FAQs About Your Stimulus Check

COVID-19 Economic Impact Payments (EIPs) aka Stimulus Checks

The Federal Government is in the process of distributing $600 Economic Impact Payments (EIP) starting Wednesday, 12/30.  We hope this list of related frequently-asked questions and resources informative and helpful.

About the Payments

  • Economic Impact Payments (EIPs) are being distributed in the same manner used for tax refunds and payments along with the income and account information on file from your 2019 Federal tax returns.

ACH

  • When will the money be deposited to my account?
    • All ACH payments will be distributed with an effective date of 1/4/2021.
    • The payments will not come in waves over a week’s time as in Round 1. All Round 2 ACH payments are being sent at once.
  • How will I recognize the deposit?
    • The description for ACH credits will be labeled IRS TREAS 310 XXTAXEIP2
  • What if my account information has changed? Can the bank correct it and process the credit?
    • Government ACH Payments cannot be altered or redirected. They must be returned.  Green Book & NACHA Rules dictate that the payments must be returned.
    • If this happens, a Treasury check will be issued approximately 14 days after the ACH entry credit is returned.
  • If a payment was not received or returned, how can I check the status?

Checks

  • When will checks and payment cards go out to recipients?
    • The Bureau of Fiscal Service (BFS) is mailing the checks starting 12/30/2020 at a rate of 7 million/week.
  • Can EIP checks be deposited via mobile deposit?
    • We will accept EIP Treasury checks via mobile deposit provided they:
      • are deposited to an account in the payee name(s)
      • properly endorsed AND include “TFB Mobile” under the endorsement
      • Third-party checks are not accepted via mobile deposit.

The IRS has established a telephone number specifically for Economic Impact Payment questions.  Call: (800) 919-9835

OR

Contact Us – https://www.tfb.bank/contact-us

-TFB