Economic Impact Payments (EIP)

What you need to know about Stimulus Payments

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

As part of the CARES Act, you may be eligible for a stimulus payment if you are a U.S. citizen or resident alien who filed a 2019 or 2018 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 $1,200 for individuals or heads of household and $2,400 for married couples filing jointly. Parents may also receive a $500 payment for each qualifying child. Consult the IRS website to find out your anticipated amount, if any.

Stimulus payments will be sent by the IRS either by direct deposit or check using the bank account information or mailing address provided with your most recent tax filing.  Similarly, if you receive Social Security or other government-funded benefits, your stimulus payment will be sent by direct deposit to the same bank account as your retirement or pension payments.

The IRS will distribute payments in waves over multiple weeks beginning on April 11, 2020.  If you have not yet received a payment, it may still be on it's way to you.  The IRS plans to mail a letter about stimulus payments to the recipient's last known mailing address within 15 days after the payment is sent.  The letter will provide information on how the payment was sent and how to report any failure to receive a payment.

How we are ensuring you get full access to your stimulus payment

We recognize that this is an extraordinarily difficult time for our clients and their families.  In preparation for the Economic Impact Payment (EIP) program we made the decision to amend our overdraft processes to ensure that our clients have access to the full benefits of their stimulus payment regardless of their account balance.

Accounts that are overdrawn at the time the EIP is deposited or cashed will receive a temporary credit to cover the account’s negative balance; giving our clients full access to their stimulus payment. No interest or fees will be charged for this service.

The temporary credit will remain in the account for 90 days, after which it will be reversed, and the amount will become due. If the account is closed before the end of the 90-day period, the temporary credit amount becomes due and our clients will have 45 days to repay. Clients receiving this service will see a transaction labeled ‘Miscellaneous Bank Originated Item’ online and in their statement. If you do not wish to participate, you can simply call your local branch or our client support center at 800-238-4486 and we can reverse it for you.

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 confirm your payment preference for direct deposit or check and / or update your mailing address.  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?

Tools to help track your payments

  • Download the Union Bank App to review your accounts, deposit checks, and more. Click for the iphone or android App.
  • Log in to your Online Banking account 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


If my payment doesn’t come soon, how can I be sure that it wasn’t misdirected?

According to the IRS, you will receive a letter in the mail within 15 days after your payment has been disbursed. That notice will contain information about how the payment was made. We recommend contacting the IRS directly with questions about your economic impact payment.

If I have an outstanding garnishment and Legal Process that has debited my account in the past, can they touch this money?

While the CARES Act suspended certain debt owed to certain federal and state agencies, payments can still be subject to garnishments.

Can you stop the direct deposit of my EIP so I can get a check instead?

Unfortunately, we are unable to change how the IRS disburses the economic impact payment to you. You can visit the GET MY PAYMENT portion of the IRS site to set your preference for a paper check. Union Bank recommends Direct Deposit for faster access to your stimulus payment.

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 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.