Stimulus Checks: What You Need to Know About the Government-Issued Relief Checks Through the American Rescue Plan Act

Many Americans are receiving payments from the federal government through the Internal Revenue Service (IRS) as part of the federal government’s coronavirus relief programs. RBFCU members can expect to receive these payments through direct deposit into their accounts.

If you do not receive funds via direct deposit, the IRS will mail a check to the physical address on file for Americans who received their 2020 or 2019 tax refund through the mail. Whether you receive a direct deposit, or if you deposit the mailed check with RBFCU, your funds from the IRS are available immediately in most cases.

According to the American Rescue Plan Act, if on the latest income tax return (2020 or 2019) you filed as an individual and your adjusted gross income is more than $80,000, you will not receive a check. The cutoff is $120,000 for individuals filing as head of household. Couples earning more than $160,000 will not receive a check.

Please take note that Texas residents have the IRS tax-filing deadline extended to June 15, 2021.

For questions relating to incoming direct deposits or mailed checks, including how much you should expect to receive and how you can get a check if you did not file tax returns, the IRS should be able to provide an answer. You can find the information at the IRS Coronavirus page.

You can check with RBFCU to confirm your direct deposit by signing in to your Online Banking account on rbfcu.org or the RBFCU Mobile app. These deposits will be processed to your RBFCU account in the same way that a tax return deposit is posted, as the funds are received. The processed items can be identified by company name ‘IRS TREAS 310’ with a company entry description ‘XXTAXEIP3’ or ‘TAXEIP3.’

RBFCU encourages all members to be on guard for individuals that contact you and identify themselves as a representative of the IRS. This could be a fraudulent attempt to steal our members’ personal information or money. The IRS will not call, text or email you asking for personal or bank account information.

For information on subjects related to the IRS payments, including the process to ensure that you receive your payment, read the FAQs below.

There are two additional ways RBFCU can help with your IRS check.

First, if you received it through the mail, you can use the RBFCU Mobile app to deposit it (see instructions below) and make your funds available now. If you haven’t already done so, be sure to download the RBFCU Mobile app through Apple’s App Store or the Google Play for Android devices.

Next, as you get your money and as you take your next steps toward something more routine with your finances, think about creating a personal budget. RBFCU offers educational resources that include many topics, including fun budgeting videos for the entire family.

Additional qualifications apply to use Mobile Deposit. All deposits, including Mobile Deposits, are subject to the RBFCU Funds Availability Policy. Certain restrictions, including daily and monthly deposit limitations, may apply. RBFCU does not charge a fee for the RBFCU Mobile app, but you may be charged for data by your mobile wireless provider.