Your Guide To Economic Stimulus Payment

american $100 dollar bills on table with 1040 tax refund behind cash

We know you may be awaiting your Economic Stimulus Payment as part of Congress’ recently approved $2.2 trillion stimulus package. Below you’ll find the latest information regarding stimulus payments, including when you can expect to see your funds deposited.

Common Questions:

As of Monday, April 13th, the Internal Revenue Service (IRS) began distributing funds via direct deposit to people with 2018 or 2019 account information on file.  It is our understanding that deposits will continue in weekly batches from the IRS.
 
Paper Checks In The Mail
 
According to the IRS, If you filed your 2019 or 2018 tax return but did not receive your refund by direct deposit, your Payment will be mailed to the address the IRS has on file, even if you also receive Social Security, Railroad Retirement or Veterans Affairs benefits by direct deposit. This is generally the address on your most recent tax return or as updated through the United States Postal Service (USPS).
 
Resources
  • The IRS has enabled an online tracking tool called “Get My Payment,” where you can monitor your stimulus payment status as well as quickly update/provide any direct deposit information.
  • Set up an ACH eAlert in online banking to be notified when an ACH deposit is made in your account.
The IRS began distributing funds via direct deposit to people with 2018 or 2019 account information on file, but that does not automatically mean you’ll receive your funds on April 15th.
 
An easy way to check to see if your payment is on its way is through online banking or the mobile app.
  • Online Banking – Navigate to “My Accounts” and “ACH Transactions.” Here you’ll find any pending ACH deposits or withdrawals and their expected transfer date.
  • Mobile App – Navigate to “My Accounts” and “ACH Transactions.” Here you’ll find any pending ACH deposits or withdrawals and their expected transfer date. Note: If you do not have any pending ACH transactions, “ACH Transactions” will not appear
Eligible individuals with adjusted gross income up to $75,000 for single filers, $112,500 for head of household filers and $150,000 for married filing jointly are eligible for the full $1,200 for individuals and $2,400 married filing jointly. In addition, they are eligible for an additional $500 per qualifying child under the age of 17.
 
For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$112,500/$150,000 thresholds. Single filers with income exceeding $99,000, $136,500 for head of household filers and $198,000 for joint filers with no children are not eligible and will not receive payments.
 
To make things easy, our friends at TurboTax put together an easy-to-use online calculator.

Unfortunately, not all taxpayers have direct deposit information on file with the IRS. However, the IRS has released an online form to gather this information should a consumer want to not wait on a paper check through the mail. You should use this application if:

  • You did not file a 2018 or 2019 federal income tax return because your gross income was under $12,200 ($24,400 for married couples). This includes people who had no income. Or
  • You weren’t required to file a 2018 or 2019 federal income tax return for other reasons.
If you do not use direct deposit, you will receive a paper check in the mail on or after April 24, with initial checks sent to the lowest earners first.  
  • Remember that if you receive a call or email soliciting bank information for your stimulus check, it’s spam. The government will never ask you to provide or verify personal information over the phone, email or social media.

Miscellaneous Questions:

To receive the stimulus payment, there is no action needed. If you’re eligible to receive payment, you simply need to file a tax return for 2018 or 2019 to have direct deposit account information on file with the IRS. If this account information is not on file with the IRS, payment will likely be delayed, so they recommend you do so as soon as possible.

The IRS has enabled an online tracking tool called “Get My Payment,” where you can monitor your stimulus payment status as well as quickly update/provide any direct deposit information.

If you most recently used a tax prep service such as H&R Block, Turbo Tax, Jackson Hewitt or similar and chose to get a cash advance on your refund, receive your refund on a card or pay your tax prep fees out of your refund, you most likely have not yet received your stimulus payment.

This IRS has identified this as an issue and are working as resolution, however are currently advising consumers to use the “Get My Payment” tool to update any direct deposit information.

If you have not recently used a tax prep service as mentioned above, please give us a call at 800.442.2800 and we’ll look into this issue with you. At this point in time, all the payments that we have received from the IRS have been posted to members accounts.  

This IRS recently released an online “Get My Payment” tool that will allow you to track the status of your payment, including when and where it was sent, if previously disbursed. 

As mentioned previously, the IRS has now released an online “Get My Payment” tool that allows consumers to:

  • Check your payment status
  • Confirm your payment type: direct deposit or check
  • Enter your bank account information for direct deposit if we don’t have your direct deposit information and we haven’t sent your payment yet

The federal government approved one stimulus payment following the guidelines outlined above. 

The IRS is urging taxpayers to be on the lookout for scam artists trying to use the stimulus payments as cover for schemes to steal personal information and money. Remember, the IRS will not call, text, or email you and will not contact you on social media  asking for personal or bank account information – even related to the stimulus payments. Also, watch out for emails with attachments or links claiming to have special information about stimulus payments or refunds.

At Honor, we’re committed to providing you with the most up to date information as quickly as possible. If you have any questions or concerns, don’t hesitate to call us at 800-442-2800. Our Virtual Member Center is available to take your call Monday-Friday 8:00-8:00 pm and Saturdays from 9:00-12:00pm.

For more information on Economic Stimulus Payments, please visit the IRS Economic Impact Payment Information Center

Helpful Resources

Financial Relief Package

If you, or your business have been financially impacted by COVID-19, we have a number of ways to help relieve financial stress during this difficult time.

Surge Money Market Account

Use your stimulus payment to jump start a savings plan! With Honor’s Surge Money Market, start earning as high as 2% APY* with as little as $1 deposited. 

*Annual Percentage Yield (APY) of 9/3/19. No minimum balance required to open Surge Money Market. Interest will be paid monthly on balances within each tier and in a blended fashion. The Surge Money Market is a variable rate share product with no set term. Limit one Surge Money Market Account per membership. Rates subject to change.