Economic Impact Payment Information
 

Stimulus Payment Information

The Coronavirus Aid, Relief, and Economic Security (CARES) Act includes a relief program the government has created to provide payments to eligible recipients. This program is commonly referred to as the stimulus payment program or the coronavirus tax relief program.

The IRS will be issuing funds automatically to people who have bank account information on file with the agency.

For detailed updates on the payment program visit:
https://www.irs.gov/coronavirus/economic-impact-payments
 

Frequently Asked Questions - Stimulus Payment Questions

U.S. residents will receive the Economic Impact Payment based on their adjusted gross income tax filing for the previous year. Eligible retirees and recipients of Social Security, Railroad Retirement, disability, or veterans' benefits, as well as taxpayers who do not make enough money to normally have to file a tax return, will receive a payment.

The Credit Union of Colorado cannot determine if you are eligible for payment. Please visit https://www.irs.gov/coronavirus/economic-impact-payment-information-center for specific eligibility information and if you need to apply to receive your check.

According to irs.gov, economic impact payments will start to be distributed in April. We encourage members to check their accounts via Digital Banking to see if they have received their payment.

If you are eligible for a stimulus check, you will receive it by either direct deposit or paper check. The IRS will be issuing funds automatically to people who have bank account information on file with the agency.

For faster deposit, we encourage you to deposit your paper check via mobile check deposit within Digital Banking instead of driving to a branch drive-up or ATM.

If you are not enrolled in Digital Banking, download the app on your mobile device.

To enroll in Digital Banking click here.

Mobile App for iOS  Mobile App for Android

 

The Credit Union of Colorado will not contact you regarding the deposit of your stimulus payment. We encourage you to check your account via Digital Banking.

According to the IRS, after payment has been issued, the IRS will mail letters with information about the payment. Recipients should visit irs.gov for instructions on how to report any failure in receiving payment.

The IRS has sent 4 million payments by prepaid debit cards, or Economic Impact Payment (EIP) cards, as the Treasury Department has dubbed them. The cards are going out to eligible taxpayers who filed tax returns but for whom the IRS doesn't have bank account information. The stimulus payment is loaded on the debit card. Below is a link to common questions and tips regarding these cards. https://www.consumerfinance.gov/about-us/blog/economic-impact-payment-prepaid-card/