Economic Impact Payments (EIP) and How We Can Help

USAA Commuunity Stimulus Payments and How We Can Help.jpg

 

Updated January 18, 2021 

 

As many are still faced with challenges during the COVID-19 pandemic, USAA is continuing to process Economic Impact Payments (commonly referred to as stimulus payments) from the government as quickly as possible.

 

Just before the new year, the US government signed a bill approving a second round of Economic Impact Payments for Americans of up to $600 for individuals, up to $1,200 for married couples filing jointly and up to $600 per dependent child, based on earnings from your 2019 tax filing.

 

Status of Economic Impact Payments

At this time, USAA has processed all EIP direct deposit payments received to date. If any additional direct deposit payments are issued, we will continue to process them as we get them. 

 

If you have questions related to your eligibility for the Economic Impact Payment or the status of a payment, visit IRS.gov. The IRS is advising those who expect a payment and don’t receive one to file their 2020 tax return electronically and claim the Recovery Rebate Credit on their tax return to get their payment and any refund as quickly as possible.

 

We’re continuing to provide full access to Economic Impact Payments for deposit account holders in good standing, even if those accounts have a negative balance.

 

Track My Payment

Setting up alerts through the mobile app or on USAA.com is the best way to track your payment. Monitoring your account activity this way is also just a wise idea to help protect yourself against fraud on an ongoing basis. Log on to the mobile app or USAA.com to set up alerts today.  

 

It’s expected that more Americans will receive paper checks than in the first round of stimulus payments, based on a number of factors. Even if you received a direct deposit in the past, you may receive a paper check or prepaid debit card from the IRS for current or future Economic Impact Payments. 

 

Deposit Paper Checks

If you receive a paper check, you can deposit it into your USAA account quickly and securely, without leaving home. Simply log on to the USAA mobile app, snap a photo of both sides of the check using Deposit@Mobile®1 and you’re done! Or, you can log onto USAA.com using your computer and use Deposit@Home®. In most cases, your funds will be available right away.

 

Another option for depositing a paper check is via ATM with check depositing functionality. Use our ATM Locator to find one near you.

 

Find more information on USAA’s response to COVID-19, and how we’re focused on helping members and the community at usaa.com/coronavirus.

 

How Do the Elements of the New Coronavirus Response and Relief Supplemental Appropriations Act of 2021 Affect You?

Back in April, my colleague, JJ Montanaro, wrote about these unprecedented times in his excellent post on the CARES Act. Nine months later, the situation is even more complex. To help Americans get back on our feet, the president just signed a massive new bill – coming in at more than 5,550 pages. The new law combines fiscal year 2021 funding for the federal government with a $900 billion COVID-19 relief package. Since many of the benefits are extensions of the CARES Act (covered in JJ’s earlier article), I’ll focus on some of the important additions and changes stemming from this new law.

 

Key Updates for Individuals

  • Direct cash payments. For those eligible individuals and households, a new round of EIP payments is coming. Payments of $600 will be made to individuals making $75,000 per year or less, with pro-rated amounts paid to those making up to $87,000, and $1,200 payments will be made to couples making up to $150,000 per year based on their 2019 income, with pro-rated amounts paid to couples making up to $174,000. Individuals and couples will also receive up to $600 for each dependent.

  • Expanded unemployment benefits. The new law provides direct financial aid to hard-hit workers through the following benefits:
    • Direct payments of $300 per week through the Federal Pandemic Unemployment Compensation (FPUC) program to supplement all state and federal unemployment benefits, starting after December 26, 2020, and ending March 14, 2021.
    • Extension of the Pandemic Unemployment Assistance (PUA) program, which provides continued unemployment assistance to the self-employed, freelancers, gig workers, part-time workers and other individuals in non-traditional employment. The law also increases the number of weeks of PUA benefits an individual may claim from 39 weeks to 50 weeks.
    • Continuation of the Pandemic Emergency Unemployment Compensation (PEUC) program available to workers who have exhausted their regular state unemployment benefits, increasing the number of weeks available for PEUC benefits from 13 to 24 weeks.

 

  • Emergency rental assistance & eviction moratorium. For families impacted by COVID-19 and struggling to pay rent, the law establishes the new Emergency Federal Rental Assistance Program with funds to be distributed by state and local governments. The new measure includes assistance for past due rent and future rent payments, as well as utility and energy bills to prevent shutoffs. The law also extends the existing eviction moratorium in effect to Jan. 31, 2021.

