Economic Impact Payments Starting January 4, 2021
With Congress recently approving a $900 billion COVID-19 relief bill, a second round of economic impact payments (stimulus checks) is expected starting the week of January 4th. The bill provides $600 to individuals making up to $75,000 per year and $1,200 to couples making up to $150,000, with payments phased out for higher incomes. An additional $600 payment will be made per dependent child, similar to the last round of relief payments in the spring.
January 4, 2021
Most payments will be sent via direct deposit using information from the first round of stimulus checks in April. During that time, the IRS hosted live internet portals that allowed recipients to register their banking information to receive payments electronically. We expect them to pursue a similar strategy, but we are awaiting official confirmation. For the most up-to-date information, please visit IRS.gov/coronavirus. If you receive a paper check, we encourage you to make your deposit using GSB’s mobile app, a branch ATM, or with a drive thru or video teller.
Check the Status of Your Payment
Online Banking and the GSB Mobile App will allow you to check your balance and determine if you have received your payment. If you haven’t already signed up for Online Banking, visit gorhamsavings.bank to learn more. Once enrolled you can set up alerts to notify you when funds are received. During the first round of stimulus checks, the IRS’s “Get My Payment” portal allowed consumers to check the status of their payment. We expect the IRS to launch a similar initiative for this round, but it has not yet been confirmed.
Be Wary of Fraudsters
As a friendly reminder, be wary of fraudsters who are already attempting to scam people out of their payment, and keep in mind that the government will not contact you by phone, text or email about this payment.
GSB Resource Team
Our Resource Team is available to help with financial resources, accessing online and mobile banking, appointment banking, opening an account and other general inquiries.
Call: (207) 221-8432