client(s) have another account in their name(s). If we locate another account in the name(s) of the stimulus payment, we’ll reroute the deposit. If there is no matching relationship with the bank, we’ll return the deposit to the originator.
For more on this, please visit this IRS webpage.
Steps you can take now
- Be the first to know – set up an alert!
If you expect your payment to arrive electronically, log in to digital banking and set up a direct deposit alert for the account into which your payment will be deposited. This will ensure you’re aware of when the payment arrives in your account. Not yet enrolled in digital banking? It takes just minutes.
- Fastest deposit – enroll in Mobile Deposit
If you’re expecting to receive your stimulus payment via paper check, use mobile deposit or one of our ATMs for the fastest check deposit experience and skip long lines at our banking center drive-thru.
All deposits are subject to review and funds from your deposit may not be available for immediate withdrawal.
This information is intended for informational use only and is subject to change. For the latest details visit the IRS website.