Updated Sunday March 14, 2021 with information about the Get My Payment tool from the IRS.
Now that the COVID-19 Relief Bill has been signed into law, a third round of Economic Impact Payments are on the way. Most people will be receiving these payments through the same method that they received the first two--whether by mailed check or prepaid debit card, or by direct deposit into the bank account that the IRS has on file. However, some people who received payments previously may not receive them this time, due to different eligibility requirements in this version of the program.
During the first two rounds of stimulus payments, user activity on LCNB’s online and mobile banking systems was extremely high as customers checked frequently to see if the payments had been made to their account. This placed some strain on these systems, as well as longer waits in our Client Care call center. Our technology partners have prepared for a similar situation in advance of the coming round of stimulus payments by accommodating for more traffic during peak periods, but some temporary outages may occur.
Here are Three Things You Should Know:
- The best place for you to get information about whether you are eligible for a payment, and when that money might arrive, is through the Economic Impact Payment page on the IRS website. We anticipate that people who received previous payments via direct deposit could receive their payments starting Wednesday, March 17. Individuals who receive payments by paper checks or prepaid debit card will receive them at a later date. Update: As of Sunday, March 14, the Get My Payment tool is live on the IRS website. This tool provides information about individual payment status.
- The easiest way for you to find out when a payment has been made to your account is to set up an account alert. That way, you’ll find out by email or text (your option) when the money has arrived, and you won’t need to frequently check online banking. How to set up an account alert.
- Please, be on the lookout for scams. The IRS will not contact you via email or text, and there are no legitimate services out there that will get you your payment faster for a fee. Be smart and be safe. More info about these scams from the American Bankers Association.