Helpful Information About the Latest Government Stimulus

As we all continue to manage the challenges of COVID-19, we understand you may have questions regarding the most recent approval of new federal stimulus payments on March 11, 2021. Under the American Rescue Plan Act these payments are intended to provide financial relief from the impact of the Coronavirus pandemic. Please see the helpful information below to learn if you qualify for the stimulus, when your funds may be available or how to check the status of your payment.

When can I expect to receive my Economic Impact Payment/Stimulus?
According to the Internal Revenue Service, the first batch of payments will be sent by direct deposit, beginning March 12, 2021. Additional batches of payments will be sent in the coming weeks by direct deposit and through the mail as a check or debit card. The vast majority of these payments will be by direct deposit. You may check your qualification and/or status of your payment at IRS.gov/coronavirus

How soon will my stimulus funds be available once deposited to my Premier America account?
•  Funds deposited via ACH will be immediately available once the payment has posted to
    your account.
•  Funds deposited via check at a Premier America/Shared Branch will be immediately
    available. 
•  Funds deposited via check at a Premier America/CO-OP Network ATM will typically be
    available the first business day following the day the deposit was made. ATM deposits are
    subject to review and funds may be held for the standard hold period of 4 business days.
•  Funds deposited via check through Mobile Deposit will typically be available the first
    business day following the day the deposit was made. Mobile deposits are subject to
    review and funds may be held for the standard hold period of 4 business days.

Can I update my Direct Deposit information now to have the third stimulus payment be deposited to my Premier America account?
Unfortunately, no. The IRS will use the banking information it already has to make payments.

If my account is overdrawn, will a portion of my stimulus payment be withheld?
If your account has a negative balance at the time your stimulus payment is deposited, our system automatically applies funds deposited to your account towards a negative balance to bring the account current. In accordance with state and federal orders, we will be making the stimulus funds that were applied to your negative balance, available to you at a future date. At this time, our system cannot immediately credit the funds to your account once they’ve been applied against a negative balance. We will notify you directly as soon as these funds are available to you.
 
Who is eligible for the third Economic Payment?
Most eligible people will get the third Economic Impact Payment automatically and won't need to take additional action. The IRS will use available information to determine eligibility and issue the third payment to eligible people who:
  • Filed a 2020 tax return.
  • Filed a 2019 tax return if the 2020 return has not been submitted or processed yet.
  • Did not file a 2020 or 2019 tax return but registered for the first Economic Impact Payment using the special Non-Filers portal last year.
  • Are federal benefit recipients as of December 31, 2020, who do not usually file a tax return and received Social Security and Railroad Retirement Board benefits, Supplemental Security Income (SSI) and Veteran benefit recipients in 2020. The IRS is working with these agencies to get updated information for 2021 to assist with stimulus payments at a date to be determined. IRS.gov will have more details.

What incomes qualify for the third Economic Impact Payment?

Generally, if you are a U.S. citizen or U.S. resident alien, you are eligible for the full amount of the third Economic Impact Payment if you (and your spouse if filing a joint return) are not a dependent of another taxpayer and have a valid Social Security number (see exception when married filing jointly) and your adjusted gross income (AGI) on your tax return does not exceed:
  • $150,000 if married and filing a joint return or if filing as a qualifying widow or widower
  • $112,500 if filing as head of household or
  • $75,000 for eligible individuals using any other filing statuses, such as single filers and married people filing separate returns.
Payments will be phased out – or reduced -- above those AGI amounts. This means taxpayers will not receive a third payment if their AGI exceeds:
  • $160,000 if married and filing a joint return or if filing as a qualifying widow or widower
  • $120,000 if filing as head of household or
  • $80,000 for eligible individuals using other filing statuses, such as single filers and married people filing separate returns.
How do I find out if the IRS is sending me a payment?
To check the status of your stimulus payment, please visit IRS.gov/coronavirus.
 
How will the IRS know where to send my payment? What if I changed bank accounts?
The IRS will use the data already in their systems to send the new payments. Taxpayers with direct deposit information on file will receive the payment that way. For those without current direct deposit information on file, they will receive the payment as a check or debit card in the mail. For those eligible but who don’t receive the payment for any reason, it can be claimed by filing a 2020 tax return in 2021.
 
Will people receive a paper check or a debit card?
The IRS encourages people to check Get My Payment for additional information; the tool on IRS.gov will be updated on a regular basis starting Monday, March 15. People who don't receive a direct deposit should watch their mail for either a paper check or a debit card. To speed delivery of the payments to reach as many people as soon as possible, some payments will be sent in the mail as a debit card. The form of payment for the third stimulus payment may differ from the first two.

People should watch their mail carefully. The Economic Impact Payment Card, or EIP Card, will come in a white envelope prominently displaying the U.S. Department of the Treasury seal. It has the Visa name on the front of the Card and the issuing bank, MetaBank®, N.A. on the back of the card. Information included with the card will explain that this is an Economic Impact Payment. More information about these cards is available at EIPcard.com.

Is any action needed by Social Security beneficiaries, railroad retirees and those receiving veterans’ benefits who are not typically required to file a tax return?
Yes, if you meet the eligibility requirements. While you won't receive an automatic payment now, you can still get all three payments. File a 2020 return and claim the Recovery Rebate Credit.

The IRS urges people who don't normally file a tax return and haven't received any stimulus payments to look into their filing options. The IRS will continue reaching out to non-filers so that as many eligible people as possible receive the stimulus payments they're entitled to.
 
I didn’t file a tax return and didn’t register with the IRS.gov non-filers tool. Am I eligible for a payment?
Yes, if you meet the eligibility requirement. While you won’t receive an automatic payment now, you can still claim the equivalent Recovery Rebate Credit when you file your 2020 federal income tax return.
 
Will I receive anything for my tax records showing I received a third Economic Impact Payment?
Yes. As with EIP1 and EIP2, people will receive an IRS notice, or letter, after they receive a payment telling them the amount of the payment. They should keep this for their tax records.
 
Where can I get more information?
For more information about Economic Impact Payments, visit IRS.gov/eip. Check the payment status at IRS.gov/getmypayment. For other COVID-19-related tax relief, visit IRS.gov/coronavirus.
 
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