Stimulus Payments—What to Expect

Updated 03/24/2021

When and how will individuals receive stimulus payments?

• We’re here for you. We pre-funded all the stimulus payments we have received so far! Be assured, we know the importance of these payments for our Members. To find out if you are in the next group, please use the IRS link below.
  Economic Impact Payments | Internal Revenue Service
• Payments are expected to continue over the next few weeks, and we will make funds available to Members as quickly as possible as they come in. You can check the status of your payment using the IRS Get My Payment portal.
• The best way to confirm when your payment has been received is by setting up an alert for deposits. Learn how here.
• If you previously selected direct deposit for your tax refund, you’ll likely receive the direct deposit into the same account.
• If you receive your payment via direct deposit, it will show in online and mobile banking as “IRS TREAS 310.” Otherwise, a payment will be mailed to the address listed on your tax filing.
• If you are not typically required to file a tax return, visit the IRS Economic Impact Payments page (https://www.irs.gov/coronavirus/economic-impact-payments) to input your payment information directly to the IRS to have your relief payment deposited to your preferred account.
• To deposit to your RCU account, you’ll need account and routing numbers, which you can find here.

Recovery Rebate Credit

When you file a 2020 Form 1040 or 1040SR you may be eligible for the Recovery Rebate Credit. Save your IRS letters - Notice 1444 Your Economic Impact Payment - with your 2020 tax records. You’ll need the amount of the payments in the letter when you file in 2021. For more information, visit the IRS site.

What if I received funds for someone who is deceased?

If you or another family member received a stimulus check (i.e., stimulus payment) made payable to a person now deceased, the IRS asks that you return the payment as follows:

• Checks not yet cashed: Write “void” on the check. If you live in California, mail it to U.S. Treasury, Fresno Refund Inquiry Unit, 5045 E Butler Ave., Mail Stop B2007, Fresno, CA 93888. If you live outside California, visit this IRS EIP page, scroll to the bottom, and expand the “More About the Economic Impact Payment” section to look up the appropriate mailing address.
• Direct deposit/check already negotiated:
  • Write a check or money order in the amount received and make it payable to “U.S. Treasury.”
  • On the check, write 2020EIP, and the taxpayer identification number (social security number, or individual taxpayer identification number) of the recipient of the check. Include a brief explanation of why you’re returning the funds.
  • Those living in California should mail the check to: Fresno Refund Inquiry Unit, 5045 E Butler Ave., Mail Stop B2007, Fresno, CA 93888.
  • If you live outside California or need additional information, please check the IRS EIP information center.

Is there a website or some legitimate place I can go to find out if I am eligible for this payment?

Your best resource is the IRS website, irs.gov, where they have a section called Economic Impact Payment. Be sure you are on a .gov website! Remember, to receive a check, you must have filed a tax return in 2018 or 2019 and meet the income requirements based on your return.

What do individuals have to do to receive a stimulus check?

• Absolutely nothing. The payment will be automatically sent in the same manner as the previous round, and a confirmation letter will be sent to you by the IRS two weeks after the payment is sent. The Federal Government will not be contacting Members in any way prior to sending the payment. Any email, text or social media post directing individuals to provide their personal information to receive the funds is a scam (See our COVID-19 Response & Assistance Webpage for additional details on how to avoid fraud and scams).

What if I get Social Security and don’t typically file taxes?

• Social Security recipients who are not typically required to file a tax return do not need to take any action and will receive their payment directly into the same account as their Social Security.

What if a check is deposited to a closed account?

• If funds go to a closed account, the payment will be rejected, and the Federal Government will mail the Member a check.

Which government agency is issuing the check?

• The United States Department of Treasury.

What should individuals look for on a paper check to make sure it’s legitimate?

• All U.S. Treasury checks are printed on watermarked paper shown here. When held up to the light, the watermark reads “U.S. Treasury” from both the front and the back. Any check should be suspected as counterfeit if the check has no watermark, or the watermark is visible without holding the check up to light. Here is an image of a valid check:

What will be required to deposit a relief check?

• The check payee (the name listed next to “Pay to the order of:” line on the above check image) must endorse the back of the check for it to be processed.
• If there are two payees on your stimulus check, RCU will require the endorsement of both payees to process the check.
• If you’ve had a name change or life event since your last tax filing that prevents one or more payees from endorsing the check (and your account is in good standing), please contact us to update your records ASAP at 1-800-479-7928 or log in to your account to send us a secure message.
• RCU will accept the paper check through mobile deposit, ATM, or in person. Mobile or ATM deposit is the easiest, quickest, and safest way to make your paper check deposit.

What’s the best way to deposit a stimulus paper check?

• If you receive a paper check, the safest and quickest way to deposit it is using the RCU mobile app or at your closest RCU ATM. You can also mail your check to: Redwood Credit Union, PO Box 6104, Santa Rosa, CA 95406-0104.

What will be required to deposit a relief check?

