Mid Oregon Credit Union Offers Information About 2021 Economic Impact Payments

With the American Rescue Plan Act of 2021 approved by President Biden, many consumers have questions about this new round of Economic Impact Payments. Eligible households should receive $1,400 for individuals, $2,800 for married couples, and $1,400 per dependent. However, higher earners may receive smaller to no payment.

Mid Oregon Credit Union has assembled some information to assist its members and the community.

Where can you find information about your payment?
The IRS’s Get My Payment webpage https://www.irs.gov/coronavirus/get-my-payment is the best resource. It includes the Get My Payment tool, answers to frequently asked questions, and links to information about the first and second Economic Impact Payments and the 2021 Recovery Rebate Credit.

When will payments arrive?
Electronic payments started as early as March 12 and could continue for several weeks. Paper checks or debit cards mailed to households may take a bit longer to arrive.

How do I know when my payment has been received?
You may need to check your financial institution’s account over the next few weeks for a deposit. The most efficient way to access your account is to use your institution’s online banking. If your online banking offers notifications, set an alert to be notified any time a deposit is processed. Using online banking will save time and prevent a potential phone or in-person wait time with your institution. During these times, financial institutions typically experience a higher number of calls and visits to branches.

What if an address or account number has changed?
Payments should be issued to consumers in the same manner as their prior Economic Impact Payments. If you had difficulties with a previous round of payments or something has changed, you should visit the IRS’s Get My Payment webpage for answers to your questions and to update your information on file.

What if I received a payment by debit card?
To learn more about activating and using an Economic Impact Payment (EIP) card, visit the Federal Treasury website https://www.eipcard.com/. (Note: The Federal Treasury is still updating this webpage with additional information about the American Rescue Plan Act of 2021.) The site also provides instructions on how to transfer debit card funds to your financial institution. To set up the transfer, you will need your financial institution’s routing number and account number.

For additional information about 2021 Economic Impact Payments, visit Mid Oregon’s COVID-19 information webpage.

Posted in Member News.