
The Internal Revenue Service (IRS) is sending economic impact payments to many Americans in the coming weeks. These have commonly been referred to as stimulus checks in the media.
The economic impact payments are part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. CARES was passed by Congress on March 27, 2020. Learn more about CARES and why the checks are being issued at the.
Wondering if you’re receiving a stimulus check?
The majority of Americans who qualify for the economic impact payments will receive the payment via direct deposit using your banking information from your filed 2019 taxes. Other Americans will be asked to provide their banking information to the IRS online through a web-based portal. Lastly, some Americans will receive a check in the mail.
To provide information for a direct deposit: You’ll need ’s routing number and your account number. ’s routing number is 272480173. Your account number is located on your membership ID card. It’s also on the bottom of your checks, just to the left of the check number. If you have a loan with us, you can also find it on your payment coupon.
If you receive a check: remember that you can deposit it to your account quickly, easily and securely right from your home via the mobile app. You’ll simply take a picture of the check front and back. Don’t forget to write “For Mobile Deposit Only at ” under your signature on the back.
There has already been a lot of talk about potential fraud with these stimulus checks, so please be alert. Check out the
Here are ways that you can put your check to work for you:
Use it
Pay bills and household expenses
One of the first priorities of your stimulus check may be to pay your regular bills and expenses. If you haven’t already, make sure to sign up for bill pay in your account - it’s simple and free to use. to your account and select “Bill Pay” to get started.
Pay loans & credit cards
You can use the check to make an additional payment on your loans and credit cards. Any amount over your normal payment due will cut down the amount of time it takes to pay down the loan. Remember, paying more than your monthly loan amount pays the loan down faster; it doesn’t move your next payment out. To pay an loan or credit card, to your account, select “Transfers” and follow the prompts. You can also pay non- loans or credit cards using Bill Pay, which is located in your online or mobile banking account. And, if you need to pay your loan or credit card from a non- account, you can use QuickPay.
If you’re fortunate, help others
If you do not need to spend all of your stimulus check on bills or other necessities, consider helping others. Support your local community businesses by having your favorite local restaurant deliver to you or buy a gift certificate at a local shop or restaurant for use later. Use some of the money to buy a family in need a week’s worth of groceries. You could also have dinner delivered to first responders in your area, donate to a local charity, or otherwise support a local small business.
Save it
Build an emergency fund
Your emergency fund should be about three to six months of living expenses. But if that seems daunting, try starting with a smaller amount. Whatever amount you are comfortable setting as your goal, commit to it and start saving. Open a new savings account in your account and rename it as your emergency fund. To do this, to your account and select “New Accounts” and then “New Savings Account or Certificate.” From there, choose a secondary share and select how you’ll fund the account.
Transfer to your savings
With an Silver or Gold savings account, the more you save, the more you earn with our multi-tiered rate structure. And, rest assured all of your checking and savings accounts are insured by the National Credit Union Association up to $250,000. Simply transfer the check amount when you receive it to your savings in your account. Watch a video how to transfer.
Deposit to a CD
Our high-yield CDs are a smart, safe investment offering steady growth for your deposits. They are insured by the National Credit Union Association up to $250,000. offers a one-time rate bump for 3-, 4-, or 5-year regular CDs and IRA CDs, so if rates improve, you can jump to a higher rate in the future. To open a CD, to your account and select “New Accounts” and then “New Savings Account or Certificate.” From there, choose “Certificates” and select which CD option you’d like to open.
Source:
Insured by NCUA
Category: Finance
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