Stimulus Checks FAQ
Recently, as part of an emergency coronavirus relief package, the U.S. Federal Government began delivering Economic Impact Payments, also referred to as “stimulus checks” to eligible Americans. For information about these payments, see our FAQ below and visit IRS Get My Payment FAQs for further details.
Economic Impact Payment: General Questions
1. What do I need to know about my Economic Impact Payment, also referred to as “stimulus checks?”
The Internal Revenue Service (IRS) is distributing payments by using the information that the IRS has on file for each eligible individual(s).
For most of the recipients, payments will be made by direct deposit into the same bank account that they have most recently filed with IRS 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(s).
Banks, including Universal Bank do not provide personal account or address information to the IRS.
2. 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.
Economic Impact Payment: Receiving Payment
1. How do I know if I received a payment electronically? Check your account without leaving home.
Review your account transactions and take care of everyday banking by using our Mobile Banking app or in Online Banking.
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.
2. How can I deposit my paper check without visiting a branch?
Download our Mobile Banking app. In the app, personal banking customers can deposit a paper check, using a photo image, and get confirmation immediately.
Go to a Universal Bank ATM. Click here to find your nearest ATM.
If you must visit a branch, please note that Universal Bank follows guidelines from the Centers for Disease Control & Prevention (CDC), including social distancing of at least 6 feet between each person and covering your mouth and nose.
Economic Impact Payment: Tracking Payment Status
1. The IRS has bank information from a previous tax return that is no longer current. What should I do?
In some situations, you may be able to update your account information. Visit IRS Get My Payment to learn more.
2. Why isn’t my direct deposit showing up in my account?
All direct deposit payments are posted to open accounts on the date set by the Treasury. Visit IRS Get My Payment to track the status of your payment.
3. What happens if my direct deposit went to my closed account?
In the event that a payment is sent to a closed account, the IRS requires Universal Bank to reject and return the payment. Visit the IRS website for more information on how to receive your payment.
4. 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 IRS Get my Payment.
Our branches and customer service representatives will not have information on Economic Impact Payment eligibility, timing or distribution. These payments are decided and distributed solely by the IRS.
5. I still haven’t received my payment. Where is it?
The 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. Visit IRS Get My Payment to track the status of your payment.
6. 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.