What you need to know about the 2021 Economic Impact Payments

The United States Internal Revenue Service (IRS) is sending the latest round of stimulus payments to qualified Americans. The IRS decides how you will receive your payment. If you received past stimulus payments by direct deposit, you will likely receive future payments by direct deposit. Be aware, though, the IRS may elect to send it to you by check or debit card.

How do I get my stimulus money?

Eligible individuals don’t need to do anything to receive their payment. 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 IRS decides when the funds can be made available to you. If you have questions, visit the IRS website and enter your information into their Get My Payment tool. You will see the status of your payment, including the date the funds will be released and the account where the funds are to be deposited.

How will I get my payment?

The IRS determines how you will receive your stimulus funds. Many people will receive their payment by direct deposit. Social Security and other beneficiaries who received earlier payments via Direct Express may receive subsequent payments the same way. Other people may receive a check or, in some cases, 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. That date is determined by the IRS.

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 stimulus funds and how the IRS will be distributing payments.

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