Economic Impact Payment Guidance

The Internal Revenue Service and the Treasury Department will soon begin delivering a second round of Economic Impact Payments as part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 to millions of Americans.

F&M Bank would like to offer some best practices for checking the status of your Economic Impact Payment in advance of the January 4th official payment date.

Economic Impact Payment Guidance from F&M Bank

F&M Bank receives direct deposit transactions from the Federal Reserve twice daily – 9:00am and 4:00pm. There is often a misconception that a direct deposit could arrive at any time throughout the day, however that is not the case. If you do not see payment after 9:00am within your online banking account, check back after 4:00pm on the same business day. The same guidance applies for an over the phone payment inquiry.

For customers receiving a direct deposit payment, consider utilizing deposit alerts within online and mobile banking. After established, you will receive an alert when your payment has posted.

Additionally, the IRS offers the “Get My Payment” tool on their website. Visit this link to check the status of your payment.

Economic Impact Payment Guidance from the IRS

The IRS emphasizes that there is no action required by eligible individuals to receive this second payment. Some Americans may see the direct deposit payments as pending or as provisional payments in their accounts before the official payment date of January 4, 2021. The IRS reminds taxpayers that the payments are automatic, and they should not contact their financial institutions or the IRS with payment timing questions.

As with the first round of payments under the CARES Act, most recipients will receive these payments by direct deposit. For Social Security and other beneficiaries who received the first round of payments via Direct Express, they will receive this second payment the same way.

Anyone who received the first round of payments earlier this year but doesn’t receive a payment via direct deposit will generally receive a check or, in some instances, a debit card. For those in this category, the payments will conclude in January. If additional legislation is enacted to provide for an additional amount, the Economic Impact Payments that have been issued will be topped up as quickly as possible.

To continue reading, please visit the IRS website. Additional guidance and eligibility requirements are provided.

Mail Larceny is on the Rise

The most wonderful time of the year can quickly turn into the most stressful time if you experience fraud. With the holidays approaching, it’s more important than ever to protect yourself from predators.

Mail Larceny

This December, the most consistent fraud concern reported by customers comes in the form of mail theft. We have received numerous reports of checks being stolen from mailboxes. Fraudsters target the holiday season as cash is commonly gifted between friends and family members, donations to nonprofit organizations are more common at year-end, and many municipalities collect tax bills during the latter part of the year. This increased activity creates opportunity for criminals.

Protect Yourself

Instead of mailing cash or checks, consider taking advantage of digital payment solutions offered through your financial institution. Here at F&M Bank, we offer various payment methods through our bill pay system within online and mobile banking. This tool gives our customers the option to set up payees (like a municipality, utility company, etc.) for one-time, or recurring payment. A similar option is available for our commercial clients as well.

You can pay a person too. Gift pay is the perfect option during the holiday season for gift checks or charitable contributions! Or, pay a friend or family member with our P2P cash transfer app. Simply type in the email address or phone number of the recipient and send up to $500.00 for a transaction, for free!

Package Theft

With more people staying indoors due to COVID, online shopping has become the convenient and safe way to buy groceries, household items, clothing, and everyday necessities. And while it’s nice having packages delivered in days or even hours, there are multiple ways a delivery might not make it into your hands.

Protect Yourself

Just this week, the Harrisonburg Police Department issued some great tips to help protect yourself and your packages, and we echo their advice. Most of the major delivery companies such as FedEx, UPS, and USPS offer consumers ways to track packages with email or text notifications, ensuring packages aren’t left or forgotten.

In addition, it is a good idea to create a space near your front door, behind planters or other items, so deliveries can be placed out of site from the street. Installing security cameras can both help prevent porch theft and provide important footage in case a porch pirate strikes.