As part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, many U.S. taxpayers will receive an Economic Impact Payment, also known as a stimulus payment. Eligible recipients may receive a payment directly deposited into the bank account used on their tax return and if received funds the first two rounds. Some people who received payments previously may not receive them this time due to different eligibility requirements in this version of the program. Visit the IRS' dedicated website for full details or click here.
The first two rounds of stimulus payments caused Online Banking and Mobile Banking to experience extremely high user activity. Customers checked their accounts repeatedly to see if the payment had been made to their account and caused intermittent access issues. The Call Center was inundated with calls and customer's experienced long wait times. Our technology partners have prepared for a similar situation in advance of the coming round of stimulus payments but some temporary outages may occur.
What you can do to prepare for your payment
To help you prepare for this payment, we recommend that you:
- Get My Payment
- Use the IRS Economic Impact Payment portal to check your payment status
- Confirm your payment type: direct deposit or check
- Enter your bank account information for direct deposit IF it isn't on file and payment hasn't been processed by the IRS
- Set up account alerts, so you know when the payment is received.
- Enroll in online and mobile banking, if you haven’t already. This will allow you to check for any transactions, including the stimulus payment, right from the safety of your home.
- Use Mobile Deposit, so you can deposit checks into your Minster Bank account from home using your mobile device. You can also deposit your check at one of our ATMs, or our drive-thru.
There will be a large amount of funds disbursed to qualifying individuals. Accordingly, there is a risk for fraud of various types. It is important to remember that banks or the federal government will never contact you by telephone, text or email asking for your account information. Do not provide any banking information to anyone claiming to be registering you for your relief payment.
Read more from the IRS on what to be aware of and what to do if you believe you are a victim of a scam.