Economic Impact Payment

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Economic Impact Payment for Consumers

The federal government is expected to send a second round of economic impact payments to approximately 160 million eligible Americans soon. The banking industry is working closely with the Treasury Department to help eligible Americans receive  those payments quickly, securely and safely during this challenging time.  

The fastest way to get money to eligible American families in a safe and secure manner is through direct deposit into your bank account. 

What to Know

The vast majority of consumers don’t need to take any action. According to the government, the IRS will calculate and automatically send 130 million economic impact payments via direct deposit, to be available to eligible recipients. The IRS already has direct deposit information for millions of Americans from the first round of EIPs in April. During the first round of EIPs, the IRS hosted live internet portals that allowed recipients to register their banking information to receive payments electronically. We expect them to pursue a similar strategy, but we are awaiting official confirmation. You can check the status of your payment on the IRS website.

For the most up-to-date information, consumers should visit the Internal Revenue Service website at the links below.