The Treasury Department has indicated that Economic Impact Payments (EIP), or stimulus checks, related to the COVID-19 pandemic would begin being deposited for those who receive Federal tax returns via direct deposit on April 13. They will begin with the lowest-income recipients, with others arriving over the following two weeks. If you have already filed your 2019 tax returns, the IRS will use the direct deposit information you filed. If you have not filed your 2019 tax returns, they will use your 2018 tax returns and direct deposit information. If you do not file taxes and receive Social Security payments, they will use this direct deposit information.
We encourage you to be proactive and contact us directly if FNBC is where you received your last Federal tax return and that account is now closed. We are here to help you receive these funds. You can reach us directly at 870-994-2311.
If you do not receive direct deposits, it is our understanding that it could still be up to 6-8 weeks before physical checks are mailed. On the IRS website, it states: “In the coming weeks, Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail.” This portal has not opened yet, but we will share that information here when it becomes available.