The IRS has already begun the second round of $600 Economic Impact Payments. In fact, many of you may have already noticed a deposit, or pending deposit, for your Stimulus funds as the very first wave of direct deposit payments were issued on January 4, 2021, with additional waves anticipated each day.
In a few isolated circumstances, due to the new structure of our internal system, some of these deposits may post to your Base Savings rather than your Checking, or vice-versa. In these instances, keep an eye on the description of the transaction, which will be (or similar to) “IRS TREAS 310 XXTAXEIP2” to identify your Stimulus deposit.
As a reminder for those with paper checks on the way, our Mobile Deposit feature is an easy way to deposit your stimulus check using our Mobile Banking App without worrying about lines at the drive up or our ATMs.
Any members looking to answer additional questions, or track the status of their Stimulus including whether it is being direct deposited, or physically mailed to an address can do so using the IRS.gov Get My Payment portal.
Update from the IRS:
We have received word that the IRS has encountered a similar error as was observed in the first round of stimulus payments, where direct deposits were issued to tax preparers rather than individual recipients. They are actively working to correct this issue, but unfortunately at this time it is unclear how many individuals are affected, or whether the Get My Payment portal will reflect this delay in issuance. UMassFive will continue to monitor and relay any important news for our members as we receive it.
Protect Yourself From Scams
- Beware anyone asking to “verify” your personal information in order to receive your payment. The IRS will automatically deposit or send your funds to the account or address used for your last stimulus or tax return. They will not text, call, or email you.
- You should never sign your payment over to a stranger for any reason. Some scammers have been offering to speed up your payment delivery by verifying your information, or signing over your check. This is a fraudulent claim.
- Watch out for checks that include suspicious amounts, including cents. These may request that you verify your account information by phone to deposit.