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Economic Impact Payments

Helpful information about the Economic Impact Payments.

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With the first round of Economic Impact Payments being distributed by the Federal Government, as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, we wanted to reach out with some helpful information.

  • Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment. Some as soon as April 15th.
    • The payments are coming in waves, meaning not everyone will be included in the first round of payments. Please have patience and check your account with online banking.

  • The vast majority of people do not need to take any action. The IRS will calculate and automatically send the economic impact payment to those eligible.

  • If you are eligible and the IRS does not have your ACH information for direct deposit, you can expect to receive funds by check in the mail. Or you can submit your direct deposit information with them here:
  • If you didn’t file a tax return in 2018 or 2019, visit the IRS’s website to fill out and file the correct information to get your payment.

  • Social Security recipients not typically required to file tax returns will automatically receive economic impact payments
You can check the status of you Economic Impact Payment here:

What should you do with your economic impact payment?

  • Concentrate on higher priority items like the bills that keep you sheltered and food on the table.

  • Reach out to us. We are here to help you during this difficult time- learn more about what we’re doing to help so you can use your economic impact payment for what you need now.

  • Put some of it into Savings. Setting aside even $100 or $200 can help provide a cushion for bills that are coming in the future.

  • Remember: Your money is safe with us – all of your accounts are federally insured by the NCUA.

  • We urge you to be on the lookout for scam artists trying to use the economic impact payments as cover for schemes to steal personal information and money. Remember, that neither the Credit Union or the IRS will call, text you, email you or contact you on social media asking for personal or bank account information – even related to the economic impact payments. Also, watch out for emails with attachments or links claiming to have special information about economic impact payments or refunds.
For more helpful information check out the Consumer Financial Protection Bureau.