Important Update: Economic Impact Payments

Updated March 12, 2021

The Treasury Department and the Internal Revenue Service recently announced that they will begin delivering a third round of Economic Impact Payments to millions of Americans as part of the American Rescue Plan Act of 2021. Initial direct deposit payments may begin as soon as March 13 and will continue into April.

For most taxpayers, this payment is automatic and no further action is needed.

Please note:  If your payment is erroneously sent to an account that is closed, inactive or a temporary account, you may need to claim the Recovery Rebate Credit when filing your 2020 tax return electronically.

If you’re eligible to receive a payment, you will receive the funds in one of these ways:

• By direct deposit into the bank account reflected or reported on your 2020 tax return. If you have not filed your 2020 tax return, the payment will be deposited into the same account used when you filed your 2019 tax return.
• By paper check if you did not file a tax return in 2019 or 2020, or have not given the IRS your direct deposit account information in the last two years, you may receive a US Treasury check.
• By prepaid card. Instead of receiving a paper check, some customers will receive a prepaid card in the mail. Customers are able to use this card like a debit card or transfer funds from their Economic Impact Payment (EIP) card to their bank account from the Eipcard.com website, from the Money Network Mobile App, or by calling 1-800-240-8100.

Once the IRS begins to distribute payments, the IRS's Get MY Payment tool will be updated to reflect direct deposit or mailed payment date. The IRS is expected to update the payment status regularly.

The 2021 stimulus payment program is quickly evolving, and the information provided may be subject to change, or other circumstances may apply to you. For the most current information about stimulus payments, as well as Frequently Asked Questions, visit IRS.gov.

Receiving a direct deposit from the IRS:

Many customers will receive their payment as direct deposit into the account most recently used for a tax refund or for social security payments.

Receiving a paper check from the IRS:

If the IRS does not have your direct deposit details, checks are estimated to be mailed in March. Remember, there are several simple ways you can deposit your check with Lakeland Bank.

Beware of Scams

A drastic increase in Coronavirus related scams is being reported worldwide. To protect your finances and personal information, be on high alert for emails, texts and phone calls that may be from scammers disguised as official businesses or government agencies requesting your information.

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