COVID-19 Stimulus Payments
As a part of the CARES Act, the Internal Revenue Service (IRS) has begun issuing Economic Impact Payments (stimulus checks).
SET UP AN ALERT:
Do you keep checking your account to see if you've received your stimulus payment? Set up an alert in online banking to notify you when its received.
- Once signed into your online banking account, click on Settings and then Alerts
- Click on the blue +New Alert button at the top right and select History Alert
- Select Description as the transaction type and enter "IRS" in the description field
- Select your account that you used for your 2019 tax return (or 2018 if you haven't filed yet) tax return payment or deposit
- Select the alert delivery method for how you would like to receive the alert and enter the appropriate contact information
- How much will I receive? The CARES Act will give most adults each $1200 and $500 for each child.
- How do I know if I qualify? Old Point does not have the ability to determine whether you qualify. To learn more about eligibility and payment amounts visit irs.gov/coronavirus
- When will I receive my payment? Payments to eligible recipients began mid-April for those receiving direct deposit, and will be later for those receiving paper checks. Payments will go out in batches for many weeks. You can check on the status of your Economic Impact Payment on the IRS website’s at Get My Payment. There is no need to call, as we do not have any additional information on when your payment will arrive, how much it will be, and into what bank account it will be deposited. Old Point is processing these payments as soon they are received.
- How will I receive my payment? Payments are coming in as direct deposit for those who filed electronically in 2018 or 2019 and provided a bank account for direct deposit or payment. For those who have not provided bank account information, paper checks will be mailed out. If your payment was directed to an account that was closed, your funds will be mailed to you via a paper check. If your payment hasn't been sent yet, you can provide your bank account information for where you want your stimulus payment to be sent on the IRS's website at Get My Payment.
BEWARE OF SCAMS:
It is important to guard your personal information closely, as criminals will use events like this to take advantage of people. Please be cautious clicking on email links and opening attachments. Do not provide your bank account information to anyone that contacts you via, email, text, or phone call. Neither Old Point or the IRS or will not contact you to verify your filing or bank information.
Here’s what you need to know to avoid these scams:
- Only submit information to the IRS via irs.gov/coronavirus – and never in response to a call, text, or email.
- The IRS won’t contact you by phone, email, text message, or social media with information about your stimulus payment, or to ask you for your Social Security Number, bank account, or government benefits debit card account number. Anyone who does is a scammer phishing for your information.
- You don’t have to pay to get your stimulus money.
- The IRS won’t tell you to deposit your stimulus check then send them money back because they paid you more than they owed you.