• As long as one of the check payees (the name/s listed next to “Pay to the order of:” line on the above check image) is on the account used to process your check, RCU will accept the paper check through mobile deposit, ATM, or in person. Mobile or ATM deposit is the easiest, quickest, and safest way to make your paper check deposit.
• If it doesn’t match because you’ve had a life event that has caused a name change since your last tax filing (and your account is in good standing), please contact us to update your records ASAP by calling RCU at 1-800-479-7928 or log in to your account to send us a secure message.

What will you do with your relief check?

Developing a plan for how to best utilize the relief check will help you make good decisions about how to meet your financial needs during this time of uncertainty. We’ve created a worksheet for you to help guide your decision-making

How to transfer funds from your EIP card to your RCU account.

The IRS is providing the third round of stimulus payments by either direct deposit to your account, with a Visa debit card, or by paper check. If the IRS had your bank information on file, you may have already received a direct deposit. If they don’t have the information on file, they’re mailing the economic impact payment (EIP) to you on a Visa debit card or a paper check. To find out about the status of your payment, visit https://www.irs.gov/coronavirus/get-my-payment.

How will I recognize my EIP Card?

Your EIP Card will arrive in a white envelope that prominently displays the U.S. Treasury seal and includes “Economic Impact Payment Card” in the return address. The envelope also says “Important information about your Economic Impact Payment.” The Visa^® name will appear on the front of the Card; the back of the Card has the name of the issuing bank, MetaBank^®, N.A. Information included with the Card will explain that the Card is your EIP Card. Here is a sample of what the card will look like:

How to Activate Your EIP Card

You can activate your card by calling 1 (800) 240-8100. During activation, you will be asked to input your card number, the last 6-digits of your social security number, and the 3-digit security code from the back of the card. You may be asked to further validate your identity by providing your name and address or by answering identity verification questions. You will also be asked to create a 4-digit PIN required for ATM transactions and automated assistance and to hear your balance. For cards with more than one name, only the primary cardholder (listed first on the card) may activate the card.

How to Set up a User ID and Password for Online Access

Go to EIPCard.com and click Register. Follow the steps to create your user ID and password. Be sure to have your EIP card handy. If you have previously used the Money Network Mobile App, you can use the User ID and password you already established. For cards with more than one name, use the primary cardholder information (listed first on the card) for online or mobile app registration.

How to Use the EIP Card with No Fee

There are many ways to use the card without incurring a fee. You can:

• Transfer funds to a personal bank account. (Learn how below.)
• Make signature or PIN-debit purchases anywhere Visa debit cards are accepted—in stores, online or over the phone.
• Get cash back with a PIN debit purchase, where available.

How to Transfer Funds from the EIP Card to Your Account

There are multiple ways to transfer funds from the EIP card to an existing bank account at no cost. You will need the routing and account number to complete the transfer. Be sure you have activated your EIP card before attempting to transfer funds (activation instructions are on a sticker on the front of the card, or in the instructions accompanying the card).

Transfer funds online at EIPCard.com:

1. Register for online access by going to EIPCard.com and click Login and Register Now. Follow the steps to create your user ID and password. Be sure to have your EIP card handy.
2. Select “Transfers in U.S.” from the Money Out section.
3. Follow the steps to set up your destination bank account prior to completing your ACH transfer.
4. Transfers should post to your bank account in 2-3 business days.

Transfer funds using the Money Network Mobile App:

1. Be sure you have activated your EIP card before attempting to transfer funds.
2. Download the Money Network Mobile App and register for mobile access by clicking “New User?” and then follow the steps to create your user ID and password. Be sure to have your EIP card handy.
3. Click the top left menu and then click “Send Money to an External Bank Account” under Move Money Out.
4. Follow the steps to set up your destination bank account prior to completing your ACH transfer.
5. Transfers should post to your bank account in 2-3 business days.

Transfer funds by calling 1 (800) 240-8100:

1. Be sure you have activated your EIP card before attempting to transfer funds.
2. Call 1 (800) 240-8100 and follow the prompts to authenticate with the interactive voice response unit (IVRU).
3. Once authenticated by the IVRU, follow the prompts to set up your destination bank account prior to completing your ACH transfer.
4. Transfers should post to your bank account in 2-3 business days.

ACH transfer to domestic bank limits apply: $6,000 per transaction | $6,000 per month.

How can I transfer money from my EIP card to my RCU personal account without a fee?

If you wish to transfer your impact payment funds from your EIP card to your RCU account, here’s how.

• After you have activated your EIP card, log in to your account at EIPCard.com to initiate a transfer.
• You will need to provide RCU’s routing number and your RCU account number. Here’s where to find this information.
• Follow the prompts to initiate the transfer.

Can You Use Your EIP Card to Withdraw Cash at an ATM?

Yes, you can. Use the EIP ATM locator to find an ATM near you. The card issuer allows the first transaction for free. Any transaction after that may incur a fee.

To get cash:

1. Enter your 4-digit PIN (see PIN FAQ for setting up a PIN).
2. Select “Withdrawal” from “Checking.”

How Much Cash Can You Withdraw at a Time from an ATM?