 

  • “Payroll tax holiday” repayment. As you may recall, under the “payroll tax holiday”, participating employers were able to defer 6.2% of employees’ paychecks starting Sept. 1, through Dec. 31, 2020. The deferral was mandatory for military service members, Defense Department civilians and federal workers. Under the new law, employers will have until December 31, 2021 to recoup the deferred taxes. Spreading the repayment across a much larger number of pay periods should help minimize the short-term decrease in income for workers.

 

  • New provisions for small business. The bill includes $284 billion for the Small Business Administration Paycheck Protection Program (PPP) and extends the PPP through March 31, 2021. It provides the option of a second forgivable PPP loan for the hardest-hit small businesses and nonprofits, expands PPP eligibility and establishes dedicated set-asides for lending to underserved areas. Visit www.sba.gov to learn more.

This wraps up a small glimpse of this comprehensive stimulus package. If you think you are affected by any of the provisions in this new bill, you’ll need to do your homework and seek appropriate tax and legal counsel as needed. Visit http://www.usa.gov/coronavirus for more guidance.

 

About the Blogger: Robert Steen is a Certified Financial Planner® professional and is the Advice Director for Retirement & Complex Planning at USAA. He is responsible for developing USAA’s points of view regarding all aspects of retirement, estate and tax planning.

 


Eligibility for USAA Deposit@Mobile® and Deposit@Home® will be based on your account history with USAA Bank. Deposits may not be available for immediate withdrawal. USAA's Deposit@Mobile and Deposit@Home products, including the corresponding portions of this website or application, may be covered by one or more of the following United States Patents.

 

NC1220

63 Comments
TheTruth100
New Member

People who have Navy Federal Credit Union recieved their payments this morning. When will we be getting ours?

LyleB
New Member

When will we be receiving our payments from Usaa??

Eledemar
Contributor

USAA is usually dropping DD's way before everyone else. What gives.

USAA Social Service
USAA Service
USAA Service

@TheTruth100, Thanks for reaching out to us. We understand the IRS and treasury department have begun the processing of the stimulus payments. We posit direct deposits as soon as we receive the deposit information from the government. Regrettably, we do not know when it will reach each individual's account. USAA Bank expects the payments to be processed in phases by the government. I recommend setting up Account Alerts which will notify you by text or email when your deposit posts.- Ben

USAA Social Service
USAA Service
USAA Service

@LyleB,  Thanks for reaching out to us. We understand the IRS and treasury department have begun the processing of the stimulus payments. We post direct deposits as soon as we receive the deposit information from the government. Regrettably, we do not know when it will reach each individual's account. USAA Bank expects the payments to be processed in phases by the government. I recommend setting up Account Alerts which will notify you by text or email when your deposit posts.

USAA Social Service
USAA Service
USAA Service

@Eledemar,  Thanks for reaching out to us. We understand the IRS and treasury department have begun the processing of the stimulus payments. We post direct deposits as soon as we receive the deposit information from the government. Regrettably, we do not know when it will reach each individual's account. USAA Bank expects the payments to be processed in phases by the government. I recommend setting up Account Alerts which will notify you by text or email when your deposit posts. - Ben

Rich3731
Occasional Visitor

The blog talked about the tax holiday. Am I to understand that the repayment will be repaid over the course of 2021 vs the first four months for AD military ?

J.J. Montanaro USAA
Community Manager
Community Manager

Hi @Rich3731 

Thanks for reading. That’s correct. The legislation Robert provided an overview of above included a provision that extended the payroll tax repayment over all of 2021. That will lessen the impact on your cash flow. DFAS acknowledged the change and I’d follow their communications/website for additional updates. Happy New Year!

 

 

Lchandler01
Occasional Visitor

Posting 

USAA Social Service
USAA Service
USAA Service

Thanks for reaching out @Lchandler01 - If you're account that was closed, the ACH deposit will be returned to the sender, so it won't be posted to your account. You will receive a letter from the IRS within 15 days following the attempted payment with instructions on how to report the failure to receive the payment. You may be able to update your banking information by visiting www.irs.gov. - Cathleen

Lchandler01
Occasional Visitor

USAA Social Service
USAA Service
USAA Service

I appreciate the reply, @Lchandler01 - As I'm not able to provide specifics regarding your account via social media, I would recommend you initiate a secured chat by clicking the Ask USAA link on your Account Summary page online. Our chat representatives would be happy to provide specifics regarding your individual situation. - Cathleen

Dixon671
New Member

How do I set up alerts? Thanks 

USAA Social Service
USAA Service
USAA Service

@Dixon671, Thank you for reaching out. I'm happy to help. You can set up Account Alerts for your USAA accounts by following these steps:

 

  1. Select the arrow by your name, then select "Profiles & Preferences" from the list.
  2. Select the "Account Messaging" tab.
  3. Update your preferences for account alerts. 

