EIP2: Update on the 2nd Round of Economic Impact Payments

LAST UPDATED ON: January 6th @ 12:32 PM

The Internal Revenue Service and the Treasury Department has begun delivering a second round of Economic Impact Payments (EIP) as part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 to millions of Americans who received the first round of payments earlier this year. 

We understand how important these relief funds are to you and your family, and will post them via direct deposit as they are received.  We’ve created this information guide to help answer as many questions as we can— to the best of our ability and with information available to us at this time. We encourage you to visit the IRS.gov website frequently for more information.


Jan. 6th EIP2 UpdateS:

Don’t Try to call The IRS or Your Bank- The "Get My Payment" tool Is Finally Live

The IRS is has asked that taxpayers not call them— or their financial institutions— for answers on their status or eligibility for the second EIP stimulus. IRS phone operators do not have additional information beyond what’s available on the IRS.gov website.

If you're worried and you're waiting for your money, your best bet is to visit the IRS.gov website and utilize their now live GET MY PAYMENT tool to check the status and view FAQs for information. 

Here’s what this tool may show you:

  • the status of your stimulus payment
  • confirm your payment type - paper check, debit card, or direct deposit
  • a projected delivery date
  • If the tool shows “Payment Status #2 - Not Available” then you will NOT receive a second payment ahead of filing your 2020 taxes— This means that the IRS cannot determine your eligibility for a payment right now. There are several reasons this could happen, including: You didn’t file either a 2018 or 2019 tax return; or Your recently filed return has not been fully processed.

According to the IRS, data is updated once per day overnight, so there's no need to check more than once per day.

Accessing the Get My Payment Tool

In order to use the Get my Payment tool, you’ll need to verify your identity by answering their security questions. You should expect to provide:

  • Social Security Number (SSN) or Individual Tax ID Number (ITIN)
  • Date of birth
  • Street address
  • Five-digit ZIP or postal code

If you filed a joint tax return in 2019, either spouse can access the portal by providing their own information for the security questions used to verify a taxpayer's identity. Once verified, the same payment status will be shown for both people.

Depending on your specific circumstances, you might not be able to access the portal at all. This may be the case if:

  • You didn't file a 2019 tax return
  • You didn't use the IRS Non-Filers tool by November 21, 2020,
  • You receive Social Security payments or other federal benefits, and the IRS doesn't have enough information from the appropriate federal agency to process your payment.


Get My Payment Tool Troubleshooting

If you answer the verification questions incorrectly 3 times within 24 hours, you will be locked out for 24 hours. Unfortunately, there’s no fix for that and the IRS says not to not contact them as they will not be able to assist you.

If you receive an error message when entering your information for the first time, here are a few tips to avoid the lock-out:

  • Double-check your answers to the information requested before submitting
  • Try entering your street address in a different way (for example: 123 N Main St instead of 123 North Main St.)
  • Use the US Postal Service’s ZIP Lookup tool to enter your address exactly as it appears on file with the Postal Service


There May Be Glitches for some...

The IRS has also stated that due to the speed of the deployment of payments, there may be glitches and errors.

Some payments may have been sent to an account that may be closed or no longer active. If this happens, financial institutions will then have to return the money to the IRS. By law, the financial institution cannot hold and issue the payment to an individual when the account is no longer active.

This is obviously not ideal as it will not be a quick process to sort out and correct.

The Internal Revenue Service has stated, "While the IRS is exploring options to correct these payments, if you have not received your full payment by the time you file your 2020 tax return, you may claim the 'Recovery Rebate Credit' on your tax return.” Read more about this credit in the this article below.


Checks and Debit Cards Are Still Being Mailed out in Batches

Some checks went out Dec. 30 and will continue to be sent through January. The IRS has stated:

"Mailed payments will require more processing and mailing time. Those who reside abroad will have longer wait times for checks as disruptions to air travel and mail delivery in some countries will slow delivery." 

It is possible that you will receive your second stimulus on a plastic Visa debit card issued by MetaBank— even if you received a paper check for the first Economic Impact Payment sent in 2020. 

The Economic Impact Payment Card will be sent in a white envelope that prominently displays the U.S. Department of the Treasury seal. For more information about these cards, you can visit: EIPcard.com.

IRS says it may take three to four weeks to get the payment.

The IRS has not disclosed how they are determining who will receive a check vs a card, however we will continue to monitor and report as more information is available.

Once again, please use the now live GET MY PAYMENT tool to check the status and view the IRS FAQs for more information. 

Also check out our EIP 2 Calculator below in this article to estimate how much you may receive.



