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Economic Impact Payments

treasury tax check with cash

The Internal Revenue Service (IRS) has begun issuing Economic Impact Payments (EIPs) as part of the CARES Act. Visit our FAQ page for more information about EIPs and the CARES Act.

EIPs are based on 2018 and 2019 tax filings. Individuals who did not file for electronic returns for 2018 or 2019 filings will not receive direct deposit payments via ACH. Instead, those qualified individuals will receive payment by check in the mail in the coming weeks.

The Credit Union National Association has provided a one-page information sheet including EIP basics, how to register for payments and other EIP factual information.

Also, the IRS has made the following PSAs available on their website:

Economic Impact Payments & Coronavirus Tax Relief Special Section on IRS.gov — e-Poster (PDF)

If you still need to file — e-Poster (PDF)

IRS social media & e-News — e-Poster (PDF)

Economic Impact Payments — e-Poster (PDF)

How to Get Your Payment

If you have previously set up a direct deposit with the IRS there is nothing you need to do. The IRS will deposit your EIP into the account that you have on file for the current or previous year’s tax return.

The U.S. Department of the Treasury and the Internal Revenue Service launched “Non-Filers: Enter Payment Info Here,” a web portal where Americans who did not file a tax return in 2018 or 2019 can submit basic personal information to the IRS so that they can receive payments. In order to speed payments, individuals should enter their bank account information and their payment will be directly deposited in their bank account.

To set up a direct deposit for your Members Exchange account use the following information:

Routing Number: 265377484
Account Number: 13-digit number (You can find this number on the accounts page in Online Banking.)

“The ‘Non-Filers: Enter Payment Info Here’ web portal is a tool for Americans who are not required to file tax returns to make sure they receive their payment as quickly and safely as possible,” said Secretary Steven T. Mnuchin. “Our teams at Treasury and the IRS are working around the clock to ensure American workers and families receive their Economic Impact Payments.”

Go to IRS.gov and click on the “Non-Filers: Enter Payment Info Here” button. The tool will request basic information to confirm eligibility, calculate and send the Economic Impact Payments:

  • Full names and Social Security numbers, including for spouse and dependents
  • Mailing address
  • Bank account type, account and routing numbers

The IRS just launched a separate online application, “Get My Payment,” which allows taxpayers who filed their tax return in 2018 or 2019 but did not provide their banking information on their return to submit direct deposit information so that they can receive payments immediately, as opposed to checks in the mail. “Get My Payment” will also allow taxpayers to track the status of their payment.

Social Security recipients who did not file a tax return in 2018 or 2019 do not need to use this form or take any action and will have their payment made in the same manner that they receive their social security payments IRS will use the information on the Form SSA-1099 and Form RRB-1099 to generate $1,200 Economic Impact Payments.

The links and information provided above are from the MS Credit Union Association, the Credit Union National Association, and Internal Revenue Service.