As part of the American Rescue Plan, Congress recently approved a third 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 March 12, 2021. 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 on the IRS website1. Please note that the IRS may be in the process of updating this resource for the third round of payments, so check back frequently.
How much will I get?
Eligible individuals could receive up to $1,400 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 or 2020 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. 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. Please note that the IRS may be in the process of updating this tool for the third round of payments, so check back frequently.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 or 2020 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.
Payments are worth up to $1,400 per person, including dependents. So a couple with two children could receive up to $5,600. 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 in Online Banking as early as March 12, 2021. Please note that you may see your EIP as pending in Online Banking before the official payment date.
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 previous EIP in the mail, you may receive a different form of payment this time.
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’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.