Economic Impact Payments: What do I need to know?

The federal CARES Act provides additional emergency relief programs to small businesses and consumers including the distribution of economic impact payments (also referred to as stimulus payments). These relief programs aim to help Americans combat the financial effects of the COVID-19 pandemic. As of March 11th, 2021, Congress announced additional COVID-19 stimulus support. Visit IRS.gov/coronavirus for more information.

Eligibility is based on income, view eligibility requirements.

Eligible recipients will receive their payment via direct deposit beginning March 17th, 2021. Paper checks will begin to be mailed March 19th, 2021. Payment waves are as follows:

• First wave: 3/19/21
• Second wave: 3/24/21
• Third wave: 3/31/21
• Fourth wave: 4/7/21; Note: This may not be the last wave of payments. Visit IRS.gov for the most accurate and up to date information.

Refer to IRS.gov/coronavirus/economic-impact-payments for the most up to date information regarding both direct deposit and paper check payments, and to check the status of your payment via the IRS Get My Payment tool. Information is updated daily and eligible recipients may need to check frequently for the status of a payment. Note: Citizens does not have details on your payment amount or posting date.

Payments will be made by the IRS either via direct deposit, paper check, or prepaid debit card.

Direct Deposit

• Most consumers eligible for an Economic Impact Payment will receive it via direct deposit. Please note that if you filed your taxes with a tax preparation company (e.g., TurboTax, H&R Block), the IRS may not have your deposit account information. For the most accurate and up to date information regarding this process, please visit IRS.gov/coronavirus, or reach out to your tax preparer directly.

Paper Check

• If your bank account information is not on file with the IRS, or, if the account has been closed for greater than 60 days, you will receive a paper check. If you have an account with us, you have multiple options to deposit this check into your account, including mobile deposit or by using one of our ATMs. For the most accurate and up to date information regarding paper checks please visit IRS.gov/coronavirus.

Economic Impact Prepaid Debit Cards

• Some consumers will receive their Economic Impact Payment by prepaid debit card. Taxpayers should note that the form of payment for the second mailed EIP may be different than the first mailed EIP. Some people who received a paper check last time might receive a prepaid debit card this time, and some people who received a prepaid debit card last time may receive a paper check. More information about these cards is available at EIPcard.com.
• Citizens customers can withdraw funds from this card at a Citizens ATM, or request a cash advance at a Citizens teller line.
• The Economic Impact Payment debit cards also allow you to:
  • Make purchases online and at any retail location where Visa is accepted
  • Get cash from in-network ATMs
  • Transfer funds to their personal bank account (start by logging into https://www.eipcard.com/)
  • Check their card balance online, by mobile app, or by phone

If you have online access to your Citizens checking or savings account, follow the steps below.
Go to citizensbank.com and log into your account
Click "My Accounts"
Click the appropriate account number
Click the "details" link

OR

Get more information on Citizens routing numbers.

Yes, U.S. Treasury Checks are eligible for mobile deposit.

You can see if your payment was deposited into your account via direct deposit, beginning on March 17th, 2021, by checking your account via online banking or our mobile app. You will get a paper notice in the mail from the IRS no later than a few weeks after your payment has been sent (both for paper checks and direct deposit).

If you have a negative account balance immediately before your stimulus payment is deposited (either by direct deposit or paper check) and need access to the full amount of your payment when it is deposited, we can provide a temporary credit to your account until June 11th, 2021 to cover the negative balance. To request a temporary credit when your stimulus payment is deposited, please call 1-800-922-9999. To expedite service, please have your account number available.

Round 3 stimulus checks could be garnished for unpaid debts. Because those payments are included in a process called budget reconciliation, they are not protected from garnishment for unpaid debts. Citizens does not have the details on garnishments to your stimulus payment for unpaid debts.

We understand your concern. Information on payment amounts and details are not provided to Citizens. Customers should visit IRS.gov for more information.

With the release of the Economic Impact Payments, criminals/scammers may leverage this opportunity to take advantage of people:

• Scammers may try to get you to sign over your check to them.
• Scammers may use this as an opportunity to get you to "verify" your filing information in order to receive your money, using your personal information at a later date to file false tax returns in an identity theft scheme.

Tips to help you protect yourself:

• The IRS will deposit your payment into the direct deposit account you previously provided on your tax return (or, in the alternative, send you a paper check).
• The IRS will not call and ask you to verify your payment details. Do not give out your bank account, debit account, or PayPal account information - even if someone claims it's necessary to get your economic impact payment. It's a scam.
• If you receive a call, don't engage with scammers or thieves, even if you want to tell them that you know it's a scam. Just hang up.
• If you receive texts or emails claiming that you can get your money faster by sending personal information or clicking on links, delete them. Don't click on any links in those emails.
• Reports are also swirling about bogus checks. If you receive a "stimulus check" for an odd amount (especially one with cents), or a check that requires that you verify the check online or by calling a number, it's a fraud.

It's important to be on alert for fraud, email phishing, and bogus requests for personal information. More tips to stay safe online.

Please forward the information to phishing@irs.gov

If you are fortunate enough to not have an immediate need, consider putting the money aside in a savings account. This way, the money is kept separate and will be available when the need for it arises.