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On April 2, 2020, the Treasury Department and the Internal Revenue Service announced the distribution of economic impact payments (stimulus checks) to help Americans combat the financial effects of the COVID-19 pandemic.

As always, Deer Valley Credit Union is committed to providing the guidance and support you need so you can focus on your
loved ones’ health and wellness and staying safe. If your finances have been impacted by the pandemic, you’re not alone. We’re here to help you understand how to get your economic impact payment quickly and safely.

Economic Impact Payment Guide
  1. Check to see if you’re eligible. Visit irs.gov/coronavirus for questions on eligibility.
  2. Get in the know about avoiding fraud and scams. Use the #FTCScamBingo to learn more about avoiding COVID-19 related scams.
  3. Take steps to avoid getting a paper check so you can get your money faster without having to leave your home. In the coming weeks, the IRS will be developing a portal where consumers can check the status of their refund and provide their direct deposit information. Check irs.gov/coronavirus for timing.
According to the U.S. Treasury:
  • Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment.
Filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds.
  • Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible.
Eligible taxpayers who filed tax returns for either 2019 or 2018 and provided direct deposit information will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples - no additional action required. Parents also receive $500 for each qualifying child. If you’re not typically required to file taxes and don’t receive Social Security benefits, you’ll need to file a simple return.

Visit irs.gov/coronavirus for more information.

In the coming weeks, the IRS will be developing a web-based portal where you can check the status of your refund and provide your direct deposit information. If you need help finding your account or routing number here are the easiest methods.

You can find your account and routing number on the bottom left-hand corner of a personal check. The routing number is the first set of numbers and is typically nine digits. The next set of numbers — just to the right of the routing number — is your account number.

If you don’t have a check handy, you can find the account and routing number on your statements or in online banking.

Scammers are already trying to take advantage of COVID-19 to steal your money or personal information. Be aware, they may:

  • Ask you to sign over your economic impact payment check to them.
  • Ask by phone, email, text or social media for verification of personal and/or banking information saying that the information is needed to receive or speed up your economic impact payment.
  • Suggest you can get a tax refund or economic impact payment faster by working on your behalf. This scam could be conducted by social media or even in person.

Learn more about protecting yourself from fraud and scams in the FAQs below.

Use the mobile app and online banking for simple access to managing your money.
Frequently Asked Questions

Am I eligible for an economic impact payment?

Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment.

For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds.
  • Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible.
Eligible taxpayers who filed tax returns for either 2019 or 2018 and provided direct deposit information will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples - no additional action required. Parents also receive $500 for each qualifying child.

Social Security recipients who are not typically required to file a tax return do not need to take action. You will receive your payment directly in your bank account where you receive your Social Security benefit. If you typically receive a paper benefit check, you'll want to visit the IRS portal to provide your direct deposit information to get paid as quickly as possible.
If you’re not typically required to file taxes and don’t receive Social Security benefits, you’ll need to file a simple return with your banking information.

Visit irs.gov/coronavirus for more information.

Source: U.S. Treasury

If yes, how much am I eligible for?

For people who have already filed their 2019 tax returns, the IRS will use this information to calculate your payment amount. If you have not yet filed your return for 2019, the IRS will use information from your 2018 tax filing to calculate the payment.
Visit irs.gov/coronavirus to learn how much money you may be eligible to receive.

How do I receive my economic impact payment?

For eligible recipients, if you have filed a tax return for 2019 or 2018 or receive Social Security from the government, the IRS will calculate and automatically send the economic impact payment to you. The economic impact payment will be deposited directly into the same account you indicated on your tax return.

Source: IRS

The IRS does not have my direct deposit information. What can I do?

In the coming weeks, the IRS plans to develop a web-based portal for individuals to provide their banking information online. You'll need to visit the portal and provide your account number and routing number so that you can receive a payment directly to your bank account. Otherwise, you'll have to wait for a check in the mail.

Source: IRS

I don’t have a bank account to receive direct deposit. What can I do?

Deer Valley Credit Union can help you open a new account. If you choose to open a new account, you’ll need to provide the account number and routing number to the IRS so they can direct the payment to your account. In the coming weeks, the U.S. Treasury plans to develop a web-based portal where you can provide your banking information to the IRS online.

Alternatively, you can opt to receive a check in the mail. Keep in mind that checks will be distributed over time and will take longer to arrive than a direct deposit. Directions for how to receive a check in the mail will be posted in the coming weeks to the web-based portal.

When will the payment arrive?

The Treasury Department has said it wants payments to begin arriving around mid-April. Direct Deposit payments will most likely arrive first.

In the coming weeks, the IRS plans to develop a web-based portal for individuals to check the status of their payment and/or provide their banking information online so that individuals can receive payments directly to their account if their payment has not already been sent as a check through the mail.

What’s the fastest method to receive my payment?

For eligible recipients, the fastest way to receive your payment is to make sure you’ve filed a tax return for 2019 or 2018 that includes your direct deposit information so the government can send the money directly to your account.
If you have yet to file a tax return for 2018 or 2019, you should file one now. The IRS will be sending out direct deposits weekly as they process additional tax filings.

For those concerned about visiting a tax professional or local community organization in person to get help with a tax return, keep in mind that economic impact payments will be available throughout the rest of 2020.

I cannot find my payment. Where was it deposited?

You will get a paper notice in the mail from the IRS no later than a few weeks after your payment has been sent. The notice will contain information about where the payment was sent (either the mailing address for a paper check or the bank account number for a direct deposit) and in what form it was made.

If you cannot find the payment and have not received a paper notice, if you cannot locate the payment and have not received a paper notice, the IRS plans to open a new, online portal for economic impact payments.

