Stimulus Payments Round #2

The new COVID-19 relief bill was signed into law on 12/27/2020 and provides eligible recipients up to $600. Members with direct deposit already set up with the IRS will likely receive funds in early January. Mailed paper checks, or possibly debit payments will be sent out afterwards.

Receiving your payment

If you filed a 2019 or 2018 tax return and provided the IRS with your current mailing address or direct deposit information, then you won’t have to do anything. If you are eligible to receive a second stimulus payment, the IRS will automatically deposit the money into the same account or mail you a check at the last address you provided.

You can visit the IRS’s website to update your information if your address or direct deposit details have changed. If you believe you will receive the check by mail and would prefer direct deposit, you can also provide your direct deposit information to have the funds electronically deposited into your account. 

If you are eligible to receive a stimulus payment and haven’t filed a 2019 or 2018 return, or if you are a non-filer, you may need to provide your information to the IRS to receive your payment.

Overdrawn checking accounts

If your checking account is overdrawn at the time your stimulus payment is deposited, funds will automatically cover your overdrawn balance. To avoid this, you may call us and we can move the funds out of the overdrawn account to your savings for full use of your stimulus money.

Closed accounts

If the direct deposit information you have on file with the IRS is for a credit union account that is now closed, you will need to update your information with the IRS to avoid delays in receiving your stimulus payment. 

If your payment has already been sent to a recently closed checking account, but you have a new credit union checking account, we will attempt to post the deposit to your new account. Please note this is a manual process and the funds may be returned to the IRS, we cannot guarantee posting to your new account.

Depositing your check

If you expect to receive your check by mail, you can deposit it and access your funds from the convenience of home with the Mobile Deposit feature in the Great NorthWest FCU Mobile Banking app.

You can also deposit your check using one of our ATMs, drive-thrus or night deposit drops located at your local branch.

Remember, you will need to sign the back of your check for deposit. If your check is made out to you and your spouse, the IRS requires both of your signatures on the back.

Watching out for scams

The IRS has issued warnings to watch out for scams relating to stimulus payments. Don’t give out your personal or bank account information to anyone, even if they claim it’s related to your economic impact payment. And don’t click on links from email senders you don’t recognize. Always go directly to the IRS website to get updates, and watch your mailbox for official correspondence.

More information

If you have questions about stimulus payments, you can find more detailed information on the IRS’s website.