EIP3: Delivery of Third-Round Stimulus Payments

Posted: Mar. 14, 2021 by Lanco FCU

The IRS and Treasury Department has announced that the third round of stimulus payments has begun. The official payment date is March 17, 2021, however direct deposit payments and check payments are already being sent.

From the IRS’s Press Release dated 3/12/2021:

No action is needed by most taxpayers; the payments will be automatic and, in many cases, similar to how people received the first and second round of Economic Impact Payments in 2020. People can check the Get My Payment tool on IRS.gov on Monday to see the payment status of the third stimulus payment.

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In general, most people will get $1,400 for themselves and $1,400 for each of their qualifying dependents claimed on their tax return. As with the first two Economic Impact Payments in 2020, most Americans will receive their money without having to take any action. Some Americans may see the direct deposit payments as pending or as provisional payments in their accounts before the official payment date of March 17.

Because these payments are automatic for most eligible people, contacting either financial institutions or the IRS on payment timing will not speed up their arrival. Social Security and other federal beneficiaries will generally receive this third payment the same way as their regular benefits. A payment date for this group will be announced shortly.

Check the Status of Your Payment

You can check the status of your first, second and third payments by using the Get My Payment tool at IRS.gov/GetMyPayment. Information is updated by the IRS daily.

Watching Your Account for Direct Deposit Payments

Pending Payments

Individuals may see the EIP3 direct deposit transaction pending in their account before the funds are actually available. In this case, the transaction details will also display the date that the pending funds will be posted to your account and reflected in your available balance. Lanco FCU is not able to release pending funds earlier than the stated posting date.

Federal Reserve Deposits Posted Three Times Daily

Lanco FCU receives and posts transactions from the Federal Reserve three times each business day. Those transactions, including any stimulus payments by direct deposit, occur at the following times:

10:00 a.m. Eastern Time
1:00 p.m. Eastern Time
4:00 p.m. Eastern Time

Business days are Monday through Friday, excluding Federal holidays.

Get Deposit Notifications with eAlerts

Lanco FCU’s eAlerts lets you set up e-mail and text notifications for the account activities and information most important to you. Log into Online Banking and click “Self Services” to manage your eAlerts. Add a Deposit Transaction alert to your checking and/or savings accounts as desired. See the eAlerts Enrollment Instructions (PDF) for a step-by-step guide.

Online and Mobile Banking Availability

During the first and second round of payments, Americans’ record-high traffic to self-service banking platforms resulted in Lanco FCU members experiencing slow load times or failure to log in. Since the first occurrence last April, service providers have been working to upgrade systems to improve performance during extreme peak demand.

On dates of stimulus deposits, if Lanco FCU’s online banking, mobile app, or telephone banking services are slow or fail to load for you, we ask that you please close the session and try again later. There is no need to contact us to report the downtime, as our service providers are actively monitoring the system performance and are working to restore services to normal.