As part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021, Congress recently approved a second round of Economic Impact Payments (EIP) to provide financial relief to individuals and families impacted by the COVID-19 pandemic. As a result, many Americans will start to receive funds from the federal government as early as December 30, 2020. EIP can help pay for rent, groceries, and other essential bills. This payment is also commonly referred to as a stimulus check.
For more information about Economic Impact Payments, check out frequently asked questions and find more information on the IRS website1. Later this week, you’ll be able to check the status of your payment at IRS.gov/GetMyPayment1. For other COVID-19-related tax relief information, visit IRS.gov/Coronavirus1.
How much will I get?
Eligible individuals could receive up to $600 each. Use Turbo Tax’s simple calculator1 to find out if you qualify for an EIP and how much you can expect.
If you completed 2019 taxes that included a direct deposit return, you’re all set. The IRS will automatically deposit your payment to the bank account provided and the payment will look like a tax refund.
See our FAQs below for more information, including when you can expect your direct deposit.
If you don’t qualify for direct deposit, a paper check or debit card will be mailed to you based on the latest recorded address information the U.S. Treasury has on file.
Checks will be printed on U.S. Treasury Check stock, just like tax refunds.
You can use the “Get My Payment" tool1 from the IRS to check your payment status and verify if you will receive a direct deposit or a payment in the mail (Note: This tool is expected to be updated in January 2021). If you're anticipating a paper check and the IRS hasn’t already mailed your payment, you can enter your account information if you want to switch your stimulus check to direct deposit.Learn More1
If you receive a physical check, we recommend using Mobile Banking to deposit your check right from home.
Additional options include:
Eligible taxpayers who filed a 2019 tax return will automatically receive an Economic Impact Payment. If you did not file a tax return, you may still be eligible for an EIP if you receive Social Security retirement income, survivor or disability benefits (SSDI), Railroad Retirement benefits, Supplemental Security Income (SSI), or are a Veterans Affairs beneficiary. You can find more information about EIP payment eligibility on the IRS website1.
You can expect an EIP of up to $600 for individuals or $1,200 for married couples. In addition, you may receive up to $600 for each qualifying child. Payment amounts are based on your adjusted gross income. You can find more information about EIP payments on the IRS website1.
You may get your direct deposit payment as early as Wednesday, December 30, 2020. However, most individuals should expect their payments to be deposited on or after Monday, January 4, 2021. If you check your account in Online Banking, you may see your EIP as pending before the official payment date on Monday, January 4, 2021.
Paper checks and debit cards will start being mailed out on Wednesday, December 30, 2020 and will continue through January 2021. Checks will be mailed based on the Treasury’s latest recorded address information they have on file. EIP checks will be printed on U.S. Treasury check stock, similar to tax refunds. Please note: If you received your first EIP in the mail, you may receive a different form of payment this time. For example, if you received a paper check in the spring, you may receive a debit card for this payment.
Most people do not need to take any action. The IRS will calculate and automatically send an EIP to those who are eligible. If you received your first EIP via direct deposit, the IRS will send your payment to the same account.
If you do not have direct deposit information on file with the IRS, you should expect your EIP in the mail in the form of a check or debit card. If you think you are eligible for an EIP and do not receive one, you can claim your payment by filing a 2020 tax return in 2021. For more information, visit the IRS website1.
If you think you’re eligible for an EIP, check out our blog to see a step-by-step guide to make these funds work in your favor.
The routing number for Lake Trust Credit Union is 272078268. You can find your account number several ways:
Yes, you can mail your EIP check to us and we’ll deposit it to your account. Please mail your check to: Lake Trust Credit Union, 4605 South Old US Highway 23, Brighton MI 48114.
Please endorse the check before mailing, provide your account number, and identify which account you want funds to be deposited into (checking, savings, etc.).
Watch out for your prepaid card in the mail. Cards will arrive in a white envelope with the U.S. Department of Treasury seal on the front of it. A VISA-branded prepaid card (issued by MetaBank®, N.A.) will be accompanied with information that will explain that this is your EIP. You can find more information about EIP debit cards on the IRS website1.