Thank you - Tricia

 

Neya14
New Member

When We get our stimulus checks? Nothing in the account today

USAA Social Service
USAA Service
USAA Service

Hello @Neya14. We understand the IRS and treasury department have begun the processing of the stimulus payments. We post direct deposits as soon as we receive the deposit information from the government. Regrettably, we do not know when it will reach each individual's account. USAA Bank expects the payments to be processed in phases by the government. I recommend setting up Account Alerts which will notify you by text or email when your deposit posts. We will start processing again on Monday morning. -Colleen

Lala1234
Visitor

If I have a closed account but owe you guys, will you guys take part of my stimulus check or will you guys let me make payments towards that balance ?Like I had discussed with a representative. I will babe making payments monthly On the balances owed. I really need the money right now having financial difficulties with this pandemic. 

BK#98
New Member

Are all USAA customers still waiting for stimulus checks, or is it random (some received some still waiting)? Any assistance would be appreciated.

Mariecon
Occasional Visitor

It seems like the majority of people I know have received their payment.  And the people I know who have a usaa account like myself have not.  Is there a reason for the delay?

Mlann
Occasional Visitor

I agree. Everyone that I have talked to that does not use USAA has theirs already and everyone that I know that does use USAA has not gotten theirs yet.

Kela1990
Contributor

No one still haven't received their payment yet?

USAA Social Service
USAA Service
USAA Service

Hello @Lala1234

I'm sorry to hear you're experiencing financial difficulties. We understand many people have been impacted by the COVID -19 national emergency and we have options to assist with eligible accounts during this time. Please contact a Specialist via phone or Chat to review your accounts. 

If your payment was sent to a closed account, it will be returned to the sender and you will receive a letter from the IRS within 15 days following the attempted payment with instructions on how to report the failure to receive the payment. I wish you the best! ~ Lori C

USAA Social Service
USAA Service
USAA Service

@Kela1990

Hello!!

The IRS began dispersing payments starting Dec 29 - First week of January. If the Direct Deposit is scheduled to go to an active account with us, the deposit can post at anytime throughout the day, once we receive notification a deposit was sent. Please visit the IRS.gov site for any payment status.

You may also monitor your account and/or set up our Account Alerts from the Account Services area of your account page. ~ Lori C

ScottD21
Contributor

I think most are asking if "Any USAA members have received their Stimulus payments" not specially if they received theirs as they can just log in and check.  USAA usually deposits earlier than most, if not all, banks.. My Fed paydays are "Officially" Monday, but my money is deposited by 5pm EST the Friday prior..   Has USAA sent out any payments to anyone?  I've not received mine as of 1200 noon, 4 Jan 21.

USAA Social Service
USAA Service
USAA Service

@ScottD21

Thank you for your question. Yes, many USAA account holders started receiving their direct deposit beginning Dec 29th for the most recent stimulus payment. The IRS is sending in phases, we are not aware of what determines the time frame or the order regarding which bank or account holder receives the deposits. Have a great week! ~ Lori C

USAA Social Service
USAA Service
USAA Service

Hello BK#98,

USAA account holders began seeing payments as of Dec 29th and they will continue until the end of this week. If the Direct Deposit is scheduled to go to an active account with us that was previously registered for payments from the IRs, the deposit can post at anytime throughout the day, once we receive notification a deposit was sent.

 

If your account was not set up to receive payments from the IRS, paper checks will be mailed by the IRS, beginning Wednesday Dec 30, 2020

Please visit the IRS.gov site for payment type and status.

You may also monitor your account and/or set up our Account Alerts from the Account Services area of your account page.

I hope this is helpful to you. ~ Lori C

USAA Social Service
USAA Service
USAA Service

Hello @MlannDirect Deposits will be posted to your account when we receive it. We do expect the payments to be processed in phases by the government. The initial direct deposit payments began arriving as early as Dec. 29 for some and will continue into the first week of January 2021. To receive a notification when a Direct Deposit posts, sign up for our Account Alerts from your account page under, Account Services. ~Sarah 

USAA Social Service
USAA Service
USAA Service

Hello @Mariecon

 

USAA account holders began seeing payments as of Dec 29th and they will continue until the end of this week. If the Direct Deposit is scheduled to go to an active account with us that was previously registered for payments from the IRs, the deposit can post at anytime throughout the day, once we receive notification a deposit was sent.

