Economic Impact Fund Information
The IRS will soon be distributing funds for the next round of Economic Impact Payments to people who have bank account information on file with them. If you qualify to receive a stimulus check through direct deposit into your account, the deposit will work similarly to a payroll deposit and will automatically be deposited into your account. You can log in to your Online Banking/Mobile Banking to view the amount once SouthPoint has received the deposit from the IRS. We recommend that you set up an Alert in Online Banking to tell you when the deposit posts to your account.
As the federal government moves forward with the third round of stimulus checks, you may see a pending payment in your account summary from the IRA Treasury. Please note that SouthPoint does not have control when these funds are deposited. Due to the amount of payments the government is releasing, they may pend for multiple business days.
How to Setup an Alert in Online Banking
- Go to My Settings
- Select Alerts & Notificiations
- Click “Large Deposit” and choose the drop down to select which account you would like the alert on
- Determine how you would like the alert: email, text or both
Resources
- https://www.irs.gov/
- https://www.irs.gov/coronavirus/get-my-payment
- https://www.irs.gov/coronavirus-tax-relief-and-economic-impact-payments
- https://home.treasury.gov/policy-issues/cares/assistance-for-american-workers-and-families