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As a result of the recently passed American Rescue Plan, the IRS has begun distributing a third round of economic impact payments (stimulus checks) to taxpayers. Here's what you need to know:
These payments will be made via ACH (direct deposit), checks, prepaid debit cards, and federal tax credits.
We do not have any specific information about how your economic impact payment will be issued. For information about your payment, please refer to the IRS "Get My Payment" tool.
If you expect to receive an economic impact payment via direct deposit into your Coosa Valley Credit Union account, please note that we post all ACH items by the Settlement Date assigned by the sender of the item. If you receive account alerts through online banking, this date will be on the alert. Most ACH items are posted by noon or earlier. The best way to tell when you have a payment coming is to utilize Online Banking, Audio Response, and account alerts.
What do I need to do to get my economic impact payment?
No action is required from most people, including those who electronically file tax returns or receive Social Security payments. Stimulus payments are being automatically posted to member accounts as we receive them from the Internal Revenue Service (IRS).
How should I expect to receive my payment?
- If you have already filed your taxes this year, the IRS will automatically deposit your payment into the bank account provided on your 2020 return.
- If you have not yet filed your 2020 return, the IRS will use the information provided on your 2019 return.
- If you do not typically file a tax return, you can submit your information by visiting the non-filers webpage provided by the IRS.
- If you typically receive your tax refund by mail, the IRS will mail your stimulus check to the address provided on your return.
- Social Security and Railroad Retirement recipients who are not typically required to file a tax return do not need to take action. The IRS will use information on the Form SSA-1099 to issue Economic Impact Payments.
How do I submit my direct deposit information to the IRS or check the status of my payment?
To update your account information, check your payment status or submit a new mailing address, visit the IRS Economic Impact Payments page.
Why have I not received my stimulus payment?
Unfortunately, CVCU does not have any information regarding missing payments, as we simply process the payments provided to us by the IRS. Please note that these payments are being sent by the IRS in batches over the coming weeks, and not all members will receive their funds at the same time.
How much will my payment be?
CVCU does not determine the amount received by eligible recipients. This amount is decided by the IRS. Please visit their information center for current information and to use their eligibility calculator.