ASSISTING OUR CLIENTS Economic Impact Payments frequently asked questions

Recently, as part of an emergency coronavirus relief package, the U.S. Federal Government began delivering Economic Impact Payments, also referred to as “stimulus checks” to eligible Americans. For information about these payments, see our FAQs below and visit the IRS Second Economic Impact Payment FAQs for further details.

General questions
Receiving payment
Tracking payment status
Avoiding scams

General questions

What do I need to know about my Economic Impact Payment?

  • The IRS will distribute payments using the information that the IRS has on file for each eligible individual or family.
  • For most of the recipients, payments will be deposited directly into the same bank account that they have most recently used to receive a tax refund or monthly Social Security payment. Others will receive paper checks or prepaid debit cards in the mail, at the address that the IRS has on file for that individual.
  • Banks, including Bank of America, cannot and do not provide personal account or address information to the IRS.
  • Direct deposits are posted for open accounts on the effective date set by the Treasury.

Am I eligible for the new round of stimulus, and when will my payment arrive?
Contact the IRS.

  • The IRS Second Economic Impact Payment FAQs has detailed information on eligibility, requesting, calculating and receiving payments; including information on how to apply for the Recovery Rebate Credit.
  • The IRS Get My Payment website can provide you information about the status of your payment, and payment type (direct deposit or mailed) for each round of payments.

What should I do to return an Economic Impact Payment (EIP)?

To learn what you need to do to return an Economic Impact Payment check or direct deposit, visit the IRS Economic Impact Payment Information Center website.

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Receiving payment


How do I know if I received a payment electronically?
Check your account without leaving home.

  • Monitor your account and take care of everyday banking needs using our Mobile Banking app1 or in Online Banking.
  • Set up a direct deposit account alert2 to tell you when direct deposits post to your account.
  • The description of the deposit in your account will include the words "IRS” and TAXEIP”

How can I deposit my paper check without visiting a Financial Center?

How can I access and use my funds quickly?
Use your debit card to pay and get cash.

  • Use your debit card to make purchases and withdraw cash from one of our ATMs.
  • We have thousands of ATMs — use our ATM locator to find one now.
  • You can check your balance, send money to friends and family and pay bills using our Mobile app.
  • If you visit the Financial Centers, please expect longer lines as we ensure physical distancing and other safety measures to protect our clients and associates.

I received a prepaid debit card for my Economic Impact Payment (EIP). How can I access these funds?

Visit www.eipcard.com for more information on how to use the card, which is issued by MetaBank, N.A.

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Tracking payment status

The IRS has bank information from a previous tax return that is no longer current. What should I do?

If you have not received your full payment by the time you file your 2020 tax return, the IRS has stated you may claim a Recovery Rebate Credit on your tax return. Check with your tax consultant or the IRS website for more information.

Why isn’t my direct deposit showing up in my account?

  • All direct deposit payments are posted to open accounts on the effective date set by the Treasury.
  • Visit IRS Get My Payment to track the status of your payment.

I don’t recognize the account number the IRS sent my payment to? How do I get my payment?

The IRS Second Economic Impact Payment FAQs can help you identify which accounts you may have elected for a tax refund, which may have included a refund through a tax preparer account.

What happens if my direct deposit went to my closed account?

  • In the event that a payment is sent to a closed account, the IRS requires Bank of America reject and return the payment.
  • Visit the IRS website for more information on how to receive your payment.

I have questions about the amount of my payment. Who can help me?

  • Visit the IRS Second Economic Impact Payment FAQs for information regarding eligibility, requesting, calculating and receiving payments.
  • You can check status of your payment, payment type (direct deposit or paper check) and how to set up a direct deposit if available at IRS Get my Payment.
  • Our Financial Center and contact center associates will not have information on Economic Impact Payment eligibility, timing or distribution. These payments are decided and distributed solely by the IRS.

I still haven’t received my payment. Where is it?

  • The Internal Revenue Service (IRS) is responsible for the timing, amount and distribution of these payments.
  • The IRS has indicated that they have distributed all ACH/electronic payments associated with this new round of stimulus. Any further payments will be sent via paper check or prepaid debit card.
  • Visit IRS Get my Payment to track the status of your payment.

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Avoiding scams

What can I do to help protect against fraud?
Take these steps.

  • Check the IRS website for information about your payment status and account information.
  • Make sure your contact information is accurate in your account.
  • Set up security and account alerts.
  • Remember, if we need to reach out to you, we'll NEVER ask for personal or financial information or an access code through email, text, or unsolicited calls.
  • Visit our Security Center or the Federal Trade Commission's Coronavirus Scam Tips for tips on how to recognize potential scams and learn more about how to keep your accounts secure.

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