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On April 2, 2020, the Treasury Department and the Internal Revenue Service announced the distribution of economic impact payments to help Americans combat the financial effects of the COVID-19 pandemic.
As always, MidCountry Bank is committed to providing the guidance and support you need so you can focus on your loved ones’ health and wellness and staying safe. If your finances have been impacted by the pandemic, you're not alone. We’re here to help you understand how to get your economic impact payment quickly and safely.
Economic impact payment tips:
- Determine your payment amount. Find out how much money you may qualify for by visiting irs.gov/coronavirus/economic-impact-payments
- Be safe. Review information from trusted sources on how to avoid fraud and scams. Follow the Federal Trade Commission to learn more about avoiding COVID-19 related scams.
- Get paid. Take steps to ensure you receive qualifying funds via direct deposit into your bank account instead of paper check. Paper checks will take much longer than direct deposit. Visit www.irs.gov/coronavirus/economic-impact-payments.
According to the U.S. Treasury, tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible.
Eligible taxpayers who filed tax returns for either 2019 or 2018 and provided direct deposit information will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples - no additional action required. Parents also receive $500 for each qualifying child.
If you’re not typically required to file taxes and don’t receive Social Security benefits, you’ll need to file a simple return.
Visit www.irs.gov/coronavirus/economic-impact-payments for more information.
The IRS has developed an online tool where you can check the status of your refund and provide your direct deposit information, which includes your checking account number and bank routing number.
If you need help finding your account or routing number, here are the easiest methods:
You can find your account and routing number on the bottom left-hand corner of a personal check. The routing number is the first set of numbers and is typically nine digits. The next set of numbers — just to the right of the routing number — is your account number.
MidCountry Bank’s routing number is: 291970033
Scammers are already trying to take advantage of COVID-19 to steal your money or personal information. Be aware, they may:
- Ask you to sign over your economic impact payment check to them.
- Ask by phone, email, text or social media for verification of personal and/or banking information saying that the information is needed to receive or speed up your economic impact payment.
- Suggest you can get a tax refund or economic impact payment faster by working on your behalf. This scam could be conducted by social media or even in person.
Learn more about protecting yourself from fraud and scams in the FAQs.
Use mobile and online banking for fast and easy access to managing your money.
- Online Banking: Check balances, pay bills, transfer money and more.
- Mobile Banking: The convenience of online access from your mobile device using our MidCountry4Me® banking app.
- Mobile check deposit: Take a quick photo of a check to make a deposit in our app.
- Debit cards with EMV chip security: Convenient and secure way to access your money electronically. Can be used anywhere Mastercard® is accepted.
- Card Valet: Mobile card fraud management that enables you to control how, when and where your debit card is used using a convenient app.
Please refer to www.irs.gov for the latest program information.