Second Stimulus Payments Announced
The IRS and Treasury Department has announced that the second round of stimulus payments is underway. The official payment date is January 4, 2021, however direct deposit payments and check payments are already being sent.
The IRS emphasizes that there is no action required by eligible individuals to receive this second payment. Some Americans may see the direct deposit payments as pending or as provisional payments in their accounts before the official payment date of January 4, 2021. The IRS reminds taxpayers that the payments are automatic, and they should not contact their financial institutions or the IRS with payment timing questions.
Authorized by the newly enacted COVID-relief legislation, the second round of payments, or “EIP 2,” is generally $600 for singles and $1,200 for married couples filing a joint return. In addition, those with qualifying children will also receive $600 for each qualifying child. Dependents who are 17 and older are not eligible for the child payment.
Check the Status of Your Payment
You can check the status of your first and second payments by using the Get My Payment tool at IRS.gov/GetMyPayment. Information is updated daily.
Watching Your Account for the Payment
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 round of payments in April, the nationwide strain placed on online and mobile banking platforms resulted in Lanco FCU members experiencing slow load times or failure to log in. During this round of payments, if online banking or the Lanco FCU app is slow or fails to load for you, please close it and try again later. Our service providers are working diligently to meet the anticipated high-demand and minimize any potential downtime.