CARES Act Economic Relief Payments: What you Need to Know

USAA is here to help you navigate through these uncertain times. Nothing is more important than your health, safety and financial security. That’s why we want to share with you an update concerning the Coronavirus Aid, Relief, and Economic Security Act, commonly referred to as the CARES Act.


USAA has taken a number of steps to assist our members during the COVID-19 pandemic, including acting quickly to make stimulus payments from the CARES Act available to our members.


We understand the challenges our members may face as result of this pandemic. We are working hard every day to offer solutions that help them make ends meet. These extraordinary times create previously unthinkable challenges. Our commitment to military families, employees and our communities is to do what we can to help.


What to Know About the CARES Economic Relief Payment

As you may have heard, the United States 116th Congress approved, and President Trump signed into law, the CARES Act. This law includes a provision for eligible taxpayers who filed a tax return for either 2019 or 2018. They could receive a payment of up to $1,200 for individuals or $2,400 for married couples. Parents also receive $500 for each qualifying child.¹


How You’ll Receive the Payment

If you qualify and filed a 2018 or 2019 tax return, your payment will be deposited directly into the same banking account used for tax filing purposes. If you have not yet filed your 2019 tax return, the account used for your 2018 tax filing will be used.2 Note that payments are being distributed by the IRS in waves, so if someone you know has received theirs but you haven’t yet, it is not a cause for concern.


How This Impacts Negative Deposit Account Balances

For active member deposit accounts, we have paused the recovery of any negative account balance existing at the time their stimulus payment was deposited for a period of 90 days, allowing members access to their full stimulus payment for this time period. This policy is being applied retroactively to any member accounts with a negative balance at the time their stimulus checks were deposited.


How USAA Can Help – Deposit@Mobile3

If you received your 2019 or 2018 tax refund via check in the mail, the IRS will mail the stimulus check to the physical address on file. Members with a bank account can easily deposit funds and access them securely by logging in and using USAA’s Mobile App4. Members who need the mobile app can download it here.


For more information on these payments, including detail on how to calculate the amount of your potential payment is calculated, please visit the IRS Coronavirus page.


Additionally, you will find more information on USAA’s response to COVID-19, and how we’re focused on helping the community and members, like you, at



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1For individuals, these payments will be reduced for those with an adjusted gross income of more than $75,000 and will be zero for those whose adjusted gross income is more than $99,000. For couples, these payments will be reduced for those with an adjusted gross income of more than $150,000 and will be zero for those with an adjusted gross income more than $198,000.


2If the IRS does not have your direct deposit information, a solution is in the works for a web-based portal to allow you to provide your routing and account numbers to the IRS online to set up direct deposit.


3 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 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.


4 Account restrictions may apply to mobile/web access in certain countries.


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