Economic Impact Payments (EIP)

What you need to know about Stimulus Payments

Updated June 14, 2021

How the Third Stimulus Payments / Economic Impact Payments (EIP) will work

As part of the American Rescue Plan Act of 2021, you may be eligible for a stimulus payment if you filed a 2019 or 2020 tax return, or are an eligible senior or retiree. The stimulus payment amounts may vary depending on your filing status and can be up to $1,400 for individuals or heads of household and $2,800 for married couples filing jointly. Parents may also receive a $1,400 payment for each qualifying child. Consult the IRS website to find information about your anticipated amount, if any.

Stimulus payments may be disbursed by the IRS by direct deposit using the bank account information you provided in your most recent tax filing. Alternately, a check or a pre-paid debit card may be mailed using the mailing address on your most recent tax filing. Similarly, if you receive Social Security or other government-funded benefits by direct deposit, your stimulus payment will be sent to the same bank account as your retirement or pension payments.

The IRS will distribute payments in waves over multiple weeks beginning as soon as March 17, 2021.  We will update information here as we receive additional details.

If you are a California resident, and are interested in learning about Golden State Stimulus and Golden State Grant Program click here.

Stimulus Payments: How we are changing our overdraft process

We made the decision to amend our overdraft processes to provide access to stimulus payments in their entirety for clients who deposit their Economic Impact Payment (EIP) into a Union Bank deposit account via a check or direct deposit. 

If at the time your stimulus payment is deposited (via Direct Deposit or Check) your account has a negative balance, we may apply a Temporary Credit to cover the negative balances in your account so that you may have full access to your stimulus payment. Clients who cash their check are not eligible to receive a Temporary Credit.  The Temporary Credit will remain in your account for 90 days, after which it will be reversed, and the amount will become due.

Important information about your temporary credit:

  • The temporary credit transaction will be labeled "Miscellaneous Bank Originated Item" online and in your statement.
  • We'll send a reminder notification approximately 21 days before your temporary credit is scheduled to be reversed.
  • If you close your account before the end of the 90-day period, the temporary credit amount becomes due and you will have 45 days to repay.
  • If your account remains or becomes overdrawn for 45 consecutive days, your account will be closed, even if it's before the 90-day period ends.
  • If you received a temporary credit from a prior COVID-19 Relief Payment, the temporary credit will be reversed at the end of its initial 90-day period as previously communicated.  Each temporary credit is reversed according to its own 90-day timeline.
  • The reversal of a temporary credit may cause your account to go into a negative balance - please monitor account balances to avoid potential overdrafts.
  • If you do not wish to participate in this service, we can reverse the temporary credit when you contact a branch.  Please visit unionbank.com/locations to find your local branch.

  • If you deposited your Economic Impact Payment (EIP) into a Union Bank deposit account and did not receive a Temporary Credit and you would like to receive a Temporary Credit please contact a branch or call us at 1-800-238-4486 Monday – Friday 7:00 a.m. to 5:00 p.m. PST, Saturday 8:00 a.m. to 5:00 p.m. PST.

     

Illustrative Example

This example is for illustrative purpose only. The actual balances, amount and timing of temporary credit issuance may vary based on the method of deposit of your stimulus payment. 

Step 1: Temporary Credit Applied

Let’s say the balance in your account at the time a $1,400 stimulus payment is being deposited is negative $250. To ensure you have full access to your stimulus payment, we will temporarily credit the amount overdrawn into your account. Here is an example:

Illustrative example of temporary credit applied


Step 2: Temporary Credit Reversed

After 90 days, regardless of your account balance, we will reverse the temporary credit.

Let’s say that 90 days later, the balance in your account is $300. The previously applied temporary credit of $250 will be reversed, bringing your account balance to $50. Here is an example:

Illustrative example of temporary credit reversed

Please note: If the account balance is less than the temporary credit reversal, your account may become overdrawn.

For additional examples describing scenarios for an account in overdraft status and an account with multiple temporary credit reversals, please click HERE for EIP 3 examples and click HERE for EIP 2 examples.

IRS Payment Information Center

The IRS has launched a new Get My Payment website which allows you to confirm and track your stimulus payment status as well as your payment method.  You can also visit the IRS FAQ page for the most up-to-date answers to your questions, including:

  • Will I get a payment?
  • How much will it be?
  • How and when will I receive it?
  • Do I need to do anything to get it?
  • What if my direct deposit information has changed, or I want to add it for the first time?
  • What if the amount is different from what I was expecting?
Woman depositing a check on her phone

Tools to help track your payments

  • Sign up for Online and Mobile Banking. It gives you 24/7 access to your finances and the ability to create a direct deposit alert delivered via email or text message.
  • Deposit checks from anywhere, using your mobile device. Just snap a picture and click.  Watch this video to learn how.
  • Download the Union Bank App to review your accounts, deposit checks, and more.

