COVID-19 Stimulus Payments

US Money

 

On December 27, 2020 President Trump signed off on a second stimulus bill which includes $600 stimulus payments for many Americans.  Below are some common questions about the second stimulus payments and additional resources.

 

When will I get my stimulus check?

  1. The government has sent the first round of direct deposits with a pay date of 1/4/21. The first set of paper checks will be sent 12/30/20. The first prepaid cards will be mailed 1/4/21. The bank has no way of determining when the government will send each person’s payment. You may find more information by visiting the IRS website.

What will happen if my deposit is returned to the IRS?

  1. (Update by IRS 1/5/21) Recipients who had their ACH payments erroneously sent to an account that is closed, inactive or a temporary account, will not receive their payment and must instead claim the Recovery Rebate Credit when filing their 2020 tax return electronically.

In an updated set of frequently asked questions, the IRS noted that eligible EIP recipients can check the status of their payment on the IRS’ Get My Payment tool, which was updated as of Jan. 5. Individuals whose payments were sent to the wrong account will see “Payment Status #2—Not Available.”

https://www.irs.gov/newsroom/irs-statement-about-second-economic-impact-payments

Can you reopen my closed account when my deposit comes in?

  1. No. According to the ACH Rules, we may not reopen an account the day a deposit comes in. If

approved, you may reopen your closed account before the stimulus payments are received. Fees may apply.

What happens to my stimulus payment if I have a different account number at Murphy-Wall from when the last stimulus payment came in during the spring?

  1. We will make our best effort to correct and post any deposit for customers with open accounts if the name(s) on the ACH match the owners of the new account.

What information do you use to post a stimulus payment to an account?

  1. Transactions with our routing and transit number (081905331) and a valid account number will post directly to the account. If the payment does not post to an account for any reason, the next day we will have to inspect each individual item and post or return the payment. The Social Security Number and names(s) on the ACH entry must match the Social Security Number and name(s) of the account owner(s).

Where can I find more information about my Economic Impact Payment?

  1. Please visit https://www.irs.gov/coronavirus-tax-relief-and-economic-impact-payments for the latest information available from the government.

 

 

ADDITIONAL RESOURCES

Treasury press release: https://home.treasury.gov/news/press-releases/sm1224

 

Back