Stimulus Checks

Eligibility is determined by the IRS. The second stimulus will use the same income requirements as the first: Individuals who filed taxes and reported adjusted gross income (AGI) of $75,000 or less on their 2019 tax returns will receive the full $600 ($150,000 or less AGI for couples filing jointly; $112,500 or less for heads of household) ¹.

It depends on income level, tax filing status (single, joint or head of household) and dependents. The IRS will start with the $600 amount. If you're married and file a joint tax return, then both you and your spouse will get $600 (for a total of $1,200). If you have children who qualify for the child tax credit (they must be 16 years old or younger), you get an additional $600 for each child. So, for example, a married couple with two children can get up to $2,400.¹

Read the IRS news release for more information

The new stimulus bill sets a Jan. 15 deadline for the IRS to send out payments. Payments are on their way. The IRS started sending payments the week of Dec. 28. This means you should receive stimulus funds via direct deposit, a physical check or a prepaid debit card in January 2021.

The IRS has begun processing payments and you should start seeing them post to your account as soon as January 4th.

Read the IRS news release for more information

Stimulus checks will be set out via Direct Deposit (ACH), physical check or pre-paid debit card. If the IRS already has your credit union or bank account number on file, the stimulus check will be automatically deposited directly in your account via ACH transfer. 

No action is required on your part.

Read more about Dept. of the Treasury Check Verification or download a PDF of check security features.

The IRS will use the data already in our systems to send the new payments. Taxpayers with direct deposit information on file will receive the payment that way. For those without current direct deposit information on file, they will receive the payment as a check or debit card in the mail.

For those eligible but who don't receive the payment for any reason, it can be claimed by filing a 2020 tax return in 2021. Remember, the Economic Impact Payments (stimulus checks) are an advance payment of what will be called the Recovery Rebate Credit on the 2020 Form 1040 or Form 1040-SR.

For more information visit the IRS's Recovery Rebate Credit page.

If you don't recognize the account number showing with the irs/get-my-payment tool, it's likely because your payment was sent to TurboTax, H&R Block, or another tax preparer by accident. Here's what happened:

Due to an IRS error, millions of people had their latest stimulus payment direct deposited to the wrong account. The money was deposited into the account that prepared your tax return in 2019. This means that if you used TurboTax, H&R Block or other third party tax preparer services, your stimulus check went to them.

What you need to know:

1. The IRS cannot reverse the deposit and resend to your individual account.
2. TurboTax, H&R Block and other tax preparers are taking steps to re-issue the funds to their clients.
3. Further information on what to do next can be found on individual tax preparer websites, including:

TurboTax - https://turbotax.intuit.com/stimulus-check/

H&R Block - https://www.hrblock.com/tax-center/filing/credits/stimulus-payment-information/ 

Yes, the government is issuing stimulus (Economic Impact) payments to people who do not have bank accounts via check or a prepaid debit card, like this:

Please note that these debit cards may not work in a BECU ATM, because they use different networks.

The easiest ways to use your stimulus debit card without a fee if you have a personal bank account, is to transfer the entire debit card balance to your own account. You can make transfers from the card to your bank account at no charge, and the limit is a relatively high $2,500 per day.  That means many people should be able to transfer their entire stimulus payment in one swoop.

To transfer money from your stimulus debit card to your bank account, go to the EIP Card website or use the Money Network mobile app, and select the option to “Move Money Out.” You'll need both the routing number and the account number from your bank account to make the transfer. BECU's routing number is 325081403.

Yes. The IRS website has criteria and instructions on how to apply for a stimulus payment if you did not file a tax return. Visit the IRS website for more information about non-filers.

No. Only the IRS has that information, visit IRS/get-my-payment to learn more. 

However, you can also set up BECU banking alerts to be notified by text or email of large deposits.

Unfortunately, if your BECU account is closed and you believe the stimulus payment was sent there, the funds will not be accessible. BECU will return the funds to the IRS if they were sent to a closed account.  As the account has already been closed, neither BECU nor the former account owners can access, remove or post (place money) into the account.

If you are eligible to receive the latest round of stimulus funds but did not receive either direct deposit, physical check or prepaid debit card, you may be able to claim it on your 2020 tax return under Recovery Rebate Credit.

For more information visit the IRS's Recovery Rebate Credit page.

For funds deposited directly (ACH transfers), your money will be available in your account the same day we receive the funds from the IRS.

Physical checks will need to be deposited. Depending on the deposit time, most members will receive access to these funds within one business day.

The IRS has begun processing payments and you should start seeing them post to your account as soon as January 4th.

To find out the status of your payment visit https://www.irs.gov/coronavirus/get-my-payment.

The fastest way is to set up a large deposit banking alert to notify you as soon as the funds reach your account. 

You can also check your account balance at BECU is in Online Banking.