FAQs

If my account is closed and the IRS tries to deposit into it, what will happen?

We will attempt to redirect your stimulus payment to an alternate Union Bank account with the same account ownership. If we are unable to do so, the EIP will be returned to the IRS. Please refer to www.irs.gov/coronavirus/economic-impact-payments for information on your payment status.

Will I receive a 1099 for this amount? Will it be taxable?

Union Bank will not be sending a 1099 for the economic impact payments. We ask that you please contact your tax advisor for information on how this impacts you.

How can I access my funds if I receive my stimulus on an EIP Debit Card?

For a printable version of this FAQ click here

Some of the ways you may access the funds on your EIP Debit card1 include:

  • Cash from an ATM (Fees may apply)2
  • In-person purchases
  • Online purchases
  • Cash-back from participating merchants
  • Transfer EIP funds to a bank account online at www.EIPCard.com

1For a complete list of ways to access funds held on your EIP Debit Card and for additional details and fees please visit www.EIPCard.com  

2To find a surcharge free ATM please visit https://www.eipcard.com/locator.  Individuals using a Union Bank ATM will incur a $3.00 surcharge.

  • Union Bank clients with an open consumer or business checking, savings or money market account who use a Union Bank ATM to withdrawal funds from their EIP Debit Card can request that the Union Bank ATM surcharge be reversed into their Union Bank account by visiting a branch or calling 1 (800) 238-4486 Monday-Saturday 8:00 a.m. to 5:00 p.m. PST.

Can I use a Union Bank ATM to withdraw cash from my EIP Debit Card?

For a printable version of this FAQ click here

Yes, Union Bank ATMs can be used to withdraw cash from an EIP Debit Cards.  When using a Union Bank ATM, you will incur a $3.00 surcharge - that fee may be reversed for Union Bank clients1 upon request. 

Additional fees and limitations may apply (Union Bank is not an AllPoint® ATM provider, Out-of-network ATM fees will apply2), please visit www.EIPCard.com to review the MetaBank® N.A. Economic Impact Payment Cardholder Agreement for more information.

1Union Bank clients with an open consumer or business checking, savings or money market account who use a Union Bank ATM to withdraw funds from their EIP Debit Card can request that the Union Bank ATM surcharge be reversed into their Union Bank account by visiting a branch or calling 1 (800) 238-4486 Monday-Saturday 8:00 a.m. to 5:00 p.m. PST

2To find a surcharge free ATM please visit https://www.eipcard.com/locator.  Individuals using a Union Bank ATM will incur a $3.00 surcharge.

What is the process to withdraw cash from my EIP Debit Card using a Union Bank ATM?

For a printable version of this FAQ click here

Please follow the steps below when using a Union Bank ATM to withdraw cash from your EIP Debit Card.

  • Insert Card
  • Enter PIN1
  • You will be offered an opportunity to review your balance – select NO to not view your balance and not incur a balance inquiry fee.  Viewing your balance will result in a Balance Inquiry Fee2
  • Select WITHDRAW
  • Choose CHECKING
  • Enter the amount you would like to withdraw – applicable fees3-4 will be deducted from Card Balance, please enter withdrawal amount minus any applicable fees – then select OK
  • Select Receipt, the Checking 1 then Yes and Return Card

1 EIP Debit Card must be activated and a PIN must be selected.  if you have not activated your EIP Debit Card and/or selected a PIN please call 1 (800) 240-8100 or visit www.EIPCARD.com

2 Visit www.EIPCard.com to review the MetaBank® N.A. Economic Impact Payment Cardholder Agreement for more information.

3Union Bank clients with an open consumer or business checking, savings or money market account who use a Union Bank ATM to withdraw funds from their EIP Debit Card can request that the Union Bank ATM surcharge be reversed into their Union Bank account by visiting a branch or calling 1 (800) 238-4486 Monday-Saturday 8:00 a.m. to 5:00 p.m. PST

4To find a surcharge free ATM please visit https://www.eipcard.com/locator.  Individuals using a Union Bank ATM will incur a $3.00 surcharge.