 

If your account was not set up to receive payments from the IRS, paper checks will be mailed by the IRS, beginning Wednesday Dec 30, 2020

Please visit the IRS.gov site for payment type and status.

You may also monitor your account and/or set up our Account Alerts from the Account Services area of your account page.

I hope this is helpful to you! ~ Lori C

Rudyrooster
Occasional Visitor

Well whats unusual is when you check your status at the IRS it tells you the 1st payment status was in April of 2020 with the correct account number.  Now payment status for payment# 2 is Jan 4th 2021 and has a Bad account number. cannot get ahold of anyone to find out anything about this. What gives? is there an account that the irs sends to for everyone?

Jaee1
Frequent Visitor

Like Rudyrooster said. Same thing for me as well. I know my mother has Navy Federal and experiencing the same thing. 

USAA Social Service
USAA Service
USAA Service

@Rudyrooster & @Jaee1 ,

I'm sure this is concerning to see. 

Did you use a tax preparing service for your last filing?

If the http://IRS.gov site shows your deposit was sent to an account you don't recognize, please contact the IRS to report.

If you previously used a tax preparer I would contact that preparer to see if they have received and/or returned any payments to their account for you and also notify the sender, IRS.

We would not have any information regarding a deposit not sent to a USAA account. I wish you luck! ~ Lori C

Coreycarr101
Visitor

I am the same way I just looked and have a different account number for my 2nd check set for jan 4 than I did for the previous check in april

Bevo5
New Member

I recieved the 1st stimulus payment as a direct deposit...when checking the status of the second stimulus on the IRS website it shows it was sent to an account that is not mine. We have not changed our bank or account numbers. Any answers on this would be appreciated 

yardohkelly
Frequent Contributor

Are you guys aware of the HR Block debable IRS messed up? 

Filed with H&R Block in 2019, tracked your stimulus and it says. Deposited today with a weird account #? Check your 2019 tax return. See IRS deposit account #. Betcha it lines up! H&R is trying to deposit the money today or tomorrow according to my research. If your account information is still the same they are forwarding the money.
 
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USAA Social Service
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USAA Service

Hi @Bevo5 

If you've previously used a tax prep service such as, H & R and/or TurboTax, etc. the 2nd payments went to that company. If they have your account information and authorization to send as an ACH deposit, you'll see the payment deposit to that account from the tax prep company. The IRS Frequently Asked Questions link also provides information for those who do not recognize the account the payment was sent to, as shown on the status.

Do you recall which service you used for taxes, if any? ~ Lori C

USAA Social Service
USAA Service
USAA Service

Hello @Coreycarr101 

 

I'm sorry to hear of the IRS payment mixup. It sounds like your payment was sent to a tax prep service such as, H & R and/or TurboTax, etc. 

 

If they have your account information and authorization to send as an ACH deposit, you'll see the payment deposit to that account from the tax prep company.

 

The IRS Frequently Asked Questions link also provides information for those who do not recognize the account the payment was sent to, as shown on the status.

 

I recommend viewing the website for the tax service used to see any information they have regarding the 2nd Stimulus Payment. 

I wish you the best.... ~ Lori C

HamFam00
Visitor

I used TurboTax to complete my 2019 tax return (accessed via USAA).  According to this article...

 

https://www.cnbc.com/2021/01/05/hr-block-turbotax-customers-report-issues-with-second-stimulus-check...

 

...TurboTax customers are out of luck in getting an automatic payment sent to our bank accounts even though nothing's changed since we received the first stimulus payment in April (IRS didn't comment as to why)...can you provide some insight or relief to those of us who used a USAA-endorsed product?  

M S
New Member

Why are you guys so slow and late with depositing our EIP?  USAA was really prompt and quick back in April during the first round.

 

In the words of one Jerry Maguire, "SHOW ME THE MONEY!"

USAA Social Service
USAA Service
USAA Service

@M S, we can understand your frustration. We only post deposits once they are received. It will post as a pending deposit to your account. If this is not showing, we recommend to contact the IRS to verify when it will be sent over to us.  The IRS has made USAA and other banks aware of some known issues in receiving the stimulus payments:

  • If a member used a third-party tax preparation service, such as H&R Block, Turbo Tax, etc., had their taxes prepared, and had their tax preparation fees deducted from their refund due, the second stimulus payment may have been sent to tax preparers’ bank. 
  • The IRS may have issued paper checks/payment cards for members who previously received direct deposit.
  • For updates and more information, direct the member to www.irs.gov/coronavirus/second-eip-faqs.
Fed up with This
Contributor

Great advice. Where's my stimulus payment that USAA is now making national news for the 2nd time for slow payments vs ALL OTHER FINANCIAL INSTITUTIONS. This bank is trash. Trump Loving killed professionalism and care. Thanks USAA. I'm leaving after 20 years. 

