Information on your Stimulus Payment – Economic Impact Payment
Eligible taxpayers have started to receive an Economic Impact Payment (EIP) as part of the $2 trillion relief bill passed by the US government in late March. This means most consumers will receive either a direct deposit in April or a paper check beginning sometime in May.
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FAQs Regarding EIP Direct Deposit into your Century Bank Checking Account
Am I going to receive an Economic Impact Payment (EIP)?
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 Economic Impact Payment (EIP). Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples and up to $500 for each qualifying child.
For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds.
Social Security recipients and railroad retirees who are otherwise not required to file a tax return are also eligible and will not be required to file a return.
Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible.
I am not typically required to file a tax return. Can I still receive payment?
Yes. 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.
You can also register here to provide the necessary information to the IRS. The IRS will use the information you enter to determine your eligibility and payment amount and send you an Economic Impact Payment. After providing this information, you won’t need to take any additional action.
When will I receive my economic impact payment (EIP)?
Generally, funds from the EIP direct deposit should be available to consumers beginning April 15, 2020, and paper checks are expected to be mailed in May but could take several months to be issued by the Treasury. The exact date you receive your EIP is due to a number of factors, including but not limited to: method of delivery (paper check versus direct deposit) or whether or not the account information the IRS has on file for you is current.
Why are customers at some banks receiving their direct deposit faster than others?
Assuming your account information is current, the exact date you receive your EIP direct deposit may vary by 1-2 days based on how different banks process incoming deposits.
The IRS does not have my direct deposit information. What can I do? Is it too late?
If you are aware the IRS does not have your direct deposit information, or if it has changed, the IRS has announced it will launch a web portal in the comings weeks which will enable you to directly submit your direct deposit information to them online.
What happens to my EIP direct deposit if my account is inactive or dormant at Century Bank?
Your EIP direct deposit will still post to your account, however, you may not receive a notification, and you won’t be able to access your funds until the account is reactivated. If you are aware your account is inactive or dormant, we encourage you to call us at 1.601.947.7511 toll-free 1.800.841.8350 or make an appointment with your local branch to reactivate your account.
What happens to my EIP direct deposit if my account has charged off at Century Bank (i.e., I have unpaid fees with the bank that have been sent to Collections)?
Your EIP direct deposit will be returned to the United States Treasury. Note, the IRS has announced it will launch an online tool in the comings weeks which will enable you to track the status of your EIP.
What happens to my EIP direct deposit if my Century Bank account is closed?
Generally, if your Century Bank account has been closed and you do not have another deposit account open with Century Bank, your EIP direct deposit will be returned to the United States Treasury, and you may not receive a notification. The IRS has announced it will launch a web portal in the comings weeks which will enable you to directly submit your new direct deposit information to them online.
If your Century Bank account is closed and you still have another active deposit account with us, we may reroute your EIP direct deposit into the active deposit account after being in contact with you and verifying your information.
Where can I find more information?
You can visit the IRS website to learn more.