What Does the Economic Relief Bill Mean for You

Kitsap: The United States Congress, after lengthy debate, has reached an agreement on a brand new economic relief bill. The trillion-dollar relief package includes, among other provisions, the second round of stimulus checks.

The current version of the relief bill comprises a second round of one-time stimulus payments. The drawbacks of the charges are as follows: The costs are significantly less for individuals, working Americans and much higher for Teenagers or dependents.

Keeping up with the first round of stimulus payments, they start phasing out with higher incomes and depending on your tax filing status. The exact date is not yet precise when the American people may start receiving stimulus payments. With such high volumes to be issued, don’t get shocked if the preparations take several weeks or a month to get your stimulus payment.

higher incomes

Guidance for Your Accounts

Although the preparations and discussions are still going on, the IRS is working out every detail for how stimulus payments will be distributed and exactly when; here is some advice to help you prepare.

1. The Internal Revenue Service has stated that the stimulus payment could be made via direct deposit to the account where the 2018 or 2019 tax return was deposited, whichever is applicable. The Internal Revenue Service has also started to conduct an online process for reporting a new/different account number.

2. If you receive a paper check, you can use our mobile app to deposit it.

3. Your debit card comes with convenience–access to over 30,000+ Co-op ATMs nationwide. Many of them allow deposits.

Guidance for Your Accounts

4. Deposits placed in the night drop are processed either the same day or the next business day.

5. Our branch drive-thru locations are open at regular business hours to better serve you.

Avoiding Stimulus Payment Fraud

The Internal Revenue Service has stated that protecting the privacy and the security of your accounts is a top priority, but its the task of each one of us to remain cautious and stay away from fraudulent schemes, and the best way to do it is to arm yourself with the knowledge to help prevent falling victim to a fraudster’s procedures. 

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