Economic Impact Payments

The federal government began electronically disbursing Economic Impact Payments (EIP or “stimulus” payments) via the ACH network on Wednesday, April 15, 2020. Eligible EIP recipients will receive their payment electronically via ACH, or will be mailed either a paper check or prepaid debit card over the next several weeks.

EIP Payment
 
IRS logoAll information about the status of your payment, if you are eligible to receive a payment, how much you will receive, and how it will be delivered to you can be found on the IRS website at the following links. The US Treasury will be treating these payments as if they were tax refunds with all the accompanying rules.
IRS Economic Impact Payments Landing Page:
https://www.irs.gov/coronavirus/economic-impact-payments 
 
IRS “Get My Payment” Tool – Check the Status of your EIP:
https://www.irs.gov/coronavirus/get-my-payment 
 
IRS Non-Filers Payment Information:
https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here 
 
IRS EIP Frequently Asked Questions:
https://www.irs.gov/coronavirus/get-my-payment-frequently-asked-questions 
 
Information on Prepaid Debit Card Method of Receiving EIP Payment:
https://www.eipcard.com/faq/

 

In addition to the guidance provided by the IRS, Cape Cod 5 continues to assist our customers during these unprecedented circumstances by doing the following:
  • Cape Cod 5 announced on March 20 that it would not assess overdraft, uncollected funds and returned item fees on any overdrawn accounts and it will continue to do so until further notice.
  • EIP Payments deposited to closed accounts are returned in full to the IRS in accordance with ACH network rules.
 

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