Government stimulus payments (also known as economic impact payments) are critical to many of our members, so we want to share important updated information with you.
As part of the American Rescue Plan Act, which passed through Congress this week, the federal government will begin to provide a third round of stimulus payments to eligible recipients.
Paper check in the mail
If you did not give the IRS your direct deposit account information through your federal tax return in the last two years, and have not provided the IRS with your information as a non-filer, you will likely receive a US Treasury check. The check will be mailed to the address on file at the IRS from the prior year tax return.
If you receive a physical check, we encourage you to use our AAGCU Mobile App, using our Remote Deposit Capture (RDC) tool. To use this mobile deposit feature, enroll in AAGCU Online Banking (if you have not previously) and have the AAGCU Mobile app on your mobile device to access the mobile deposit feature. It is easy to use, and here are some helpful tips when using the application.
If you are eligible for a payment, your payment will be deposited directly into the same account used when you filed your 2019 tax return and/or the account number used in the previous stimulus payment program. If you have already filed your 2020 tax return, it could possibly go to the account listed on your return.
Stimulus payments being directly deposited into your AAGCU account (if you signed up for direct deposit when filing your tax return in 2019 or 2020) could be available early next week.
You may also receive your economic impact payment in the form of a payment card. It acts very similarly to your Debit Card. It contains the money you are receiving from the American Rescue Plan Act. The EIP Card is sponsored by the U.S. Department of the Treasury’s Bureau of Fiscal Service as part of the US Debit Card Program. Learn how to activate your card here.
If you qualify for a stimulus check, you may be wondering what to do with the money—or what the wisest thing to do might be.
Here are a few things to consider:
Many Americans found themselves struggling due to the Covid-19 pandemic; hours have been cut, furlough or laid off. For anyone who was caught by surprise or financially underprepared, the stimulus checks can feel like a big lift! Before anything, the money should be used to cover essentials for you and your dependents. Make housing payments, pay utility bills, buy groceries. Put the money where you feel it may help the most.
Learn more ways you can use your stimulus check, visit Banzai for suggestions and financial coaching help.