Second Round of Economic Impact Payments: What to Expect

The second stimulus package includes a $600 payment to eligible recipients. As a reminder, 121 Financial Credit Union only processes the payments as they are issued and received and for the date that they are issued. We are unable to access information on the status or eligibility of payments. 


Am I Eligible For the Second Round of Economic Impact Payments?

As much as we wish we did, we unfortunately do not have access to any information on the current or future status of any payments or your payment eligibility.

According to the information provided on IRS.gov:

Generally, U.S. citizens and resident aliens who are not eligible to be claimed as a dependent on someone else’s income tax return are eligible for this second payment.  Generally, if you have adjusted gross income for 2019 up to $75,000 for individuals and up to $150,000 for married couples filing joint returns and surviving spouses, you will receive the full amount of the second payment. For filers with income above those amounts, the payment amount is reduced. 

Visit the IRS EIP eligibility FAQ page for more information: https://www.irs.gov/newsroom/economic-impact-payment-information-center-topic-a-eip-eligibility


EIP2 Calculator: How Much Should I expect to Receive?

Second EIP Estimation Calculator



The size of your direct cash payment will depend entirely on your adjusted gross income (AGI) and tax filing status (2019 taxes were due by July 15, 2020).  Here are the maximum amounts, though these limits are dependent on the AGI tier you fall within:

  • Single filers can receive up to $600.
  • Joint filers (married couples) can receive up to $1,200.
  • Families receive an additional payment of $600 per qualifying child under the age of 17. If you claimed your child as a dependent and they are over age 17, you will not be eligible to receive $600 extra on your stimulus check. Your child will not qualify for a stimulus check of their own either.

View the IRS Calulate My EIP fact sheet here: https://www.irs.gov/pub/irs-utl/how_do_I_calculate_my_eip.pdf


Do I need to Do Anything to Receive My Payment?

Payments are automatic for eligible taxpayers who filed a 2019 tax return, those who receive Social Security retirement, survivor or disability benefits (SSDI), Railroad Retirement benefits as well as Supplemental Security Income (SSI) and Veterans Affairs beneficiaries who didn’t file a tax return.

Payments are also automatic for anyone who successfully registered for the first payment online at IRS.gov using the agency’s Non-Filers tool by November 21, 2020 or who submitted a simplified tax return that has been processed by the IRS.


I was not required to file taxes in 2019, am I still eligible to receive a payment?

We encourage you to visit IRS.gov for the latest information on program eligibility and individual benefit payments.


What about people on Social Security?

People on Social Security — retirees and those on disability and supplemental income — are eligible to receive the coronavirus relief payment as long as their total income does not exceed the limit. The Treasury Department has clarified that people on Social Security who do not normally file a tax return will automatically receive the payment. They do not need to file anything else.

Americans who received regular payments from the Railroad Retirement Board or the Department of Veterans Affairs also qualify automatically for the $600 payments.


What happens to people who earned too much in 2019 to be eligible, but lost their job in 2020? 

This is a really tough situation. Unfortunately, these workers are not eligible for $600 checks right away. They would get the rebate when they file their 2020 taxes in the spring of 2021.


Where is the IRS getting My Information From?

The second stimulus payments are only being issued based on information the IRS already has on file such as:

  • Your 2019 tax return
  • The IRS online registration tool for non-filers used for first-round stimulus checks
  • The "Get My Payment” tool, if entered before December 22, 2020
  • A federal agency that sends benefits to you (e.g., Social Security Administration, Veteran Affairs, or Railroad Retirement Board).


What is the Recovery Rebate Credit?

Eligible people who don't receive one or both Economic Impact Payments or didn’t get the full amount for which they’re eligible can claim a Recovery Rebate Credit when they file their 2020 tax return in 2021.

The Economic Impact Payment is actually an advance payment for the Recovery Rebate credit. If you receive the EIP 2 payment, you will not be able to also claim the credit on your taxes.

Learn more at: https://www.irs.gov/newsroom/recovery-rebate-credit


Direct Deposit EIP

As with the first round of payments under the CARES Act, most recipients will receive these payments by direct deposit. If you received your payment this way the first time around, you can expect a direct deposit again for this second payment.

For Social Security and other beneficiaries who received the first round of payments via Direct Express, you will receive this second payment the same way.

The initial direct deposit payments had already been deposited into some accounts starting on the evening of December 29th, 2020 and will continue into the following weeks.


How do I know If I’ve RECEIVED a Direct Deposit?

You can check your account online and by mobile app access. Visit our Personal Online Banking page for information on ways to access your accounts online.

