Stimulus payments from the cares act - American Rescue Plan Act

here's what you need to know

Update as of Wednesday, July 14, 2021

The first round of Advance  Child Tax Credit (ACTC) payments will settle as scheduled, tomorrow, July 15th. Any payments we receive with incorrect account information will be reviewed to ensure that those members receive their payments. 

The IRS has established this page to assist consumers with questions regarding their payments: https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021 If you were expecting an ACTC payment and did not receive one, please visit this page for additional information.

Update as of Monday, June 14, 2021

The IRS has announced that Advance Child Tax Credit (ACTC) payments will be with direct deposits that have a settlement date of July 15, 2021, with recurring monthly payments continuing through the end of 2021.

In addition to July 15, direct deposits are expected to have settlement dates of August 13, September 15, October 15, November 15 and December 15.

Unlike previous economic impact payments and regular tax refunds, the IRS will use a 1-day settlement period for these ACTC payments, which will lessen uncertainty and confusion as to when taxpayers will have access to funds.

The IRS will also send check payments, but reloadable cards will not be used.

Update as of Monday, March 15, 2021

We have posted all the stimulus payments we have received from the federal government. To check the status of your payment you can use the "Get My Payment" tool on IRS.gov to see your payment status.

Update based on information available as of March 12, 2021

The IRS announced that the third round of Economic Impact Payments (EIPs) will begin reaching consumers over the next week.

The first batch of payments authorized by the American Rescue Plan Act will be sent by direct deposit, which some recipients will start receiving as early as this weekend, with more coming next week. No action is needed by most taxpayers; the payments will be automatic, and in many cases, similar to how people received the first and second round of EIPs. People can check the "Get My Payment" tool on IRS.gov on Monday, March 15 to see the payment status of their third stimulus payment.

In general, most people will get $1,400 for themselves and $1,400 for each of their qualifying dependents claimed on their tax return.  Some may see the direct deposit payments as pending or as provisional payments in their accounts before the official payment date of March 17.

Our digital banking platform offers notifications and alerts that can help you know when your stimulus payment posts. Please visit the Alerts page for more information. Please be aware that call wait times may be longer than usual if you call our member service center at 901-380-7400, which is open 7 am to 6 pm Central Time, Monday - Friday.

We stand ready to help you. Please visit our member assistance program page to see how we can help you through these highly unusual and trying times.