COVID-19: Government Stimulus Payment
We’re dedicated to supporting you every step of the way, including making sure you have all of the resources you need to bank safely wherever you call home. Last month, the CARES Act was passed to provide emergency assistance for individuals, families, and businesses affected by the COVID-19 pandemic. As the government begins issuing stimulus payments, we want to provide tips on what you can do to prepare and share how we can help.
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. For more information about how the IRS will determine your payment method, please visit the IRS website.
Depositing your stimulus check
Payments may begin arriving through the mail or via direct deposit starting in mid-April. Here are some helpful steps you can take to prepare now.
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.
Online and Mobile Deposits
Step 1: Make sure you’re enrolled in Online and Mobile Banking.
Step 2: Download our app for iOS and Android.
Step 3: Enroll in Mobile Deposits through our app. When you receive your stimulus check you’ll be ready to log in to deposit it. If you’re new to the process, here is a short tutorial.
Step 4: Once your stimulus payment arrives in the mail, sign the back and deposit it through the mobile app following the instructions on your screen. As long as you complete your deposit before 10 p.m. CT*, your deposit will be credited to your account the same day.
You can also deposit your check at any of our banking center ATMs with your debit card or ATM card. As long as you complete your deposit before 10 p.m. CT*, your deposit will be credited the same day. Be assured that we are following CDC guidelines to maintain clean surfaces of our ATMs.
If you expect your payment to arrive electronically, log in to digital banking and setup a direct deposit alert for the account into which your payment will be deposited. This will ensure you’re aware of when the payment has arrived in your account.
If you’re wondering what to do with your stimulus dollars, our experts have shared some strategies.
Frequently Asked Questions
All U.S. resident taxpayers with adjusted gross income under $75,000 ($112,500 for head of household and $150,000 married), who are not the dependent of another taxpayer and have a work-eligible social security number, are eligible for the full $1,200 ($2,400 married) rebate. They are also eligible for an additional $500 per child under 17. A family of four may be eligible to receive up to $3,400.
For taxpayers with adjusted gross income over $75,000 ($112,500 for head of household and $150,000 married), the rebate amount is reduced by $5 for each $100 that a taxpayer’s income exceeds the phase-out threshold. The amount is completely phased-out for single filers with incomes exceeding $99,000, $146,500 for head of household filers with one child, and $198,000 for joint filers with no children. For a typical family of four, the amount is completely phased out for those with adjusted gross incomes exceeding $218,000. Social Security beneficiaries will be eligible based on their tax returns or Social Security Administration information.
Distribution of economic impact payments are scheduled to begin in mid-April. You will either receive your payment electronically via direct deposit to your bank account, or a check will be mailed to you. Direct deposit will occur for taxpayers who have previously paid taxes or received refunds electronically through the IRS. Other taxpayers should expect a check to be mailed to them at the last address shown on their 2018 tax return (or 2019 return, if it has already been filed).
For people who 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 their return for 2019, the IRS will use information from their 2018 tax filing to calculate the payment. The economic impact payment will be deposited directly into the same banking account reflected on the return filed. If the IRS does not have your direct deposit information, in the coming weeks, the U.S. Treasury Department plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail.
No. The vast majority of people do not need to take any action. The IRS will calculate and automatically send the economic impact payment to those eligible.
You can deposit your paper check using our mobile app, or at one of our banking center ATMs.
In the coming weeks, the U.S. Department of Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail.
* 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.