CARES Act. Economic Impact Paymetns. What you need to knwo.
Congress looks prepared to pass a new round of economic stimulus efforts with President Biden likely to sign it into law soon. This page provides you with resources and information about setting up Online Banking account alerts, where to get Economic Impact Payments (EIP) information from the IRS and how to protect yourself from payment scams.  



We encourage you to set up alerts in Online & Mobile Banking so that you can be notified immediately when a deposit is made into your account. For step-by-step instructions on setting up alerts, watch this video.
On December 29, the U.S. Department of the Treasury issued this release regarding the second round of Economic Impact Payments as part of the implementation of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021.

IRS Releases, Tools and Resources

IRS Release, January 4, 2021, "Economic Impact Payments on their way, visit instead of calling".
Includes information about:
  • Eligibility
  • Checking the status of your payment
  • What to do if your payment is not received or is less than expected
  • Changing bank account or mailing information
Specifically this release includes this information regarding closed accounts:
“Because of the speed at which IRS issued this second round of payments, some payments may have been sent to an account that may be closed or no longer active. By law, the financial institution must return the payment to the IRS, they cannot hold and issue the payment to an individual when the account is no longer active. While the IRS is exploring options to correct these payments, if you have not received your full payment by the time you file your 2020 tax return, you may claim the Recovery Rebate Credit on your tax return.”

Get My Payment Tool - The "Get My Payment" link on this IRS web page to check payment status and confirm payment type (direct deposit or check). - for more information about Economic Impact Payments.

Coronavirus Tax Relief and Economic Impact Payments - This IRS web page provides information on the ways the IRA is offering help to taxpayers, businesses, tax-exempt organizations and others. This is a great resource with information for individuals, families and businesses. 

Official Payment Date - Second Round of EIP
According to the IRS release, the first official payment date is January 4, 2021. 
Stimulus payments from the IRS are received and posted once a day, so it is not necessary to continue to check your bank account or contact the bank throughout the day. Legend Bank always posts on the settlement date from the Treasury.
We encourage you to set up alerts in Online & Mobile Banking so that you can be notified immediately when a deposit is made into your account. For step-by-step instructions on setting up alerts, watch this video.
If you don't see your payment, check the IRS site for a payment status update. You can also confirm your payment type (direct deposit or check) using this website, when the tool is made available. 

We appreciate your patience. Online Banking and Mobile Banking may be a little slower than normal or access may be limited at peak usage times as customers are checking their account for their payments. We highly recommend using the IRS tools and FAQ for assistance. 
"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."

Stimulus Payment Scams
Scammers know that your stimulus payments are coming so they are trying to trick you into sharing your personal account information. Be very cautious, remember never to give your personal information, account information or social security number to anyone calling you. If someone is asking for this information, you can bet it's a scam! Check out these sites for more ways to protect yourself. 

The IRS provides the following information to help you avoid scams related to the stimulus payments. 
"The IRS urges taxpayers to be on the lookout for scam artists trying to use the economic impact payments as cover for schemes to steal personal information and money. Remember, the IRS will not call , text you, email you or contact you on social media asking for personal or bank account information – even related to the economic impact payments. Also, watch out for emails with attachments or links claiming to have special information about economic impact payments or refunds."

The following blog posts from the Federal Trade Commission provide you with things you need to know about stimulus scams: