CARES Act Stimulus Payments
Last updated: April 16th
While the first wave of stimulus payments have already been sent electronically, we know you may still have questions. Mazuma is here to answer your questions about the payments.
What do I need to know about the CARES Act?
As part of the federal government's response to COVID-19, a $2 trillion Coronavirus Aid Relief & Economic Securities Act (CARES Act) was signed into law on Friday, March 27, 2020. The purpose of this act is to provide financial relief for individuals, families and small businesses from the effects of the economic slowdown.
: Your payment amount will be based on your most recently filed tax return. Eligible taxpayers will automatically receive a payment of up to $1,200 for individuals or $2,400 for married couples. Families can also receive an additional $500 for each qualifying child, up to 3 children, for a total family benefit of up to $3,900. The full rebate amount is available for those with incomes at or below $75,000 for individuals, $112,500 for head of household and $150,000 for married couples. For full details on how you will receive stimulus visit the IRS website
How will the stimulus payments work?
According to the IRS, they will send most of these payments via ACH (Direct Deposit) without any action on your part. If you filed your 2018 or 2019 tax return and have an account linked to your tax refund, the IRS will calculate and automatically direct deposit your payment into the account you provided on your tax return. If you receive Social Security, Railroad Retirement or Social Security Disability Insurance benefits, via direct deposit, your payment will automatically go to that associated account, even if you didn’t file a tax return.
- • If your 2019 taxes have not been submitted, the 2018 tax filing account information will be used for the direct deposit.
- • If no deposit account information is available to enable direct deposit, the Treasury will mail a check unless you choose to provide your account information to the IRS through their secure portal (see below).
- • Payments received from the IRS with a matching Account Number will be posted automatically to your account.
A majority of the electronic payments were posted to Mazuma accounts on April 14th
, 2020. We will continue to post payments as they are received.
I was expecting my payment to already be in my account, but I don’t see it. When will it arrive?
We wish we had a crystal ball that could answer that question. Luckily, the IRS has launched a new website to help you track down your payment. The IRS Economic Impact Payment Web page can be found here: https://www.irs.gov/coronavirus/get-my-payment
It will appropriately be called "Get My Payment" and will serve several important functions:
I either didn’t get a refund or didn’t provide my direct deposit information to the IRS on either my 2018 or 2019 tax return. Does that mean I have to wait for a check?
- • It allows you to check the status of a stimulus payment, so you'll know approximately when it will reach your account or when a check will be mailed.
- • If your payment hasn't been issued yet, you can confirm whether you want to receive it by direct deposit or check. (Note: Direct deposit will be much faster.)
You will want to first check this site https://www.irs.gov/coronavirus/economic-impact-payments
to find out the status of your payment. On the site, you will be able to share your direct deposit information with the IRS if you choose to do so.
I want to update/change my direct deposit information. How do I go about making the change?
If you want to change or update your direct deposit information, you will be able to provide your Mazuma account information online through the secure portal
on the IRS website. This will allow you to receive your payment much sooner instead of waiting for a check in the mail.
I don’t want to wait for a paper check and would prefer to have my payment sent through direct deposit. What information do I need?
To have your economic impact check deposited into your Mazuma checking account, use our routing number, 301080855
, and your checking account number. Your checking account number can be found at the bottom of one of your checks following the 301080855 number.
Ex: 301080855 3000001234567
This number can also be found in online or mobile banking by clicking on the “Detail” button under the share type you want the funds deposited. It will be listed as the MICR number.
To have your economic impact check deposited into your Mazuma savings account, use our routing number, 301080855
, and your account number.
What if I don’t want to provide the IRS my direct deposit information?
That’s cool, it’s not required. This means you will be issued a paper check. The check will be mailed to the address they have on file. You can deposit the check into your account at any of our drive-throughs, at one of our ATMs, or quickly and easily using your Mazuma App.
After this initial wave of stimulus payments, how often will the Treasury send payments outside this initial wave?
The Treasury will continue to transmit payments every Friday as additional direct deposit information becomes available. (See above for getting your direct deposit information to the IRS or to update your direct deposit information with the IRS.)
The Mazuma account I used when I filed my taxes has been closed. Are you going to return my payment?
We will make every effort not to return your payment. Deposits to Closed Shares or Closed Accounts, and other exception reasons will be reviewed and manually posted IF an open share or account can be found. If no account can be found, the payment will be returned to the Treasury.
The IRS site states my payment was supposed to post on April 15th, but it isn’t in my account. Can you please help me find my payment?
We understand this is very frustrating. If you have checked on the Get My Payment site (link) and are getting the response the payment was remitted, you will need to wait to get a letter from the Treasury and report non-receipt.
In some cases, the payment could be offset if you owe funds to federal agencies and states. Mazuma does not have access to know if your funds were offset. You can learn more about the Treasury Offset Program and review their FAQ page here
Unfortunately, in this time when we all need to come together in support of each other there are still people that are trying to scam all of us. Please remember…
The IRS will never
call, text, mail, message you on social media, or email you to verify your bank account information so you can get your refund faster. Do not open any suspicious texts or emails, or click any attachments or links, and do not provide any of your direct deposit or banking information if asked. Mazuma Credit Union will also not call you to ask to confirm any information on your account.
Finally, for the latest information on economic impact payments, including how to check your payment status, visit irs.gov/coronavirus/economic-impact-payments