1193lmcg
New Member

Is there anyone who can help me find out if my stimulus check got deposited into my husband's account? We have been separated for a while now and he is not giving me any information. Advice?

USAA Social Service
USAA Service
USAA Service

@Fed Up with This, I can see you're upset that your stimulus payment hasn't posted. I've forwarded your comments regarding this matter to the appropriate area. - Ben 

USAA Social Service
USAA Service
USAA Service

@1193lmcgThanks for reaching out to us. Due to security reasons, we cannot discuss account activity or details through social media or email. In addition, we are unable to make outbound calls. Please contact us using our secured chat on http://usaa.com or mobile app. From the USAA website, you can chat with us by selecting "Reach a Representative", "Contact USAA" or "Ask USAA". From the USAA Mobile App, you can select "Help" and then "Get Contact Options". - Ben 

Xiia
New Member

USAA closed my account, instead of waiting for the stimulus to cover my modest corona related overdraft. In 2022 it would have been a total of 10 years of using all their products, supporting the defense budget as the true patriot I am. I guess no coronavirus relief for me. I went on vacation for 3 weeks and came home to no bank account. TurboTax has always had problems linking up with all the interfaces it claims to. I don't trust they will pay me that money any time soon. Yikes. Thanks Obama! Maybe IRSgo will send? -__- 8 years of using USAA and they drop the ball when most needed. 

USAA Social Service
USAA Service
USAA Service

@Xiia, I regret to hear about the status of the account and the financial hardship this is causing for you. We will return the funds to the sender if an ACH credit is received for a closed account. You will receive a letter from the IRS within 15 days following the attempted payment with instructions on how to report the failure to receive the payment. I apologize for any inconvenience this may cause. Your concerns about this experience will be shared for the appropriate team. Thank you.- Rhonda  

WiseOne2
New Member

Hello, the information you supplied to @Lchandler01 is incorrect.  The IRS on it's website states that if your account was Closed, they will not reissue payments.  They state nothing about sending any letter of instructions, but on the website tell taxpayers they can check the Recovery Rebate Credit box on their 2020 Tax filing to receive a credit for the $600.00.  I think this is so wrong because they took down the tool where could change the destination account information.  The IRS just don't want to part with the money even though it is Tax Payers money.

Digsy
Contributor

Like so many others, I checked on irs.gov, and my first payment went to my USAA checking account. The second went to an unknown account number. I did not use H&R Block or TurboTax, I used Credit Karma for the past two years (2018 and 2019). 

There is no information available on irs.gov or even when I call the IRS directly. Just some recorded message. We are suppsed to be able to Trace Payment, but there are NO instructions on how to do this...my rent is due on the first and now I cannot afford it. I do not know what to do!

Has anyone else experienced a wall when trying to find out information on tracing a payment?

I can't even pay my USAA insurance bill.

USAA Social Service
USAA Service
USAA Service

@Digsy, Thank you for reaching out in our Community. I'm sorry you haven't received your deposit. USAA has processed all ACH stimulus payments/EIPs we have received at this time. If USAA receives additional ACH payments, we will continue to process them on a daily basis. Separately, the U.S. Treasury has started to issue checks on a weekly basis, and these should start to be received early January by some members for deposit into their accounts. www.irs.gov/coronavirus/second-eip-faqs is the official channel for information on receiving a second Economic Impact Payment and how it is received. Tricia

YankeeTango52
Contributor

I'm new to USAA. I'm a retired Chief Petty Officer trying to get a loan for a new or used motorhome. I would to know how much of a loan can I get and what do I have to do to get it. I would really appreciate all the help I can get. Thank you.

USAA Social Service
USAA Service
USAA Service

Hi @YankeeTango52, welcome to USAA! We're honored to have you here. You can go about getting some information for motorhome loans in one of two ways. On your USAA.com account, you can select Products at the top of the page, then Motorcycle, RV, and Boat loans under the Banking column.

 

You can also give us a call at 1-800-531-8722, and one of our friendly representatives will be happy to go over the process with you. You'll need to fill out a loan application, and we'll see what we can assist with. I hope this information helps, and thank you for your service! ~Holland