Economic Impact / Stimulus Payments: What United Bank Customers Need to Know – updated 1/12/2021
On January 11th, the Internal Revenue Service announced that it will reissue payments for taxpayers who did not initially receive their second-round economic impact payments due to a processing error. Many tax preparers returned misdirected payments to the IRS as originally instructed. Payments will be issued by either ACH direct deposit or paper check later this month.
Visit https://www.irs.gov/coronavirus-tax-relief-and-economic-impact-payments for the latest information.
The Treasury Department began processing payments during the week of 12/28/20. The IRS sent the majority of payments via direct deposit, as they did in April of 2020.
The IRS has provided an online tool to inquire of the status of your payment. Visit https://www.irs.gov/coronavirus/get-my-payment to get a daily update on your payment and its status.
Who is eligible for the economic impact payment and how much will it be?
Please refer to the IRS.gov website (above) for this information.
How will the IRS know where to send my payments?
Per IRS.gov, most recipients do not need to take any action. The IRS will calculate and automatically send the stimulus payment to those eligible. Payments will be delivered to the Direct Express cards for those who have this card or direct deposited to the bank account on record from the most recent tax return filed (tax year 2018 or 2019). All other payments will be issued by mailing a U.S. Treasury check to the address on file with the IRS.
If I am not typically required to file a tax return, can I still receive my payment and is any action required on my part?
The IRS has created a resource to assist non-filers. Go to https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here
What if the IRS does not have my current bank account information? What can I do to update my information?
Due to the accelerated ACH process for the second round of EIP credits, you cannot provide updated account information for ACH processing. If your payment cannot be made by ACH, a check will be issued by January 15, 2021. The IRS advises people that if they don't receive their Economic Impact Payment, they should file their 2020 tax return electronically and claim the Recovery Rebate Credit on their tax return to get their payment and any refund as quickly as possible.
How much money can I withdraw at one time from a United Bank ATM using my Direct Express Federal benefit card?
You may withdraw up to $500 at one time from a United Bank ATM using your Direct Express card. You may complete multiple transactions if you need to withdraw more than this amount. There is no surcharge when you use your Direct Express card to withdraw funds at a United Bank ATM.
How will United Bank handle my stimulus payment that is being sent by ACH direct deposit?
The Bank will automatically credit your stimulus payment to your account provided the account is open. If your account is closed, dormant or charged-off, the payment will be returned to the IRS. The IRS will then convert your payment to a check and mail to your last address from their files.
Will United Bank cash the economic stimulus checks?
We will cash these checks for customers who currently have an active banking relationship with United Bank.
What are the requirements for United Bank to cash a stimulus check?
- Recipient must have an open United Bank account
- Present state-issued identification for each payee on the check
- Provide proper endorsement by each payee on the check
Will someone from the IRS or the Bank ever call me to gather personal information over the phone regarding my stimulus payment?
No, the IRS nor the Bank will call you and ask for you to provide confidential information over the phone. This is a common way for fraudsters to take advantage of consumers. Never volunteer your confidential data over the phone to someone who has called you unsolicited. If necessary, hang up and call United Bank directly to verify the inquiry.
What if I cannot find my stimulus payment – by ACH or check? Who do I contact?
Because of the speed at which the law required the IRS to issue the second round of Economic Impact Payments, some payments may have been sent to an account that may be closed or, is or no longer active, or unfamiliar. 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.
The IRS advises people that if they don't receive their Economic Impact Payment, they should file their 2020 tax return electronically and claim the Recovery Rebate Credit on their tax return to get their payment and any refund as quickly as possible.
I have just received a check, but I suspect it is counterfeit. How can I know if this check is legitimate?
Fraudsters have already begun to devise schemes to trick customers with counterfeit checks. Go to https://fiscal.treasury.gov/files/reference-guidance/gold-book/check-security-features.pdf to review a sample check and its safety features.