The second round of Economic Impact Payments (EIP) is already in motion and you may have some questions about how and when you will receive your payment if you haven’t already.
According to the IRS, most recipients will receive their payments by direct deposit, like they did with the first payment. Anyone who did not receive a direct deposit for the first EIP will generally receive a check, or in some instances, a debit card. For this group, the payments will conclude in January.
The IRS will use the data already in their system to send this payment. If your direct deposit information is not current, you will receive a check or debit card in the mail. If you’re eligible and do not receive the payment for any reason, it can be claimed by filing a 2020 tax return in 2021.
If you do not receive a direct deposit by early January, be sure to watch your mail for either a paper check or a debit card. Don’t mistake it for junk mail and throw it in the trash! You should also note that your second EIP may be different than the first mailed EIP. Some people who received a paper check last time might receive a debit card this time, and some people who received a debit card this time may receive a paper check. For this round, there will be a limited number of payments by debit card to speed up delivery. Also, if you received a debit card the first time, it will not be reloaded with the second payment.
If you receive a paper check, you can utilize mobile deposit. Mobile deposit makes it easy to deposit money into your checking or savings account without having to leave your house. It is available through our mobile app and easy to use in a few simple steps. Daily maximum limit is $2500. Learn more about mobile deposit.
If you receive an EIP debit card, you can used it anywhere VISA debit cards are accepted with no fees. You can also transfer money to your personal account by going to eipcard.com or using the Money Network Mobile App. You will just need the routing and account number. ERFCU’s routing number is 291479453.
Transferring money to your checking or savings account at ERFCU does have its benefits as you may already have your bill payments setup or you might want to put it in savings for emergencies. Limits on these are $1,000 per transaction, $2500 a day and $5000 per month.
For additional information or questions, you can go to the IRS website