Economic Impact Payments

Written by Credit Union of Texas
Published December 31, 2020
Economic Impact Statement Economic Impact Statement

Keeping Informed: Economic Impact Payments

We know you might have questions about Economic Impact Payments (EIP) and what they mean for you, and we want to share as much as we know about the program to help keep you informed.

We also encourage you to visit IRS.gov for the latest information about the payments, including answers to questions about eligibility, payment amounts, what to expect, when to expect it and more. We will also continue to monitor and update our resources.


What are Economic Impact Payments?

In December 2020, Congress passed and the President signed legislation that authorizes the IRS to begin issuing a second round of Economic Impact Payments (EIP), (also known as "stimulus" funds), as part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 to eligible individuals.


Who issues Economic Impact Payments?

The Internal Revenue Service (IRS) is responsible for issuing Economic Impact Payments. We encourage you to visit IRS.gov for the latest information on eligibility and individual benefit payments.


Who qualifies for the Second Round of Economic Impact Payments?

According to the IRS, generally U.S. citizens and resident aliens who are not eligible to be claimed as a dependent on someone else’s income tax return are eligible for this second payment. Eligible individuals will receive an Economic Impact Payment (EIP), or stimulus payments, of up to $600 for individuals or $1200 for married couples and up to $600 for each qualifying child. Generally, if you have adjusted gross income for 2019 up to $75,000 for individuals and up to $150,000 for married couples filing joint returns and surviving spouses, you will receive the full amount of the second payment. For filers with income above those amounts, the payment amount is reduced. We encourage you to visit IRS.gov for eligibility details.


Do I have to take any action to receive my payment?

According to the IRS, there is no action required by eligible individuals to receive this Economic Impact Payment. Some may see the ACH direct deposit payments as pending or as provisional payments in their accounts before the official payment date of January 4, 2021.

According to the IRS, payments are automatic for eligible taxpayers who filed a 2019 tax return, those who receive Social Security retirement, survivor or disability benefits (SSDI), Railroad Retirement benefits as well as Supplemental Security Income (SSI) and Veterans Affairs beneficiaries who didn’t file a tax return. Payments are also automatic for anyone who successfully registered for the first Economic Impact Payment online at IRS.gov using the agency’s Non-Filers tool by November 21, 2020 or who submitted a simplified tax return that has been processed by the IRS. For Social Security and other beneficiaries who received the first round of payments via Direct Express, they will receive this second payment the same way.

We encourage you to visit the IRS.gov to check the status of your Economic Impact Payment.


How do I receive my payment if I qualify?

According to the IRS, they will use the data already in their systems from the first round of Economic Impact Payments to send the new payments. Taxpayers with direct deposit information on file will receive the payment that way. For those without current direct deposit information on file, they will receive the payment as a check or debit card in the mail. We encourage you to visit the IRS.gov to check the status of your Economic Impact Payment.


When can I expect to receive my payment?

Funds from Economic Impact Payments made through an ACH direct deposit will be available for customers to access on the effective date, as long as the account is open and there are no restrictions on the account. We encourage you to visit the IRS.gov to check the status of your Economic Impact Payment.


How soon will my funds be available if I have an Economic Impact Payment via paper check?

For Credit Union of Texas checking account customers, if you deposit your Economic Impact Payment (EIP) check into your account via branch, our mobile app, or a Credit Union of Texas ATM, it will typically take one business day for funds to be made available. In some scenarios, funds may take longer than one business day to be available.


Are you assisting non-customers with their Economic Impact Payments?

To ensure individuals have full access to this money, we are providing no-fee, check-cashing service to non-customers who’ve received their Economic Impact Payment via paper check. We are also happy to help individuals apply for a new account if desired.

Non-customers must provide two forms of identification. One form has to be a driver’s license or state-issued non-driver ID card. The secondary form of identification can be a passport, military ID, resident alien card or U.S. birth certificate, among other options. If the check is made out to two individuals, both individuals should be present and verified with two forms of personal identification each.

Please check out our locations page to find the closest available branch.

If you don’t have a bank account to deposit a check into, we are happy to help you with the process of applying for a checking account or a savings account.


I don't have access to a branch or way to deposit a check, what are my options?

You can deposit checks 24/7 without having to leave home using our remote deposit capture feature. You can make deposits simply by snapping a photo of the front and back of your signed check. Your full deposit amount will typically be available by the next business day. Hold onto your check until you see the deposit hit your account.

Check to see if there is an ATM that accepts deposits nearby. Use our locations finder to find an updated list of open branches and ATMs.


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

We encourage you to visit IRS.gov for the latest information on program eligibility and individual benefit payments.


How do I know the payment arrived?

You can sign in to your Credit Union of Texas mobile banking app to check your transaction history. You can check the status of your payment by visiting IRS.gov.


How can I make sure I am not a victim of fraud as it relates to these economic impact payments?

Phishing is a type of fraud. It is an attempt to acquire personal information, sometimes to compromise online banking accounts, by posing as a legitimate company via email or phone.

We do not proactively call or email customers asking for personal information, and customers should be mindful of these fraudulent phishing emails and calls concerning or taking advantage of the Coronavirus (COVID-19) situation. If you believe a phone call could be phishing, hang up and, if you are concerned about your account, contact us directly. If you believe you have received a fraudulent email that claims to be from Credit Union of Texas:

  • Do not reply to the email.
  • Do not click on any of the links embedded in the email.
  • Be sure to monitor your account and call us if you notice any unusual activity.

With fraud specifically related to COVID-19 on the rise, we want to help to keep you and your money safe. Be on the lookout for the following signs of fraud, whether it’s via phone, email, text, mail, social media or even in person.

  • Requests to sign over your Economic Impact Payment to another person or organization.
  • Requests for personal or banking information related to speeding up or increasing your Economic Impact Payment.
  • Anyone that asks you to deposit or receive their payment into your account on their behalf.

It is important to note that neither the IRS, Credit Union of Texas - or another financial institution - will contact you making any of these requests above.


Can I check the status of my Economic Impact Payment online?

Yes, to check the status of your Economic Impact Payment, you can visit IRS.gov/coronavirus/economic-impact-payment and scroll down the page until you see the Get My Payment button.