CARES Act: What You Need to Know About the Coronavirus Government Stimulus Check
Many Americans are receiving payments from the federal government through the Internal Revenue Service (IRS) as part of the federal government’s Coronavirus Aid, Relief and Economic Security (CARES) Act. Some RBFCU members can expect to receive these payments through direct deposit into their accounts.
If you do not receive the check via direct deposit, the IRS will mail a check to the physical address on file for Americans who received their 2019 or 2018 tax refund through the mail. Whether you receive a direct deposit, or if you deposit the mailed check with RBFCU, your funds from the IRS are available immediately in most cases.
This is one of the first steps to help our country proceed through this unprecedented public-health crisis. RBFCU also has offered solutions for assistance during COVID-19 events that can be found on our homepage.
For questions relating to incoming direct deposits or mailed checks through the CARES Act, including how much you should expect to receive and how you can get a check if you did not file tax returns, the IRS should be able to provide an answer. You can find the information at the IRS Coronavirus page.
You can check with RBFCU to confirm your direct deposit by signing in to your Online Banking account. These deposits will be processed to your account in the same way that a tax return deposit is posted. The processed items can be identified by Company Name ‘IRS TREAS 310’ with a company entry description ‘TAX REF’.
Payments from the IRS are not being distributed simultaneously. Because the IRS is distributing them in batches, someone you know may receive a check before you do.
For information on subjects related to the IRS payments, including the process to ensure that you receive your payment, read the FAQs below.
Economic Impact Payment FAQs
When will I receive my economic impact payment (EIP)?
While we don’t have an exact date to provide, the IRS has released that EIP could start coming in as early as April 8, 2020. These payments will go out in batches but the IRS still has further work to do in order to get these all properly processed. The IRS is working on creating a web portal that will allow you to check the status of your EIP and provide account information if applicable.
There are two additional ways RBFCU can help with your IRS check.
First, if you received it through the mail, you can use the RBFCU Mobile app to deposit it (see instructions below) and make your funds available now. If you haven’t already done so, be sure to download the RBFCU Mobile app through Apple’s App Store or the Google Play Store for Android devices.
How to make a Mobile Deposit using the RBFCU Mobile app
1. Get started
Sign in to the RBFCU Mobile app, and tap "Mobile Deposit" at the bottom of the screen.
Endorse your check by signing your name on the back, then add “For mobile deposit only,” your account number and the date.
3. Select account
Using the drop-down menu at the top of the screen, select the account where you’d like to deposit the check.
Tap the “Front” and “Back” camera icons to take photos of the front and back of the check using your mobile device’s camera, and follow the prompts.
Once you’ve taken photos of the check, make sure that the deposit amount shown in the app matches the amount written on your paper check.
Click “Submit” to complete your deposit. Typically, you should see the funds in your account right away.