The Internal Revenue Service and the Treasury Department have begun delivering a second round of Economic Impact Payments to Americans who received the first round of payments earlier this year. These funds will be released by the government in waves.
These payments will process just like the last round of payments. Therefore, most people will not need to set up an account and will see the payment either deposited directly into their account or they will receive a check in the mail.
Armco Credit Union has received the first wave of electronic payments. If you use online banking, you may already see the pending transfer. The funds should be available Monday, Jan 4. Please do not be alarmed if you do not see an electronic payment yet as this is just the first wave. The waves can take several months.
For those receiving a physical check, the printing process has begun and checks will be mailed daily with the exception of Sundays and holidays. The process will take 4 – 5 weeks to complete.
PROTECT YOURSELF FROM FRAUD
Due to an upsurge in COVID-19 fraud and scams, Armco Credit Union recommends that you do not click on ANY links on social media, email, or articles you read online. Never give your personal or banking information to ANYBODY whether it’s in the form of a phone call, text message, email, social media, or direct mail. If you do need to enter your personal or banking information into a trusted site, always verify the website yourself. Do not rely on a link to take you to a website as this could be a spoofed URL.
Similarly, the IRS does NOT initiate contact with taxpayers by email, text messages, or social media to request personal or financial information. Recognize the telltale signs of a scam. See also: How to know it’s really the IRS calling or knocking on your door.
We also recommend that you check your TransUnion, Equifax, and Experian free credit reports on a weekly basis. Normally, each report can only be accessed for free once per year but they are now available free every week until April 2021 at my www.annualcreditreport.com