Stimulus payments from the cares act - American Rescue Plan Act
here's what you need to know
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.
Update based on information available as of January 26, 2021
The IRS will reissue $5.2 million Economic Impact Payments (EIP) beginning this week - $2.8 million by direct deposit and the remaining will be sent by check. These payments are reissuances of prior payments sent in error by the IRS to accounts at tax preparers and that were subsequently returned at the specific instructions of the IRS. Once these payments are complete, no additional EIPs will be sent. The Recovery Rebate claimed on a 2020 tax return will be the only option.
Update based on information available as of January 11, 2021
The IRS continues to take additional steps to get the second Economic Impact Payments (EIP) to more eligible taxpayers. The IRS will reissue payments for taxpayers who did not receive the second EIP in instances where the bank account identified in our records has been closed. This impacts taxpayers whose tax preparation providers followed initial IRS guidance and are now waiting for the IRS to reprocess payments related to these accounts. Payments will be issued directly from the government later this month, within weeks of the law being enacted. For people in this group, payments may be issued either as a paper check or a direct deposit. Taxpayers do not need to take any action or call; this will be done automatically.
As of January 8, 2021 TurboTax has indicated that any stimulus payments it has received will begin to be deposited to the same bank account that was used for depositing customers' 2019 tax refunds.
The IRS has indicated that approximately 8 million Stimulus/Economic Impact Payments(EIP) will be issued via Visa prepaid cards. The EIP cards are being sent in a white envelope that prominently displays the U.S. Department of the Treasury seal. It has the Visa name on the front and the issuing bank name, MetaBank©, N.A. on the back of the card. Each mailing will include instructions on how to securely activate and use the EIP Card.
Consumers who wish to determine the status of their stimulus payment should do so by using the Get My Payment (GMP) tool from the IRS on or after January 5th.
If you checked GMP on or after January 5, then:
- If GMP reflects a direct deposit date and partial account information, then your payment is deposited there - if the account and individual information sent from the IRS does NOT match what a financial institution has on file, they must, by law, return the payment to the IRS
- If GMP reflects the date your payment was mailed, it may take up to 3-4 weeks for you to receive the payment - watch your mail closely for a check or debit card
- If GMP shows "Payment Status #2 - Not Available", then you will not receive a second stimulus payment either by direct deposit or by mail and will need to claim the Recovery Rebate Credit on your 2020 tax return
If you used a tax preparation service to file your 2019 or 2018 taxes and received an advance on your return from that company, then you may want to check with them as to the status of your stimulus payment.
TurboTax is working with the IRS to provide them with bank account information for customers who paid for TurboTax with their refund or help customers who received their refund via a prepaid Turbo Visa Debit Card obtain a replacement card.
H&R Block has indicated that all second stimulus payments that they were able to process were immediately deposited on to H&R Block's Emerald Prepaid Mastercard or to customers' bank accounts, depending upon how 2019 tax refunds were received. H&R Block customers who have Emerald Cards are advised to call 1-866-356-1266 to receive stimulus payment information. All other H&R Block customers can call 1-800-HRBLOCK (478-5685) as they may be able to receive automated second stimulus payment information.
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.
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