Important Update: Economic Impact Payments

Updated January 11, 2020

The Treasury Department and the Internal Revenue Service recently announced that they will begin delivering a second round of Economic Impact Payments to millions of Americans as part of the implementation of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021. 

• Initial direct deposit payments have been sent and will continue into January.
• The official payment date was Monday, January 4.
• Paper checks with a pay date of January 6 were mailed on December 30, 2020.
• Please note that if your payment was erroneously sent to an account that is closed, inactive or a temporary account, the IRS will reissue your payment as early as January 25, 2021.  Additionally, if you do not receive your payment, you must claim the Recovery Rebate Credit when filing your 2020 tax return electronically.

For most taxpayers, this payment is automatic and no further action is needed.

As of Monday, January 4, the IRS announced 15-20 million individuals who expected to receive their economic impact payments through direct deposit may receive payments via paper check instead. The IRS has  opened its Get My Payment portal to allow individuals to view their EIP status and recommends visiting their EIP Information Center as well as Frequently Asked Questions for further updates.

We will continue to update this page as information becomes available from the IRS.

Receiving a direct deposit from the IRS:

Many customers will receive their payment as direct deposit into the account most recently used for a tax refund or for social security payments.

Receiving a paper check from the IRS:

If the IRS does not have your direct deposit details, checks are estimated to be mailed in January. Remember, there are several simple ways you can deposit your check with Lakeland Bank.

Beware of Scams

A drastic increase in Coronavirus related scams is being reported worldwide. To protect your finances and personal information, be on high alert for emails, texts and phone calls that may be from scammers disguised as official businesses or government agencies requesting your information.

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