Last week, the federal government began delivering Economic Impact Payments – often referred to as “stimulus checks” – to eligible Americans as part of the CARES Act. These direct payments to individuals and families are meant to offer financial relief during the coronavirus pandemic.

Essential Information:

  • The IRS is responsible for the distribution of these payments, including their amount and timing.
    • According to the IRS, these payments will be sent over the course of multiple weeks, through July 2020.
    • Please use the IRS Economic Impact Payments information website to see if you are eligible and check the status of your payment. We do not have, and cannot provide, this information for you.
  • Payments will be sent by the IRS using the information they have on file for eligible individuals and families.
    • Most eligible Americans will receive Economic Impact Payments via direct deposit to the same account used for their most recent tax refund or Social Security payment.
    • Others will receive physical checks in the mail at the address the IRS has on file.
  • Economic Impact Payments are posted to open accounts on the effective date set by the Treasury and are not determined by your financial institution.
  • Financial institutions – including Communication Federal Credit Union – cannot and do not provide personal account details or address information to the IRS.

Am I Eligible to Receive a Payment? 

You can refer to the IRS Economic Impact Payment Information Center for information on payment eligibility and calculations.

When Will I Receive My Payment? 

You can view the status of your payment on the IRS Get My Payment page. You may need information from your 2018 or 2019 tax return. You will be able to check your payment status and method, as well as provide direct deposit information if that option is available.

What if the Account I Used for My Tax Return is Closed? 

If the account is closed or no longer active, the financial institution will reject the deposit and you will be issued a check that will be mailed to the address the IRS has on file for you. This is generally the address on your most recent tax return or as updated through the United States Postal Service (USPS).