<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=1594118447410323&amp;ev=PageView&amp;noscript=1">

COVID-19 Response: We are here for you. Learn about potential assistance resources and our response on our Coronavirus Update Page.

Disclaimer

You are now leaving the Independent Bank website. Linked web pages are not under the control of Independent Bank, its affiliates or subsidiaries. Be aware the privacy policy of the site to which you are going may differ from that of Independent Bank. Independent Bank provides external links as a convenience and is not responsible for the content or security of any linked web page.

Click “OK” to continue or “Cancel” to go back

Ok Cancel
x Want to chat? How can we help you? open chat
Menu
Search
Locations
Login

Economic Impact Payments

What You Need to Know and 5 Common Scams

What You Need to Know

Congress recently passed The CARES Act, a $2 trillion economic relief package that will provide assistance to consumers and businesses struggling as a result of the COVID-19 pandemic. A provision of the law includes sending government payments to eligible Americans. To assist you in answering questions you may have regarding these payments, we have compiled some important information and answers to commonly asked questions.

How large will my payment be?

The CARES Act outlines the parameters of who is eligible to receive a payment. In general, single adults with an adjusted gross income of $75,000 or less will get $1,200. Married couples earning a combined adjusted gross income of $150,000 or less will receive a total of $2,400. Individual and married taxpayers earning over $75,000 and $150,000 respectively will get reduced payments with full phase-outs at $99,000 and $198,000. There are additional $500 payments for dependent children.

Are college students eligible to receive a payment? 

The CARES Act definition of eligible individuals excludes those who are claimed as a dependent on another taxpayer’s return. Accordingly, to the extent a college student is claimed as a dependent on the tax return of a parent, he or she would not be eligible for the rebate.

When will I receive my payment?

The Department of the Treasury intends to send the payments out as soon as possible. If you filed taxes in 2018 or 2019 and included your bank routing and account number for payments or refunds, and this information has not changed, the IRS has the information it needs to send your payment electronically. This could be as soon as the middle of April. In addition, for Social Security recipients, the IRS will use direct deposit by the Social Security Administration to facilitate payments. If the direct deposit information you have provided in the past is for a bank-issued prepaid debit card, you will receive your funds on that card account. Recipients will be mailed a check if the IRS does not have your information on file. Check payments will follow weeks or possibly months after the direct deposits are sent.

Can I receive my payment electronically if my current information is not on file with the IRS?

The IRS is developing an online portal, so you can check the status of your information and your payment. This portal—which will be called “Get My Payment”—is expected to be available on April 17, 2020. In addition, the IRS has launched a new web tool allowing quick registration for those who don’t normally file a tax return.

What if I am typically not required to file a tax return?

People who typically do not file a tax return and are not Social Security beneficiaries will need to file a simple tax return to receive an economic impact payment. Certain low-income taxpayers, veterans, and individuals with disabilities who are otherwise not required to file a tax return will not owe tax.

IRS.gov/coronavirus will soon provide information instructing people in these groups on how to file a 2019 tax return with simple but necessary information, including their filing status, number of dependents and direct deposit bank account information. As noted above, Social Security recipients who have not been required to file tax returns will not be required to file a tax return to receive their payments.

How do I find my bank account and routing number if I can’t find my checkbook or was never issued checks?

Log in to your bank account online or by mobile app. Bank routing and account numbers may be located in different places in your app or online if you’re logging in from a laptop or PC, depending on your bank. If you can’t find it easily, search “bank routing” within the app or website. If you still can’t find the information or can’t log on, call Independent Bank or your financial institution for more information.

I have a reloadable prepaid card with a bank. Can I direct the payment to that account?

Yes, follow the same instructions to gather the routing and bank account numbers to provide via the IRS online portal.

I have a bank account. Can I still receive a paper check?

Yes, but be aware that your payment will be slower than an electronic transfer. Paper checks may be sent out weeks after the electronic checks are sent.

 


Be Aware — Five Common Scams

As you receive your economic impact payments, be aware of fraudsters who are making every effort to scam you out of your payment. To help protect yourself, please review the five most common scams.

