We expect the Internal Revenue Service and the Treasury Department will soon be delivering a third round of Economic Impact Payments to eligible Royal Credit Union Members. Here's some important information about these payments.
No Action Is Needed To Receive Payments
Most importantly, no action is required for eligible individuals to receive the payments.
The payments are completely automatic. Because payments are initiated by the IRS, Royal Credit Union doesn't have information about when a specific individual will receive the payment. Most recipients will get the payments as a direct deposit into their Royal accounts.
How To See If You’ve Received Your Payment
The easiest way to determine if you have received your payment is to check your balance in online banking or our mobile app. If you are expecting a payment, we recommend you set up real-time alerts to automatically receive a notification when the payment arrives in your account. Our virtual assistant Val® also provides the ability to check your balance and recent transactions from the chat window right here on rcu.org.
What To Do If You Have Questions
Because payments are initiated by the IRS, Royal doesn't have information about when your payment might arrive. Like any other transaction, we post all payments to our Members’ accounts as soon as we receive them.
Note that the IRS will attempt to deposit payments to the account they have on file from your income taxes. For example, if you had your income tax refund sent to a third party tax processor to deduct tax preparation fees, the IRS may attempt to deposit your payment to the third party's account. We expect the IRS will soon update their IRS Get My Payment portal to determine what account may have been used.
The IRS Get My Payment portal may also be a helpful resource for questions about eligibility and payment status. More information, including answers to other frequently asked questions about payments, is expected to be available soon on the IRS Economic Impact Payment website. Payments are initiated by the IRS, so Royal is not able to change your account information on file with the IRS or contact a third party tax preparer about your payment.
Watch Out For Fraud And Scams
Royal doesn’t need any info from you to process your payment, and we will never call you and ask you to provide your account number or online banking username and password. During the last round of stimulus payments, we saw scammers spoofing Royal’s caller ID number and claiming that they needed people’s info to get them their payment. Don’t fall for these criminals, and remember that you can always ask us for help if you think something is fraud.