Stimulus Checks: What You Need to Know About the Government-Issued Relief Checks Through the American Rescue Plan Act

Many Americans are receiving payments from the federal government through the Internal Revenue Service (IRS) as part of the federal government’s coronavirus relief programs. RBFCU members can expect to receive these payments through direct deposit into their accounts.

If you do not receive funds via direct deposit, the IRS will mail a check to the physical address on file for Americans who received their 2020 or 2019 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.

According to the American Rescue Plan Act, if on the latest income tax return (2020 or 2019) you filed as an individual and your adjusted gross income is more than $80,000, you will not receive a check. The cutoff is $120,000 for individuals filing as head of household. Couples earning more than $160,000 will not receive a check.

Please take note that Texas residents have the IRS tax-filing deadline extended to June 15, 2021.

For questions relating to incoming direct deposits or mailed checks, 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 on rbfcu.org or the RBFCU Mobile app. These deposits will be processed to your RBFCU account in the same way that a tax return deposit is posted, as the funds are received. The processed items can be identified by company name ‘IRS TREAS 310’ with a company entry description ‘XXTAXEIP3’ or ‘TAXEIP3.’

RBFCU encourages all members to be on guard for individuals that contact you and identify themselves as a representative of the IRS. This could be a fraudulent attempt to steal our members’ personal information or money. The IRS will not call, text or email you asking for personal or bank account information.

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, checks could begin appearing in bank accounts before Tuesday, March 16. For more information, please visit IRS at www.irs.gov.

  • What do I need to do to receive my EIP?
    + -

    If you filed a tax return for 2020, the IRS will use the same information to calculate the payment amount. If you haven’t filed a tax return for 2020 yet but you did for 2019, the IRS will use that information from 2019 tax filings to make the EIP calculations.

    For Social Security and Railroad Retirement recipients who did not file a tax return in 2019 or 2020, no action is needed. The IRS will use the information from the SSA-1099 and Form RRB-1099 to create the EIP either by direct deposit or paper check, depending on how you usually receive benefits.

    If you are not required to file a tax return but you are still eligible for the EIP (ex: low income worker or certain veterans and individuals with disabilities) you can visit the IRS.gov tool: https://www.irs.gov/help/ita/do-i-need-to-file-a-tax-return to check if they have a filing requirement.

  • When is the IRS tax-filing deadline?
    + -

    Because of the FEMA-declared disaster declaration due to severe winter storms this year, Texas residents have until June 15, 2021 to file their return with the IRS.

  • What if I don't receive my payment?
    + -

    For security measures, the IRS plans to mail a letter regarding the EIP to a taxpayer’s last known address within 15 days after the payment has been funded. The letter will offer details on how the payment was made and what steps to take if you did not receive the payment. If you ever feel uncertain that this is not a legitimate letter, make sure to visit IRS.gov to protect yourself against potential scam. The IRS will not call, text, or email you asking for personal or bank account information. Please be on guard for attempts by fraudsters to try and steal personal information or money.

  • What should I do if I didn't receive a stimulus payment during the first or second round of checks?
    + -

    If you did not receive an EIP, or it wasn't in the full amount, during the first round of stimulus checks that began in April 2020 or the second round that began in December 2020, the deadline to register online has passed. However, you may still be eligible to receive a payment in 2021 through a Recovery Rebate Credit on your 2020 taxes. Please check the IRS Economic Payment Information Center for more information.

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


Smartphone over check

1. Get started

Sign in to the RBFCU Mobile app, and tap "Mobile Deposit" at the bottom of the screen.

Pen signing back of check

2. Sign

Endorse your check by signing your name on the back, then add “For mobile deposit only,” your account number and the date.

Finger tapping on smartphone screen

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.

Camera

4. Snap!

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.

Checkbox with checkmark in it

5. Verify

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.

Checkered flag

6. Complete!

Click “Submit” to complete your deposit. The RBFCU Funds Availability Policy applies, but typically you should see the funds in your account right away.


Next, as you get your money and as you take your next steps toward something more routine with your finances, think about creating a personal budget. RBFCU offers educational resources that include many topics, including fun budgeting videos for the entire family.

Additional qualifications apply to use Mobile Deposit. All deposits, including Mobile Deposits, are subject to the RBFCU Funds Availability Policy. Certain restrictions, including daily and monthly deposit limitations, may apply. RBFCU does not charge a fee for the RBFCU Mobile app, but you may be charged for data by your mobile wireless provider.

Ask RBFCU