What you need to know about the 2021 Economic Impact Payments

The United States Internal Revenue Service and the Treasury Department began delivering the second round of Economic Impact Payments (EIP) on December 28, 2020, to individuals who received the first round of payments earlier in 2020. The payments are part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 passed by Congress and signed by the President in December 2020.

Do I need to do anything to get my payment?

Eligible individuals don’t need to do anything to receive their payment. In a press release on the Internal Revenue Service’s website, the IRS emphasizes that the payments are automatic and people need not contact their financial institutions or the IRS with questions about the timing of payments.

When will I get my payment?

The first round of payments are dated for release beginning January 4, 2021. Oregon State Credit Union members may see direct deposit payments pending in their account until the release date.

Paper checks began mailing out December 30, 2020, according to the IRS.

How will I get my payment?

Most people will receive their payment by direct deposit. Social Security and other beneficiaries who received the first round of payments via Direct Express should receive this second payment the same way.

People who received a payment in the first round of stimulus payments earlier in 2020, but who don’t receive payments via direct deposit, should receive a check or, in some instances, a debit card.

There is more information on this topic on the IRS website.

When can I access the funds?

If you receive your payment via direct deposit, you have full access to the funds the day the money is posted to your account.

If you deposit your EIP check into your account by visiting a branch, using our mobile app (mobile check deposit), or at an Oregon State Credit Union ATM, your check will be released and funds made available to you as per our Funds Availability Policy. You can find that policy outlined in the Membership Agreement you received when you joined the credit union.

If you deposit your check at an ATM not owned by Oregon State Credit Union, your funds will be available to you on the fifth business day after the date of your deposit.

Visit the IRS website for more information about your EIP and how the IRS will be distributing payments.

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