Bank of America provides Important information about Economic Impact Payments
This week, as part of the Coronavirus Aid, Relief and Economic Security ("CARES") Act, the U.S. Federal Government began delivering "Economic Impact Payments" to eligible Americans. These direct cash payments to individuals and families are for financial relief during the coronavirus pandemic, and are sometimes referred to as "stimulus checks."
Here are a few things to keep in mind:
•The Internal Revenue Service (IRS) is responsible for the timing, amount and distribution of these payments, and has stated that payments will be sent in waves over the course of multiple weeks into July 2020.
•The IRS will distribute payments using the information that the IRS has on file for each eligible individual or family.
•For most of the recipients, payments will be deposited directly into the same bank account that they have most recently used to receive a tax refund or monthly Social Security payment.
•Others will receive paper checks in the mail, at the address that the IRS has on file for that individual.
•Banks, including Bank of America, cannot and do not provide personal account or address information to the IRS.
•Direct deposits are posted for open accounts on the effective date set by the Treasury.
You may have questions about these payments and your Bank of America account information.
Here are answers to questions you may have, and tools you can use:
Am I eligible, and when will my payment arrive? Contact the IRS.
•The IRS Economic Impact Payment Information Center website has detailed information on eligibility, requesting, calculating and receiving payments.
•The IRS Get my Payment website can provide you information about the status of your payment, payment type (direct deposit or paper check) and how to set up a direct deposit if available.
Is my payment in my account? Check account without leaving home.
If you're receiving your payment through direct deposit:
•Monitor your account and take care of everyday banking needs using our Mobile Banking app1or in Online Banking.
•We also recommend that you set up a direct deposit account alert to tell you when direct deposits post to your account.
•The description of the deposit in your account will include the word "IRS." Keep in mind, the IRS is using the same description for both the stimulus payment and income tax refund.
If you're receiving your payment through paper check: •Download our Mobile Banking app. In the app, you can deposit a paper check, using a photo image, and get confirmation immediately. See how2.
•Go to our ATM and Financial Center locator to find nearby ATMs that accept deposits.
•If you must visit a Financial Center, we encourage you to follow guidelines from the Centers for Disease Control & Prevention, including social distancing and covering your mouth and nose.
How can I access and use my funds quickly? Use your debit card to pay and get cash.
•Use your debit card to make purchases and withdraw cash from one of our ATMs.
•We have more than 16,800 ATMs around the country, including more than 3,000 drive-up ATMs — use our ATM locator to find one now.
•You can check your balance, send money to friends and family and pay bills using our Mobile app.
•Please expect longer lines at Financial Centers as we ensure physical distancing and other safety measures to protect our clients and associates.
I have questions about the amount of my payment. Who can help me?
•Visit the IRS website for information regarding eligibility, requesting, calculating and receiving payments.
•You can check status of your payment, payment type (direct deposit or paper check) and how to set up a direct deposit if available at the IRS Get my Payment website.
•Our financial center and contact center associates will not have information on Economic Impact Payment eligibility, timing or distribution. These payments are decided and distributed solely by the IRS.
What can I do to help protect against fraud? Take these steps.
•Check the IRS website for information about your payment status and account information.
•Make sure your contact information is accurate in your account.
•Set up security and account alerts.
•Remember, if we need to reach out to you, we'll NEVER ask for personal or financial information or an access code through email, text, or unsolicited calls.
•Visit our Security Center or the Federal Trade Commission's Coronavirus Scam Tips for tips on how to recognize potential scams and learn more about how to keep your accounts secure.