Cardholders can withdraw up to $1,000 per transaction and per day. If you would like to get more than $1,000 from your card, they recommend you transfer funds directly to your account.

How can I use my EIP debit card?

You can use your card to make purchases anywhere the Visa cards are accepted: shop in store, online, or pay bills.

You may also visit a branch to withdraw funds; however, MetaBank may charge additional fees for cash advances. Please consult their fee schedule https://www.eipcard.com/fee-schedule. For safety and social distancing reasons, we recommend using electronic channels to do your banking. Our Member Service phone representatives are unable to perform cash advances over the phone. RCU won’t know your account balance so you’ll need to use the EIP card’s online tools or phone system to find out the balance. Visit EIPcard.com for details.

Additional detailed information is available at the official EIP card website at EIPcard.com, from the Consumer Financial Protection Bureau, and from the IRS.

As of Wednesday, Mar 24

The COVID Relief Bill signed into law December 2020 provides an additional $284.5 billion in funding for the Paycheck Protection Program (PPP). Given the high volume of requests, we are processing first and second draw loan applications on a first-come, first-served basis. The PPP Extension Act of 2021, recently passed by Congress, extends the deadline until May 31, 2021, or until funds run out (whichever comes first). However the remaining funds are expected to run out in mid to late April.

The SBA’s guidelines require a high level of verification before submission, and our team is diligently reviewing each application for accuracy. We must receive a completed application with all required documents no later than Saturday, May 15 by 6 pm PDT to ensure the best chances of a successful submission to the SBA by their deadline of May 31st.

Apply now

On February 22, 2021, the Biden-Harris administration announced several reforms to the existing new PPP loan program. The new reforms are not retroactive to any already funded PPP loan in 2021. Additionally, in March Congress passed the PPP Extension Act of 2021, which extends the deadline until May 31, 2021, or until funds run out (whichever comes first). We have received updated guidance from the SBA and are processing applications as quickly as possible.

More details on how to get started and the overall program are available at RCU’s PPP Resource Center.

PPP Resource Center

Ready for forgiveness on your 2020 PPP loan? Start your forgiveness process on any RCU funded PPP loan in 2020. RCU is now accepting PPP forgiveness applications. As a reminder, you have a 10-month window to submit your forgiveness application, so there is no need to rush. We want to ensure the process is smooth and simple. For the most current information to help guide you through your forgiveness application process, please visit RCU’s PPP Forgiveness Center at the link below:

PPP Loan Forgiveness Center

We’ll continue to provide email communication and update our website as we receive pertinent information and updates.

Recently the President signed a new bill into law that gives businesses more time and flexibility to spend their PPP funds, while still maintaining their eligibility for forgiveness. Here are some of the highlights of Paycheck Protection Program Flexibility Act of 2020:

• Increased the timeline for using your PPP funds from 8 weeks to 24 weeks
• Extended the timeline to restore your payroll and rehire employees and/or bring wages back to 75% of pre-Covid levels from June 30 to December 31
• Provides more flexibility with how you can spend your PPP loan funds by allowing you to use up to 40% (originally only 25%) for eligible non-payroll expenses (business rent, utilities, mortgage interest) and still be eligible for forgiveness
• Extends the period from 6 months to 10 months after the PPP loan was funded for businesses to submit their forgiveness application (payments on any unforgiven loan amount would begin after 10 months)

If you have any questions, please email RCU Business Services at PaycheckProtection@redwoodcu.org or call 1 (800) 479-7928, and a member of our PPP team will get back to you.

Please stay connected and informed as we are continually updating our website and social media channels with additional information related to the COVID-19 crisis.

For more information on financial assistance, please visit our COVID-19 Assistance page.

How to navigate getting unemployment

• The Employment Development Department (EDD) has a variety of support services available to those who have lost their jobs, had their hours reduced, or had their businesses affected due to the pandemic. Please refer to their COVID-19 resource page for the most up-to-date information regarding unemployment assistance.
• How can someone apply:
  • The amount of your benefit is calculated by the California Employment Development Department (EDD) based on your previous earnings.
  • The EDD will first calculate your earnings during a 12-month “base period” - the first four of the last five completed calendar quarters prior to the date of your claim for benefits. If your earnings are insufficient during that 12-month period, the EDD will then compute your earnings during the last four completed calendar quarters prior to the date of your claim. Using one of these base period calculations, the EDD will determine your weekly benefit by dividing your earnings for the highest paid quarter during the applicable base period by 26. This will result in a benefit up to the maximum of $450 per week.
  • Available jobs: Onward CA is a one-stop resource for the people of California impacted by job loss during the coronavirus outbreak. There are over 70,000 job postings available for viewing.

Transferring EDD Funds to Your RCU Account

Learn how to set up one-time or recurring transfers from your California EDD debit account to your RCU account here, and find additional helpful information on how to access your EDD funds here.

For more information on support for RCU Members, visit our Coronavirus resource page.