Economic Impact Payments (EIP)

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.

In preparation for the third round of stimulus payments, we made the decision to amend our overdraft processes to provide you access to stimulus payments in their entirety for clients who deposit their Economic Impact payment into a Union Bank deposit account via a check or direct deposit. 

If at the time your stimulus payment is deposited (via Direct Deposit from the Treasury or EIP Stimulus 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 receive their EIP stimulus via pre-paid debit card or 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. You will see this transaction labeled as “Miscellaneous Bank Originated Item” online and in your statement.  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 has been or is overdrawn for 45 consecutive calendar days, the temporary credit will become due and the account will be closed, even if it’s before the end of the 90-day period. If you do not wish to participate in this service, we can reverse the temporary credit when you contact a branch. To find your local branch, visit our branch locator.  If you deposited your Economic Impact Payment 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. 

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:

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:

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

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?