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.