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Coronavirus Stimulus Payments

MAY 18, 2020

The Treasury and the IRS are starting to send nearly 4 million Economic Impact Payments (EIPs) by prepaid debit card, instead of by paper check. EIP Card recipients can make purchases, get cash from in-network ATMs, and transfer funds to their personal bank account without incurring any fees. They can also check their card balance online, by mobile app, or by phone without incurring fees. The EIP Card can be used online, at ATMs, or at any retail location where Visa is accepted. This free, prepaid card also provides consumer protections available to traditional bank account owners, including protections against fraud, loss, and other errors.  Read more here…

Want to learn more about the Economic Impact Payments (EIP) Prepaid Debit Card

 

APRIL 14, 2020

Coronavirus Stimulus Payments: Please beware of scams where fraudsters may impersonate an IRS official in order to obtain personal information. There are a few important things to know and share with family members who may otherwise fall victim:

  1. The U.S. government won’t be calling people individually to ask them to verify their bank account details or ask for your Social Security Number, account numbers or credit card numbers. Anyone who calls you to ask for this is likely a scammer.
  2. The government will not ask you to pay anything up front to get this money. No fees. No charges. Nothing. If you are asked to pay up front, this is a scam.
  3. If you used direct deposit on your last tax return, your stimulus payment will be sent directly to that bank account. Otherwise, you’ll receive a check in the mail at the address you used for your last tax return.
  4. Most people won’t need to take action. However, “non-filers” will need to submit information to the IRS. A “non-filer” is described as;
    • 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.
  5. Email Scams is one area where it’s easy to get duped. Don’t click any links. Instead, search for the organization online and find a support contact number to call and ask for verification that the communication is valid

For accurate information regarding the stimulus payments, we recommend visiting  IRS Coronavirus Economic Impact Payments page.

 

 

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