Stimulus Payments

Blue Banner with text that says stimulus payments


The newly enacted Coronavirus Response and Relief Supplemental Appropriations Act of 2021 authorizes stimulus payments to many taxpayers. Our guide to the federal stimulus payments highlights who is eligible, how to receive the money and how we can help.

Payments are automatic for eligible taxpayers

Payments are automatic for eligible taxpayers who filed a 2019 tax return, those who receive Social Security retirement, survivor or disability benefits (SSDI), Railroad Retirement benefits as well as Supplemental Security Income (SSI) and Veterans Affairs beneficiaries who didn’t file a tax return. Payments are also automatic for anyone who successfully registered for the first payment online at IRS.gov using the agency’s Non-Filers tool by November 21, 2020 or who submitted a simplified tax return that has been processed by the IRS.


Who is eligible for the second Economic Impact Payment?

Generally, U.S. citizens and resident aliens who are not eligible to be claimed as a dependent on someone else’s income tax return are eligible for this second payment. Eligible individuals will automatically receive an Economic Impact Payment of up to $600 for individuals or $1,200 for married couples and up to $600 for each qualifying child.  Generally, if you have adjusted gross income for 2019 up to $75,000 for individuals and up to $150,000 for married couples filing joint returns and surviving spouses, you will receive the full amount of the second payment. For filers with income above those amounts, the payment amount is reduced.


How do I find out if the IRS is sending me a payment?

People can check the status of both their first and second payments by using the Get My Payment tool, on IRS.gov.


How will the IRS know where to send my payment? What if I changed bank accounts?

The IRS will use the data already in its systems to send the new payments. Taxpayers with direct deposit information on file will receive the payment that way. For those without current direct deposit information on file, they will receive the payment as a check or debit card in the mail. For those eligible but who don’t receive the payment for any reason, it can be claimed by filing a 2020 tax return in 2021.

Will people receive a paper check or a debit card?

For those who don’t receive a direct deposit by early January, they should watch their mail for either a paper check or a debit card. In some instances, the Bureau of the Fiscal Service, part of the Treasury Department, will be sending payments out by debit card. Please note that the form of payment for the second mailed stimulus payment may be different than for the first mailed payment. Some people who received a paper check last time might receive a debit card this time, and some people who received a debit card last time may receive a paper check.

If you receive a paper check, you can deposit the check at one of our Community Offices or ATMs or remotely by Mobile Xpress Deposit, which is available in the F&M Trust mobile banking app. For more information on our convenience services, please Click Here.

Is any action needed by Social Security beneficiaries, railroad retirees and those receiving veterans' benefits who are not typically required to file a tax return?

Most Social Security retirement and disability beneficiaries, railroad retirees and those receiving veterans’ benefits do not need take any action to receive a payment. Earlier this year, the IRS worked directly with the relevant federal agencies to obtain the information needed to send out the new payments the same way benefits for this group are normally paid. For eligible people in this group who didn’t receive a payment for any reason, they can file a 2020 tax return.

Will I receive anything for my tax records showing a second Economic Impact Payment?
Yes. People will receive an IRS notice, or letter, after they receive a payment telling them the amount of their payment.

I didn't receive a direct deposit yet. Will I get a second Economic Impact Payment?
Maybe. IRS updated Get My Payment (GMP) for individuals who are receiving the second Economic Impact Payment on January 5, 2021. If you checked GMP on or after January 5 then:
  • If GMP reflects a direct deposit date and partial account information, then your payment is deposited there.
  • If GMP reflects a date your payment was mailed, it may take up to 3 – 4 weeks for you to receive the payment. Watch your mail carefully for a check or debit card.
  • If GMP shows "Payment Status #2 – Not Available," then you will not receive a second Economic Impact Payment. Instead, you need to claim the Recovery Rebate Credit on your 2020 Tax Return.

Some payments may have been sent to an account that may be closed or, is or no longer active, or unfamiliar.

What if I have a different bank account that I had on my 2019 tax return? What should I do?

If the second Economic Impact Payment was sent to a temporary account that is closed or is no longer active, the IRS is currently working with its tax industry partners on options to potentially get these payments to individuals as quickly as possible. More information will be shared when available. The IRS advises people that if they don't receive the full Economic Impact Payment by the time they file their tax return, they should file their 2020 tax return electronically and claim the Recovery Rebate Credit on their tax return to receive their payment and any refund as quickly as possible.

Will the IRS reissue the second Economic Payment to me?

Yes. The IRS will reissue payments for taxpayers who did not receive the second Economic Impact Payment because the temporary bank accounts identified in the agency’s record were closed. 

This impacts some taxpayers when tax preparation providers were unable to deliver funds to people as a result of IRS guidance, and they are now waiting for the IRS to re-process payments related to these accounts. 

Payments will be issued directly from the government later this month. For people in this group, payments may be issued either as a paper check or as a direct deposit. No action is needed – the payments will be made automatically. 

Can I call the IRS, software company or bank to resolve issues with my Economic Stimulus Impact Payment?

People should visit IRS.gov for the most current information on the second round of stimulus payments rather than calling the agency or their bank or tax software providers.


Where can I get more information?
For more information about Economic Impact Payments and the 2020 Recovery Rebate, key information will be posted on IRS.gov/eip. You may check the status of your payment at IRS.gov/GetMyPayment.


We’re here for you. Please Contact us if you have questions or need help.

NOTICE: YOU ARE LEAVING F&M TRUST!

You are now leaving the F&M Trust website. Links to third-party sites are provided for your convenience. Such sites are not within our control and may not follow the same privacy, security or accessibility standards as ours. F&M Trust neither endorses nor guarantees offerings of the third-party providers, nor is F&M Trust responsible for the security, content or availability of third-party sites, their partners or advertisers.