Starting April 15, 2020, as part of the Coronavirus Aid, Relief and Economic Security (“CARES”) Act, the U.S. Federal Government began delivering “Economic Impact Payments” to eligible Americans. These direct cash payments to individuals and families are for financial relief during the coronavirus pandemic, and are sometimes referred to as “stimulus checks.”
Here are some important things you need to know:
• The Internal Revenue Service (IRS) is responsible for the timing, amount and distribution of these payments, and has stated that payments will be sent in waves over the course of multiple weeks from April to July 2020. The IRS will distribute payments using information the IRS has on file for each eligible individual or family.
• For most recipients, payments will be deposited directly into the same credit union or bank account that they have most recently used to receive a tax refund or monthly Social Security payment. • Others will receive paper checks in the mail, at the address that the IRS has on file for that individual. • LAFCU cannot and will not provide personal private information (PPI), including account or address information, to the IRS.
• Direct deposits are posted for open accounts on the effective date set by the U.S. Treasury.
You may have questions about these payments and your LAFCU account information. Here are some FAQs and tools you can use:
(1) Am I eligible, and when will my payment arrive?
• The IRS Economic Impact Payment Information Center website has detailed information on eligibility, requesting, calculating and receiving payments.
• The IRS Get My Payment website provides information about the status of your payment, payment type (direct deposit or paper check), and how to set up a direct deposit if available.
(2) Is my payment in my account? If you’re receiving your payment through direct deposit:
• Monitor your account and take care of everyday financial needs with our MyLAFCU Mobile Banking app for Apple or Google/Android :
• Sign up for free Online Banking
• Set up a checking account Alert to let you know when direct deposits post to your account.
• The description of the deposit in your account will include the word “IRS.” The IRS uses the same description for both the stimulus payment and income tax refund.
(3)If you’re receiving your payment through paper check:
• With our Mobile Banking app you can deposit a paper check & get confirmation immediately.
• Visit ATM & Shared Branch locator to find nearby ATMs that accept deposits.
• If you must visit a LAFCU branch, please follow guidelines from the Centers for Disease Control & Prevention, including social distancing and covering your mouth and nose.
(4) How can I access and use my funds quickly? • Use your debit card to make purchases and withdraw cash from an ATM. You have free access to 30,000 CO-OP ATMs around the country, including over 5,500 inside 7-Eleven stores.
• Check your balance, send money to friends and family and pay bills using our Mobile Banking app. (5) I have questions about the amount of my payment. Who can help me?
• Visit the IRS website for information regarding eligibility, requesting, calculating and receiving payments.
• Verify the status of your payment, payment type (direct deposit or paper check), and how to set up a direct deposit if available at the IRS Get My Payment website.
• Our branches and phone center will not have information on Economic Impact Payment (stimulus checks) eligibility, timing or distribution. These payments are decided and distributed solely by the IRS.
(6) What can I do to help protect against fraud?
• Check the IRS website for information about your payment status and account information.
• Make sure your contact information is accurate in your account.
• Set up security and account alerts.
• If we need to contact you, we’ll NEVER ask for personal or financial information, passwords, or PIN through email, text, or unsolicited calls.
• Visit our Security Center or the Federal Trade Commission’s Coronavirus Scam Tips for how to recognize potential scams and learn more about how to keep your accounts secure.
Thank you for being a valued LAFCU member.
VISIT THE IRS WEBSITE https://www.irs.gov/coronavirus/economic-impact-payments