About MCU

Economic Impact Payments (Stimulus) FAQs


April 20, 2020


Municipal Credit Union is here to support you while navigating the COVID-19 pandemic and we know that our members have questions regarding the Economic Impact (Stimulus) Payments program. We’ve pulled together a variety of different questions and answers to help you understand this program better.


1. Where is my stimulus payment? Why haven’t I received my stimulus payment yet?

If you file your taxes, you can check the status of your economic impact payment using the IRS “Get My Payment” tool. The IRS sent out the first wave of stimulus direct deposits the week of April 13th. Stimulus direct deposits will continue to be sent out over the next few weeks.

Paper Checks will be mailed daily beginning on Saturday, April 18, 2020, until the checks are delivered, with twice daily mail pick-ups beginning Monday, April 20, 2020. Estimated check volume is approximately 5 to 7 million checks per week. Be aware that if you are receiving a paper check, it may take a little longer for you to receive it.

If you filed a tax return for 2019 or 2018 or receive Social Security from the government, the IRS will calculate and automatically send the economic impact payment to you. The economic impact payment will be deposited directly into the same account you indicated on your tax return. Paper checks will be mailed to the most current address the IRS has on file for you.

2. How can I check that the stimulus direct deposit is in my account?

Login to NYMCU Online Banking or use the Mobile App to check if the stimulus direct deposit is in your account. You can also set up an Electronic Deposit alert in Online Banking to get notified by text* message or email when an electronic deposit is made into your account.

*Message and data rates may apply.

3. Am I eligible for a stimulus payment?

You most likely qualify for an economic impact payment if:

  • • Your filing status is single or married but filing separately, and your adjusted gross income is less than $99,000.
  • • Your filing status is head of a household, and your adjusted gross income is less than $136,500.
  • • Your filing status is married and you file jointly, and your combined adjusted gross income is less than $198,000
  • • Your adjusted gross income is above $75,000 as an individual or $150,000 as a joint filer, the payment amount is reduced by $5 for each $100.
  • or
  • • You don’t typically file taxes and receive Social Security benefits from the Social Security Administration or Social Security Equivalent Benefits (SSEB) from the U.S. Railroad Retirement Board.
Source: Consumerfinance.gov

4. How much will my stimulus payment be?

The majority of Americans will receive an economic impact payment that’s based on their income and the filing status on their 2019 tax return. If you haven’t filed your 2019 taxes, your 2018 return will be used to calculate the amount you’ll receive.

Single or married filing separately

  • • If your adjusted gross income is below $75,000, you’ll receive the full $1,200. You will also receive $500 for each child under the age of 17 you claim on your taxes.
  • • If your adjusted gross income is above $75,000, you’ll receive an amount that will be reduced by $5 for every $100 in adjusted gross income above $75,000.
  • • If your adjusted gross income is more than $99,000 and you don’t claim any children under the age of 17, you won’t receive an economic impact payment.
Head of household

  • • If your adjusted gross income is below $112,500, you’ll receive the full $1,200. You will also receive $500 for each child under the age of 17 you claim on your taxes.
  • • If your adjusted gross income is between $112,500 and $136,500, you’ll receive an amount that will be reduced by $5 for every $100 in adjusted gross income above $112,500.
  • • If your adjusted gross income is more than $136,500 and you don’t claim any children under the age of 17, you won’t receive an economic impact payment.
Married filing jointly

  • • If your adjusted gross income is less than $150,000, you’ll receive the full $2,400. You will also receive $500 for each child under the age of 17 you claim on your taxes.
  • • If your adjusted gross income is above $150,000, you’ll receive an amount that will be reduced $5 for every $100 in adjusted gross income above $150,000
  • • If your adjusted gross income is more than $198,000 and you don’t claim any children under the age of 17, you won’t receive an economic impact payment.
There are a few additional cases in which you may not receive an economic payment, including if someone claims you as a dependent on their taxes, you have a non-resident alien status, or you’re filing on behalf of estates or trusts.