Please be aware that our branches and contact center are experiencing longer than normal wait times and we greatly appreciate your patience at this time.



Paper Check And Debit Card EIP

Anyone who received the first round of payments earlier this year, but didn’t receive a payment via direct deposit, will generally receive a check or, in some instances, a debit card. 

Please note that the form of payment for the second mailed EIP may be different than for the first mailed EIP. Some people who received a paper check last time might receive a debit card this time, and some people who received a debit card last time may receive a paper check.

Paper checks have begun to be mailed out by the IRS on Wednesday, December 30.


What should I look for If I’m Expecting a Check or Debit Card?

IRS and Treasury urge eligible people who don’t receive a direct deposit to watch their mail carefully during this period for a check or an Economic Impact Payment card.

The Economic Impact Payment Card will be sent in a white envelope that prominently displays the U.S. Department of the Treasury seal. It has the Visa name on the front of the Card and the issuing bank, MetaBank®, N.A. on the back of the card.

Information included with the card will explain that this is your Economic Impact Payment. More information about these cards is available at EIPcard.com.


Is my account eligible for Mobile Deposit?

Mobile Deposit is a free service that allows you to use your smart phone or tablet to deposit a check conveniently into your 121 Financial account.  To take advantage of this feature, you will need a 121 Financial account, be enrolled in online banking and have our mobile banking application.

Your account is eligible provided it meets the following conditions: your account is not frozen for any reason, you have not mishandled your account and/or services or you have not defaulted on any agreement(s) with 121 Financial.  Agreements include but are not limited to an account agreement, a loan agreement or a Privilege Pay repayment plan.


How Do I Make a Mobile Deposit?

  1. Make sure your check is properly endorsed; the words “For Mobile Deposit at 121FCU” must be written under your signature.
  2. Open the 121 Financial mobile banking application and log into your account.
  3. Click the Menu button, then click the down arrow next to Services on the menu.  Next, click on Deposit Check.
  4. Follow the prompts to select the account to receive the deposit and the amount.  Then click on the Capture Image button.
  5. When taking a picture of your check, use the following guidelines to ensure you have a clear and readable image:
    • Place the check on a flat surface with a dark background.  The image should line up within the image box on your screen.
    • Take the picture in a well light area and avoid casting shadows on the image.
    • Hold the camera still to avoid any blurriness.
  6. Click Submit Deposit once completed.
  7. Keep a copy of your paper check for 14 calendar days once your deposit has been accepted.


When will my account be credited with my Mobile Deposit?

Each business day, Mobile Deposits are posted after 3pm EST.  Business days are Monday through Friday, excluding holidays.  Deposits using this service are not subject to the funds availability of Federal Reserve Board Regulation CC.  Generally, the first $225 of your deposit will be available after your deposit is posted unless your account is open less than 30 days.


How Do I install the 121FCU Mobile App?

The 121FCU mobile app is available on both the Apple App Store and on Google Play. Check out the short video below for a quick overview. 



How do I find out if the IRS is sending, or Will Send me, a payment?


IRS Get My Payment Tool

You will be able to check the status of both your first and second payments by using the Get My Payment tool, available in English and Spanish, only on the IRS website at: IRS.gov/GetMyPayment.

The tool is currently being updated with new information, and the IRS anticipates the tool will be available again in a few days for taxpayers.

Please also visit the Get My Payment Frequently Asked Questions page to answer your questions about using the application, eligibility, payment amounts, and more.


Avoiding Scams

As with the last round of direct payments, be on the lookout for potential scams from phishing emails, phone calls and texts, spoofed numbers, copycat websites, social media posts and messages, and more.

Scammers will use any method they can to gain access to your personal information or your payment itself. Visit our article on avoiding Coronavirus Scams for more information on how to keep your finances and personal information safe and secure.

121 Financial, nor any other financial institution, will ever call you and ask for specific account details or personal information. If you get a suspicious call like this from someone claiming to be from 121 Financial, please hang up and call us at 904-723-6300.


Will the IRS Contact Me Directly about my EIP?

The IRS isn't going to call you asking you to provide or verify your financial information so you can get an Economic Impact Payment or your refund faster. Visit to IRS.gov for the most up-to-date information.

  • The IRS will not call, email, or text you to verify or request your financial, banking or personal information.
  • Watch out for websites and social media attempts to request money or personal information. IRS.gov is the official website.
  • Don't open unexpected emails that look like they're coming from the IRS or click on any attachments or links.
  • Don't engage potential scammers in any way. Forward suspicious emails to phishing@irs.gov


Please stay tuned as we will continue updating this page as more info becomes available. Thank you for being a valued member!

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