Financial Institutions Launch New Web Tool to Connect Consumers with Stimulus Payments
To help millions of Michiganders, Gov. Gretchen Whitmer and Michigan financial institutions are helping the Treasury Department and Internal Revenue Service (IRS) launch a new web tool allowing quick registration for Economic Impact Payments (EIP) for those who don’t normally file a tax return or did not use their current financial institution for payment of taxes or to receive a refund in 2018 or 2019.
“It is critical all Michiganders receive their Economic Impact Payments as quickly as possible, and this new web tool from the IRS and our banking and credit union partners is a significant step toward reaching that goal,” Gov. Whitmer said. “The quicker Michiganders have access to these funds, the quicker we can help them get back on their feet as we re-engage our economy and recover from the effects of COVID-19 in Michigan.”
Treasury started the first wave of electronic EIP payments last Friday to appear in eligible accounts this week. Because the capacity to generate physical checks and mail them is limited, the roll out will be slower, in batches for weeks or even months.
The system is relatively seamless for any eligible recipient with a financial institution routing number and (checking or savings) account number.
The tool provides a free and easy option designed for people who don't have a return filing obligation, including those with too little income to file. The feature is available only on IRS.gov, and users should look for Non-filers: Enter Payment Info Here to take them directly to the tool. The tool can also be used by lower-income wage earners who have not filed a tax return because they are under the normal income limits for filing; veteran benefit beneficiaries and Supplemental Security Income recipients; and Social Security, Social Security Disability Insurance and Railroad Retirement beneficiaries with qualifying dependents. Individuals who have been claimed by someone else as a dependent on a tax return will not be eligible to receive payments.
A second online tool is expected to launch by April 17 that will enable consumers to check the status of their payment, including the date their payment is scheduled to be deposited in their bank account or mailed to them. The Get My Payment Tool will also provide an option for consumers to input their bank account information so they can receive payments sooner than if a check were mailed.
We encourage as many consumers as possible to utilize these tools in order to expedite receipt of their payments.
“Michigan banks remain strong and stand ready to help their communities,” stated T. Rann Paynter, President and CEO, Michigan Bankers Association. “Economic Impact Payments are imperative to many at this time of uncertainty. Helping people reduce wait times is important now more than ever. While bankers are not always front of mind in the public on the front lines, they are critical.”
“Michigan’s credit unions are on the front lines serving critical financial services needs,” stated Dave Adams, President and CEO of the Michigan Credit Union League & Affiliates. “Helping their members, both small businesses and consumers, receive emergency cash in a timely manner is their highest priority.”
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The Consumer Financial Protection Bureau (CFPB) published a set of economic impact payments, which address how much individuals can expect to receive and when they can expect to receive their payment.