Source: Consumerfinance.gov

5. Do I have to take any action to get a stimulus payment?

People who filed a tax return for 2019 or 2018

No additional action is needed by taxpayers who:

  • • Have already filed their tax returns this year for 2019. The IRS will use this information to calculate the payment amount.

  • • Haven’t filed yet for 2019, but filed a 2018 federal tax return. For these taxpayers the IRS will use their information from 2018 tax filings to make the Economic Impact Payment calculations.
People who aren't typically required to file a tax return

Social Security and Railroad Retirement recipients who are not typically required to file a tax return need to take no action. The IRS will use the information on the Form SSA-1099 and Form RRB-1099 to generate Economic Impact Payments of $1,200 to these individuals even if they did not file tax returns in 2018 or 2019. Recipients will receive these payments as a direct deposit or by paper check, just as they would normally receive their benefits. Social Security Disability Insurance (SSDI) recipients are also part of this group who don't need to take action.

For Social Security, Railroad retirees and SSDI who have qualifying children, they can take an additional step to receive $500 per qualifying child. There are other individuals such as low-income workers and certain veterans and individuals with disabilities who aren’t required to file a tax return, but they are still eligible for the Economic Impact Payments. Taxpayers can check the IRS.gov tool - Do I Need to File a Tax Return? - to see if they have a filing requirement.

If you don’t have to file, use the "Non-Filers: Enter Payment Info Here" application to provide simple information so you can get your payment.

Source: IRS.gov

6. If I gave an incorrect account number when I filed my taxes, what would happen with my stimulus deposit?

The same account number used for your taxes will be used for the stimulus deposit. Please notify us at once if your recent tax refund was posted to the wrong MCU account.

7. I closed my MCU account, but I didn’t notify the IRS. What will happen to my direct deposit?

If your direct deposit is sent to a closed MCU account, it will be returned to the IRS and the IRS will send you a paper check.

8. What if I need to update the account information I provided when I filed taxes?

Your bank account information for your economic impact payment is usually captured from the most recently filed tax return if you received a refund by direct deposit in 2018 or 2019 or if you provided the bank information on the IRS’ Get My Payment application or if you had to use the Non-Filers: Enter Your Payment Info Here tool. If Get My Payment indicates your payment is pending or has been processed, you cannot change your bank account information.

Source: IRS.gov

9. How do I know the payment arrived?

You will get a paper notice in the mail from the IRS no later than a few weeks after your payment has been sent. The notice will contain information about where the payment was sent (either the mailing address for a paper check or the bank account number for a direct deposit) and in what form it was made. If you cannot locate the payment and have not received a paper notice, then check the web-based portal for the status of your payment as it may still be processing.

You can also check to see if the money has arrived by signing into online or mobile banking and checking your transaction history.

10. Which method of contacting MCU should I use to get the most up-to-date account information?

There is no difference in the account information you receive if you use Online Banking, the Mobile App or an ATM versus if you call the Contact Center or visit a branch. The information you see online is the same information we see if you call the Contact Center or visit a branch. All of your account information, no matter the channel, comes from the same central source. That’s why we encourage you to use Online Banking or the Mobile App. It will save you from a long wait to speak to a Contact Center rep when you can just look it up on your phone or computer.

11. I received a message from the IRS asking for my personal information. Is this a scam?

Yes, this is a scam. With the rollout of economic impact payments, there’s an increased risk of scams. It’s important to stay vigilant and aware of unsolicited communications asking for your personal or private information – through mail, email, phone call, text, social media or websites that:

  • • Ask you to verify your SSN, bank account, or credit card information
  • • Suggest that you can get a faster payment if they fill out information on your behalf or if you sign over your check to them
  • • Send you a bogus check, perhaps in an odd amount, and then ask you to call a number or verify information online in order to cash that check
Be aware that scammers are also able to replicate a government agency’s name and phone number on caller ID. It’s important to remember that the Internal Revenue Service will never ask you for your personal information or threaten your benefits by phone call, email, text or social media. If you receive an unsolicited email, text or social media attempt that appears to be from the IRS or an organization associated with the IRS, like the Electronic Federal Tax Payment System, notify the IRS at phishing@irs.gov.

Source: Consumerfinance.gov

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