1. Offer Early Access to Payment – Anyone who promises early or fast access to your payment in exchange for your personal information is most likely a scammer.

2. Use Suspicious Phrases – The IRS has stated that the official term for these payments is “economic impact payment.” If you are contacted by someone using phrases such as “stimulus check” or “stimulus payment,” it may be an indication that a fraudster is trying to take your cash. 

3. “Phishy” Emails or Texts – Government agencies will never contact you via email or text message. If you receive a message with a link asking you to register online in order to receive your payment, this is a scam. Do not click the link.

4. Bogus Phone Calls and Texts Asking for Personal Information – You do not need to take any action to receive your economic impact payment. If you receive a phone call or text from someone claiming to be from your bank or a government agency asking to verify your personal information, disconnect immediately. If you think you may have provided personal or secure information to a fraudulent person, call Independent Bank or your financial institution.

5. Mail a Phony Check– Some scammers will send out fraudulent checks, with either the correct or incorrect economic impact payment amount, and require the recipient to verify personal information in order to cash it. The only mail correspondence you should receive will come from the IRS in the form of a letter with information on how the economic impact payment was made, and how to report any failure to receive the payment.

For more details regarding your Economic Impact Payment and protecting your finances, visit the Consumer Financial Protection Bureau website. For information on how Independent Bank is handling the COVID-19 crisis, please visit our Coronavirus Updates page.

Resources

Mortgage Do's & Don'ts

We know that the mortgage process can seem overwhelming, but at Independent Bank, it’s our goal to make this process as seamless as possible.

ACH Autopay Form

Automatic Transfer Request For Loans

Checkbook Register Worksheet

Download Checkbook Register Worksheet

Identity Theft Affidavit

A voluntary form for filing a report with law enforcement, and disputes with credit reporting agencies and creditors about identity theft-related problems. Visit identitytheft.gov to use a secure online version that you can print for your records.

All Resources

Frequently Asked Questions

How do I balance my checking account?

To get started, use the Balance Your Account form.

To get started, use the Balance Your Account form.

Why is my ATM balance different than my actual balance?

It may not reflect deposits or checks that have not cleared. To see an accurate balance, be sure to keep a check register, go to the branch, or visit online banking.

It may not reflect deposits or checks that have not cleared. To see an accurate balance, be sure to keep a check register, go to the branch, or visit online banking.

How is my personal information used?
Federal law requires all financial institutions to obtain, verify, and record information that ...
Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. Your information is securely stored on your account and customer records when your new account is opened.
How can I change my personal information?
If your personal information is already on file with Independent Bank, you can make changes through ...
If your personal information is already on file with Independent Bank, you can make changes through online banking to your address, phone number, or email address. Just log into your account and select the "Customer Service" tab. You can also visit any Independent Bank location. Please note some changes may require you to present documentation at your local branch.
How do I endorse my check for SnapCheck Mobile Deposit?
You should sign your check with your name or business name and “For Mobile Deposit Only at Independent Bank.”
You should sign your check with your name or business name and “For Mobile Deposit Only at Independent Bank.”
How can I make a deposit into my son's or daughter's account at college?
We know that banking for college students involves transactions both on campus and at home. That’s ...
We know that banking for college students involves transactions both on campus and at home. That’s why we make it easy to add money to your Independent Bank checking account through Independent Bank offices statewide, by mail or through wire transfers.
How can I speed up my application to open an account?
If you already have an account with us, we will automatically fill out parts of your application ...
If you already have an account with us, we will automatically fill out parts of your application using information you provided when you opened your other account. This could be information from your ATM or debit card, a deposit account (excluding CD accounts), or a loan account.
What is Independent Mobile?
Independent Mobile gives you access to your accounts from our mobile banking app, Independent ...
Independent Mobile gives you access to your accounts from our mobile banking app, Independent Mobile, on your smartphone or tablet. You can view account balances, pay bills to existing payees, search recent account activity, transfer funds, use SnapCheck mobile deposit, and find ATM or branch locations.
View All FAQ's