IRS Economic Impact Payments, CARES Act

Nothing is more important to WCTFCU than the health, safety and financial security of our Members.

We are committed to helping you navigate through these uncertain times, by providing reliable information, products, services and resources on which you can depend. Below you will find timely, relevant information with regard to Economic Impact Payments as part of the Federal Coronavirus Aid, Relief and Economic Security Act (CARES Act).

On Friday, April 10, the Internal Revenue Service issued 75 million Economic Impact Payments by direct deposit to qualified Americans with the funds to be available in accounts on April 15. Additional electronic payments will be released throughout April.

These payments are based on 2018 and 2019 tax filings. Individuals who did not file for electronic returns for 2018 or 2019 filings will not receive direct deposit payments via ACH. Instead, these qualified individuals will receive payment by check in the mail in the coming weeks.

Best Resource For all available information on these payments, including details on how to calculate the amount of your potential payment, please visit the online IRS Economic Impact Payment Information Center at https://www.irs.gov/coronaviru...

With this in mind WCTFCU provides to you the following FAQs, tips and helpful information for your security and convenience.

FAQs

Q. How will I receive my Payment? Paper or Digital?
A. If you qualify for a payment, and filed a 2019 or 2018 tax return, your payment will be deposited directly into the same account used for tax filing purposes. You have until July 15, 2020 to file for 2019. So, you do not need to be concerned if you have not yet filed your 2019 taxes. For most tax payers, payments are automatic and no action is needed. For example, if you receive your Tax Refund through a direct deposit to your WCTFCU Share Savings Account, this is how you will receive your Economic Impact Payment. If you receive your Economic Impact Payment as a paper check, you can deposit this check using all of the usual methods other than in-branch lobby visits. Options include mobile deposit using the WCTFCU App, a deposit through one of our 3 branch-based ATMs, or during business hours at our Drive-Thru’s.

Q. When will I receive my Payment?
A. Economic Impact Payments are being distributed by the IRS in waves. If someone you know has received theirs, but you have not yet received yours, it is not a cause for concern.

Q. Will I have to pay this money back?
A. No. You will not have to pay this money back. It is paid by the US Treasury, from our tax dollars.

Q. What is the best way for me to use my Economic Impact Payment?
A. Only you will know what is best for you right now. Take into consideration your immediate needs, prioritize them and then apply your Payment where it will address your most pressing concern(s) which might include: shelter (rent/mortgage), food, medicine, medical care, monthly bills, paying your 2019 taxes (due July 15, 2020), debt reduction, emergency savings, home improvement, an IRA, or a donation to a legitimate charity.

Q. What scams should I be aware of? And what is legitimate?
A. The IRS and Federal Trade Commission (FTC) are warning of scam solicitations related to COVID-19 and the Economic Impact Payments. These scams are designed to steal your personal information and/or money. The IRS will not send you an email regarding your Payment. The IRS will send a paper letter to your last known address, within 15 days after your payment is paid. The letter will provide secure information on how your payment was made, and how to report any failure to receive the payment. Learn more at the IRS.gov link provided above.

Here are some examples of scams:
• Telephone Calls or emails that fraudulently ask you to pay a fee, or supply private personal information, in order for you to get your Economic Impact Payment. The government will never ask you to pay up front to get your payment.

• The funds are distributed by the US Treasury. You will receive your payment the same way you receive your Tax Refund. The government will never call you, or email you, and ask for your Social Security number, PayPal account or credit union/bank information.

• There are no rush jobs. Nobody will have early access to this money. Anyone who tells you they can get you your money faster is a scammer.

Call WCTFCU if you have questions, and before you click through to any offer that seems too good to be true…

Here for You. WCTFCU remains open to serve you. Although the branch lobbies are temporarily closed, our drive-thru’s are open, and our Lending Department and our Member Service Department remain fully staffed. Additionally, our 24/7 digital resources (wctfcu.com, mobile app, online banking, ATMs, etc.) are always available.

For more information on WCTFCU’s response to COVID-19, including special products, services and assistance for our Members, please visit our website COVID-19 Information pages found at https://www.wctfcu.com/About/news/covid-19-wctfcu.

Take care,

WCTFCU
Your Credit Union