CARES Act Economic Relief Payments: What you Need to Know

Community Manager
Community Manager
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22 Comments (22 New)

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 www.usaa.com/coronavirus.

 

 

Related Posts:

Understanding the Coronavirus Aid, Relief, and Economic Security (CARES) Act

Four Tips for an Economic Stimulus Check

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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.

 

22 Comments
Regular Contributor

SHAME ON YOU USAA!!!!!  You have been caught red handed by Military Times, Stealing covid-19 stimulus checks right out of your customers accounts.  People who by definition need the money TO SURVIVE.  THIS IS AN ALL TIME LOW for you corporate crooks.  And don't give ME any excuses, this is inexcusable for a company that prides itself on "service".  The CEO needs to be fired on the spot.....

Established Member

"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" 

That's great and all but how about the fact you reopened a closed account that I have no access to instead of rejecting the payment. According to the letter you sent me I have to wait 10-20 business days to see what money you are going to give me back.

USAA Service
USAA Service

@Icarus, Thank you for your feedback. USAA is posting 90-day credits equal to the amount it withdrew from the member’s stimulus payment. This would refund the amount taken from the member. I am forwarding your concerns to a Bank specialist now. Stay safe ~Tom

USAA Service
USAA Service

@Feileacan15, Thank you for reaching out. Sorry to hear of your frustration, never how we ever want you to feel. I am forwarding your concerns now to a Bank specialist. 

Regular Contributor

Again.  Don't bother me with platitudes!  You STOLE money from people in dire straits.  It might have been "legal' but it was NOT MORAL.  You can return the money, because it was a public relations nightmare but that's not acceptable.  What IS acceptable is showing accountability for doing a horrible thing.

1) Force Peacock's resignation NOW. (the CEO)

2) Return 200% of all checks absconded with.

Show your empathy and show that you are deeply sorry.

It's more than dollars.  You made it more than dollars.  Man up and make this right.  Your words are empty.

Contributor

Am adding to those who are calling out your shameful actions during this unprecedentedly difficult time.  It's too late to make up for this despicable act -- the fact that this was approved in the first place says all I need to know about you. I've been a member for 30 years and will be working to move all of my accounts out. It won't be easy, as I have so many things tied up with USAA, but I no longer feel like I want to be part of this organization. So very sad.  

Visitor

When we (USAA Members) expect to see the 20% return you promised in your mailings? That article on National TV did not help your image. My family have been loyal members for 3 generations. Don't play with people's money in times of need.

Occasional Visitor

THIS IS JUST PART OF THE STORY! I HAVE A MEMBER FOR MORE THAN 44 YEARS. I NO LONGER BANK WITH USAA BECAUSE OF THE WAY THEY HAVE TREATED ME IN THE PAST. I STILL KEEP MY CAR INSURANCE  WITH THEM, BUT HERE OF LATE THEY HAVE OPENED OUR AUTO INSURANCE UP TO ALLOW ANYBODY WHO HAS THAT HAS EVER BEEN IN THE MILITARY. USAA STARTED OFF AS AN ASSO. FOR MILITARY OFFICERS, IT WILL NOT BE LONG BEFORE THEY SWITCH TO A COMPANY THAT INSURES ANYONE WITH A DOLLAR IN THEIR POCKET. STAY TUNED!!! 

New Member

When do we see the insurance reduction due to Covid 19?

Administrator
Administrator

@dropped23 

Thank you for taking the time to share your feedback and concerns. Please know for members with a negative deposit account balance, USAA has paused the collection of that  negative account balance that existed at the time their stimulus payment was deposited for the next 90 days. This will allow members access to their full stimulus payment to help cover the costs of rent, food and other important necessities. Also we applied this policy retroactively to any member's account with a negative balance at the time the first stimulus check were deposited. This allows members to have access to their full stimulus funds.  We certainly understand the challenges our members may face as a result of this pandemic and are working hard every day to offer solutions that help our member's 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. Thank you again for sharing your concern with us.

 

@AFGal1 and @lwkiv 

In the coming weeks, every member with an active auto insurance policy in March 2020 will receive a one-time credit equal to 20% of two months of premiums. Additional communication will be sent out during the last week of April. The credit will be automatically applied to the P&C bill and will appear on the following month’s statement. Members do not have to choose a preference for this to occur. Thank you for your membership.