Economic Impact Payment
What is an Economic Impact Payment?
An Economic Impact Payment, previously referred to as the Federal Stimulus Check, Coronavirus Check, or Coronavirus Stimulus Check, is a stimulus tax rebate distributed by the Internal Revenue Service (IRS) to eligible taxpayers. These payments are sent automatically from the IRS. The credit union does not get notified when Economic Impact Payments are deposited or mailed. The credit union also does not have any control over when or if an Economic Impact Payment is received. You can visit the IRS Get Your Payment Portal to check your payment status.
Please note, due to increased traffic to online platforms surrounding days when Economic Impact Payments are distributed from the IRS, you may experience service interruptions when trying to log in to your account(s) or when trying to access the IRS Get Your Payment Portal. We will communicate with members via social media and the website notification bar – found at the top of any page of mymembersfirst.org – if/when we become aware of service interruptions affecting the TN Members 1st Federal Credit Union online and mobile banking platforms.
Am I eligible for an Economic Impact Payment?
We encourage you to visit the IRS Economic Impact Payment Information Center for specifics related to Economic Impact Payment eligibility and if you need to provide additional information in order for the IRS to complete processing your potential payment.
How will I get my Economic Impact Payment?
- DIRECT DEPOSIT: If you used direct deposit to get your tax refund in 2019 or 2018, the IRS will direct deposit your Economic Impact Payment into that account.
- PAPER CHECK: If you did not use direct deposit and you do not choose to input your information on the IRS Get Your Payment Portal before your payment has been processed, you will receive a check in the mail.
- ECONOMIC IMPACT PAYMENT CARD: According to the IRS website, “Some payments may be sent on a prepaid debit card known as The Economic Impact Payment Card…If you receive an Economic Impact Payment Card, it will arrive in a plain envelope from Money Network Cardholder Services.” If you receive an Economic Impact Payment card or have additional questions, the IRS states you should visit EIPcard.com for more information.
The Get Your Payment Portal provided by the IRS allows you to check your payment status, confirm your payment type, and enter your bank account information for direct deposit. Please note, no one will call, text, email, or contact you on social media – from the credit union or the IRS – to confirm bank or personal information.
When do I get my Economic Impact Payment?
There are multiple factors that contribute to when an Economic Impact Payment would be received. The best place to find information regarding payment status, payment type, and expected delivery is the IRS Get Your Payment Portal. As a reminder, these payments are sent automatically from the IRS. The credit union does not get notified when economic impact payments are deposited or mailed. The credit union also does not have any control over when or if an economic impact payment is received.
Why did I receive a letter from the IRS?
According to the IRS Economic Impact Payment Information Center, individuals who receive an Economic Impact Payment will receive a letter from the IRS to the taxpayer’s last known address, within 15 days after the payment has been made. This letter will include information on how the payment was made and how to report any failure of receiving payment.
What if I’m not required to file a tax return?
The IRS will use information from Form SSA-1099 or Form RRB-1099 to determine economic impact payments for senior citizens, Social Security recipients, and railroad retirees. Visit the IRS Non-Filers webpage at the button below for specifics on what information, if any, the IRS needs in order to complete your payment.
What if I have questions on the Economic Impact Payment?
We encourage anyone who has questions regarding the Economic Impact Payment to visit the IRS website, as they are the direct source for all information regarding this payment and process. Updates are available on their website as information becomes available. The IRS Economic Impact Payment Information Center includes information on eligibility, accessing the Get My Payment Portal, payment status, address changes, and error messages received on the IRS website.
Where do I find my direct deposit information?
TN Members 1st FCU routing number is 264281393. Our routing number can also be found on the homepage of mymembersfirst.org and at the bottom of your checks. Your full account number can be found on your checks, to the right of the routing number. Contact the credit union if you need assistance finding the routing or account number.
How can I deposit a check that’s been mailed to me?
If you do receive a check from the IRS in the mail you can use Remote Deposit Capture on our free mobile app to deposit into your TN Members 1st FCU account. If you’re depositing a check using Remote Deposit Capture, please remember to endorse the back of the check with:
- For Mobile Deposit only @TNMFCU
- Your account number
- The deposit date
- Your signature
If this information is not present, your deposit may be delayed or unable to process.
We’re also happy to help you deposit your check at one of our branch locations.