The portal will allow taxpayers, once authenticated, to find out the status of their economic impact payments and, if no payment or check has been issued, they can provide their banking information for direct deposit.

Why did I receive less than the amount owed?

Payments will be made in the full amount owed and are not subject to income tax deductions. According to Treasury, the payments may only be reduced by delinquent child support sent to the Treasury’s Bureau of Fiscal Service for collection, but you will receive notice from the Treasury if this happens.

I was not required to file taxes in 2018 or 2019, am I still eligible to receive a payment?

Maybe. The IRS will use the information on the Form SSA-1099 or Form RRB-1099 to generate economic impact payments to recipients of benefits reflected in the Form SSA-1099 or Form RRB-1099 who are not required to file a tax return and did not file a return for 2018 or 2019.

This includes senior citizens, Social Security recipients and railroad retirees who are not otherwise required to file a tax return.

Since the IRS would not have information regarding any dependents for these people, each person would receive $1,200 per person, without the additional amount for any dependents at this time.

Please visit IRS.gov/coronavirus for more information.

Are the payments taxable?

No. Economic impact payments are federal income tax refunds and are not subject to federal income tax.
Source: Congressional Ways and Means Committee

(Link: https://waysandmeans.house.gov/media-center/press-releases/ways-and-means-committee-covid-19-resources)

How do I avoid fraud and scams?

The IRS and its Criminal Investigation Division are reporting a wave of new and evolving phishing schemes (scammers who send emails with links to steal personal information that look like they come from legitimate sources) related to COVID-19.
Be aware of the tactics fraudsters may deploy, such as:
  • Emphasizing the words "Stimulus Check" or "Stimulus Payment." The official term the IRS is using is, “economic impact payment (or “EIP”).”
  • Asking you to sign over your economic impact payment check to them.
  • Asking by phone, email, text or social media for verification of personal and/or banking information saying that the information is needed to receive or speed up your economic impact payment.
  • Suggesting that you can get a tax refund or economic impact payment faster by allowing them to work on your behalf. This scam could be conducted by social media or even in person.
  • Mailing you a bogus check, perhaps in an odd amount, then telling you to call a number or verify information online in order to cash it.
If you receive unsolicited emails, text messages or social media attempts to gather information that appears to be from either the IRS or an organization closely linked to the IRS, such as the Electronic Federal Tax Payment System (EFTPS), the IRS is asking that you forward it to phishing@irs.gov.

Are there additional resources available to help me avoid scams?

Here is a list of additional resources to avoid scams, fraud and identity theft:

What is a direct deposit?

Direct deposit is an easy way to have money deposited directly into your checking or savings account without waiting for a check to arrive in the mail.

Simply provide the IRS your account and routing number by filing a tax return or using the web-based portal. The money will move directly into your account once it is sent.

Need help finding your account or routing number?

DVCU’s Routing Number is: 322172807.

You can typically find your account and routing number on the bottom left-hand corner of a personal check. The routing number is the first set of numbers and is typically nine digits. The next set of numbers — just to the right of the routing number — is your account number.

If you don’t have a check handy, you can find your account number within online banking.

What if I need to update the account information I provided when I filed taxes?

Please visit irs.gov/coronavirus for guidance on how to set up or change your direct deposit information.

How do I know the payment arrived?

You will get a paper notice in the mail from the IRS no later than a few weeks after your payment has been sent. The notice will contain information about where the payment was sent (either the mailing address for a paper check or the bank account number for a direct deposit) and in what form it was made. If you cannot locate the payment and have not received a paper notice, then check the web-based portal for the status of your payment as it may still be processing.

You can also check to see if the money has arrived by signing into online or mobile banking and checking your transaction history.

Don’t have online or mobile banking? Click for online banking or mobile banking to get started!

I don’t have mobile banking, how do I sign-up?

DVCU makes signing up for mobile banking fast and easy. Just follow these steps to get started.
  1. Download the Deer Valley Credit Union app from the App Store or Google Play
  2. Answer a few questions and input a one-time security code to verify your identity
  3. Create a username and password
  4. Accept the terms and conditions

I want a direct deposit instead of a check, but I don’t have a bank account. How do I apply for an account?

It’s easy to open an account with DVCU online. Open an account and get started with direct deposit.

I want a paper check, how do I update my address so that the IRS can send my check to the correct address?

You’ll need to visit the web-based portal once it’s live. Visit irs.gov/coronavirus to learn more.

I don't have access to visit a DVCU Branch location, how do I deposit a check?

You don't have to go to a Deer Valley Credit Union branch to deposit most checks. Make a deposit remotely using our mobile banking app and the mobile deposit feature.
  • Open or download the Deer Valley Credit Union app from the App Store or Google Play.
  • Navigate to “Deposit Checks."
  • Sign the back of the check and write “For Remote Deposit Only at DVCU” prior to capturing your check image.
  • Take photos of the front and back of the check with your smartphone — just select the Front of Check and Back of Check buttons.
  • Select the account to receive the deposit, enter the amount and tap Continue.
  • After confirming the details, tap Deposit.
Most DVCU ATMs accept check deposits.*

*The Bell branch ATM does not accept check deposits.

Does DVCU charge a fee to cash my economic impact check?

No, DVCU is waiving all check-cashing fees for economic impact payments.

Please note, at the time of this writing, the CDC recommends staying at home. We are encouraging members to follow this advice by signing up to receive your payment electronically.

If you think you are going to receive a paper check, you’ll need to visit the web-based portal to learn how to update the IRS with your direct deposit information. Visit irs.gov/coronavirus  to learn more.