RALEIGH, N.C. – Late on December 21, Congress passed the latest COVID-19 relief bill which includes a second round of economic impact payments to approximately 160 million eligible Americans beginning this week. The banking industry is working closely with the Treasury Department to help eligible citizens receive those payments quickly, securely and safely.
“North Carolina banks have taken proactive steps to respond to the needs of individuals and business customers who are expecting to receive this next round of economic impact payments,” said NCBA President and CEO Peter Gwaltney. “They are ensuring that call center and ACH operations staffing levels are ready, as well as moving sufficient cash to meet a surge in ATM and branch withdrawals. For their customers, the fastest way to get money to eligible American families in a safe and secure manner is through direct deposit to either a bank account or a reloadable prepaid debit card. North Carolina banks have successfully delivered this help already and stand ready to offer their assistance once more.”
As with the first round of economic impact payments, the vast majority of consumers don’t need to take any action. The IRS will calculate and automatically send 130 million economic impact payments via direct deposit, to be available to eligible recipients. For the millions of individuals who haven’t listed their direct deposit information, the government may need to send checks to those consumers across the country despite the challenges this will pose in communities with “stay at home” orders and reduced bank business hours. There are fixed capacity limitations for mailing checks, so some recipients will be waiting weeks for theirs to be mailed. It is strongly encouraged for bank customers to deposit their checks using their bank’s secure mobile app or by ATM.
It is important to note that banks may not accept the paper checks from non-customers. This will vary bank to bank depending on their individual policies. It is encouraged that consumers without bank accounts consider opening an account online. Consumers can find a list of banks that offer online account opening at https://www.aba.com/banking-topics/payments/economic-impact-payments/banks-offering-online-account-opening.
For additional information on the economic impact payments, please visit IRS.gov/coronavirus.
ABOUT THE NORTH CAROLINA BANKERS ASSOCIATION:
The North Carolina Bankers Association brings together all categories of banking institutions that best represent the interests of our rapidly changing state. Proudly serving North Carolina’s banking industry since 1897, the NCBA is the professional trade organization providing advocacy, leadership and support for its dynamic membership base. The Association has two subsidiaries, Centrant Community Capital and Community Bank Services (CBS). Centrant Community Capital provides permanent debt financing for workforce apartment communities and housing in a number of states. CBS offers insurance and employee benefit products and publishes a quarterly magazine, Carolina Banker. For more information, visit at www.ncbankers.org.