Many CBC members are expecting to receive financial relief from the government in the form of a stimulus payment (also known as Economic Impact Payments or EIP) via direct deposit or a physical check from the IRS. The IRS began distribution of these payments on Wednesday, April 15 and will continue in waves over the next few weeks. The IRS determines these payment waves, and CBC Federal Credit Union does not know who will be in each wave.
We know immediate access to these funds is essential; we are processing these payments immediately as we receive them from the government.
Here’s what you need to know about the impact payments:
- If you have received your 2018 or 2019 tax returns or have provided your bank account information through other federal programs such as Social Security payments, your stimulus payment will be directly deposited into your CBC account.
- If you’re not sure which account you have set-up for direct deposit, please check your most recent tax return or talk to your tax preparer.
- If you do not have a direct deposit set up from your 2019 or 2018 tax returns, you can use the IRS’s Economic Impact Payments portal to set up your direct deposit to receive your stimulus funds as soon as possible.
- The federal government administers the Economic Impact Payments, and, as such, CBC is unable to provide you information on the status of your deposit. The IRS has created an online tool, “Get My Payment,” that enables you to see the status of your payment.
- If you receive a physical check, you may use Mobile Deposit, visit one of our branches, or use an ATM to deposit your check into your account.