Economic Impact Payments
South Shore Bank is standing ready to help our clients get access to the government’s approved $600-per-person Economic Impact Payments (EIPs) quickly, securely, and safely. The following are important dates and Frequently Asked Questions for your review.
- The Internal Revenue Service has begun processing ACH/Direct Deposit files for the $600-per-person EIPs, with a value date of January 4, 2021.
- Checks will start to be printed and mailed on December 30, 2020.
- Prepaid cards will start to be mailed on January 4, 2021.
How will I receive my EIP (if qualified)?
Direct Deposit or Prepaid Debit Cards
The fastest way to get your money in a safe and secure manner is through direct deposit to either a bank account or a reloadable prepaid debit card.
The government is expected to make some payments to recipients who have not provided their bank account information for electronic payments, through Treasury-issued prepaid cards. These cards will be sent via the U.S. Postal Service. Visit Money Network Economic Impact Card | Money Network Economic Impact Payments (eipcard.com) for more information.
As a last resort, we understand that the government will need to send millions of paper checks to consumers across the country despite the challenges this will pose in communities with “stay at home” orders and reduced bank business hours. There are fixed capacity limitations for mailing checks, so some recipients will be waiting weeks for theirs to be mailed. We strongly encourage our clients to deposit their checks using our secure mobile app, Face2Face machines, or ATMs. To speed delivery of your payment, clients without a personal checking account can also consider opening an account online at Checking Accounts | South Shore Bank.
What do I need to do to receive my economic impact payment?
Most consumers don’t need to take any action. According to the government, the IRS will calculate and automatically send 130 million economic impact payments via direct deposit to eligible recipients. The IRS already has direct deposit information for millions of Americans from the first round of EIPs in April. During the first round of EIPs, the IRS hosted live internet portals that allowed recipients to register their banking information to receive payments electronically. We expect the IRS to pursue a similar strategy, but we are awaiting official confirmation. For the most up-to-date information, please visit Coronavirus Tax Relief and Economic Impact Payments | Internal Revenue Service (irs.gov) for more information.
Once deposited, how quickly will I have access to the funds? Is this different for direct deposit and checks?
Consumers who have the funds deposited directly into their account will have access to the funds much faster. Waiting for a paper check to be printed and mailed will take longer—weeks and possibly months.
How do I check the status of my payment?
During the first round of EIPs, the IRS’s “Get My Payment” portal allowed consumers to check the status of their payment. This portal is expected to be live on January 5, 2021. The portal can be found at Get My Payment | Internal Revenue Service (irs.gov).
IMPORTANT! Consumers should be wary of fraudsters who are already attempting to scam people out of their payment, and keep in mind that the government will not contact you by phone, text, or email about this payment.
The portal will not allow recipients to input any bank account information.
For additional questions
Beware of Fraud or Scams
- Phone Scams - Scammers claiming to be IRS agents may ask you to "verify" personal information in order to receive your stimulus check or claim that you owe money and need to sign over your check.
- Bank Scams -Scammers may call or email pretending to work for South Shore Bank and ask for your account information or Social Security Number. We will not ask for financial or personal information through email, text or unsolicited calls.
- Check Scams - Scammers may send fake stimulus checks. Signs of fraud include checks for an odd amount (a real check won’t include cents), or one that requires you to visit a website or call a number to confirm.
- No one will call or email you from the government regarding your check. If you get a text, phone call, or email asking you for your personal information, do not respond.
- Remember, government agencies do not communicate through social media avenues like Facebook. So, be wary of unsolicited messages.
- Seniors are especially vulnerable to these kinds of scams. It is important during this time to check on elderly neighbors and others who may need help, to be sure they are made aware of the most recent scams relevant to the coronavirus crisis.