About Us Economic Impact Payments

A provision of the CARES Act calls for Economic Impact Payments (EIP) – also called stimulus payments - to be paid to eligible Americans. Please refer to the FAQs below for more information.
 

1. What do I need to know about the new guidance for EIP issued by the IRS on May 6, 2020? 
The IRS updated its guidance by advising that individuals who are incarcerated, are non-resident aliens, or who died before the payment was received are not entitled to an Economic Impact Payment. The individual or their representative should return the payment via check to the IRS. For more infromation, please visit the IRS website

2. How large a payment will I receive?
The CARES Act outlines the parameters of who is eligible to receive a payment. The Internal Revenue Service (IRS) is the agency responsible for determining eligibility. In general, single adults with an adjusted gross income of $75,000 or less will get $1,200. Married couples earning a combined adjusted gross income of $150,000 or less will receive a total of $2,400. Individual and married taxpayers earning over $75,000 and $150,000 respectively will get reduced payments with full phase-outs at $99,000 and $198,000. There are additional $500 payments for dependent children.
 
For complete eligibility information please visit the IRS website.
 
3. How will the IRS send my payment? 
Your Economic Impact Payment (EIP) will either be directly deposited into your bank account (the one that the IRS has on file) or a check will be mailed to you.
 
If you’re a Social Security (or SSEB) beneficiary who doesn’t need to file taxes, you’ll receive your EIP the same way you receive your benefits, either by direct deposit or by check.
 
If the direct deposit information you have provided in the past is for a bank-issued prepaid debit card, you will receive your funds on that card account.
 
No matter how you receive your payment, the IRS will send you a letter in the mail to the most current address they have on file about 15 days after they send your payment to let you know what to do if you have any issues, including if you haven’t received the payment.
 
4. When can I expect my first payment?
Direct deposit payments were credited to accounts in three waves on the following dates:
  • Wednesday, April 15th
  • Wednesday, April 22nd
  • Wednesday, April 29th
 
5. Can I receive my payment electronically if my current information is not on file with the IRS?
The IRS is developing an online portal so you can check the status of your information and your payment. That portal—which will be called “Get My Payment”—is expected to be available by April 17th. In addition, the IRS has launched a new web tool allowing quick registration for those who don’t normally file a tax return. For the most up-to-date information, visit IRS.gov/coronavirus.
 
While the IRS has extended the tax filing deadline this year from April 15th to July 15th, another option is to file your 2019 taxes as soon as possible with bank routing and account number provided on the form.
 
6. I have a bank account. Can I still receive a paper check?
Yes, but be aware that your payment will be slower than an electronic transfer. Paper checks may be sent out weeks after the direct deposit payments are made.
 
If you are willing to wait, we recommend that you deposit the check through eDeposit. Alternatively, you can make the deposit at a Middlesex Savings Bank ATM or Middlesex Savings Bank drive-thru location.
 
7. My bank account was recently closed. What happens to my payment?
If the bank account on file with the IRS is closed, the payment will be returned. The IRS will then issue a paper check.
 
8. What can I do to prevent fraudsters from accessing my funds?
There will be a large amount of funds disbursed to qualifying individuals. Accordingly, there is a risk for fraud of various types. The IRS has announced various ways individuals can be on guard against these types of bad activities. See the notice.
 
It is important to remember that Middlesex Savings Bank or the federal government will never contact you by telephone, text or email asking for your account information. Do not provide any banking information to anyone claiming to be registering you for your relief payment.