The Internal Revenue Service (IRS) began issuing Economic Impact Payments (EIPs) Friday, with around 75 million of them sent via direct deposit to eligible Americans as part of coronavirus disease (COVID-19) pandemic relief efforts.
EIPs are based on 2018 and 2019 tax filings. Individuals who did not file for electronic returns for 2018 or 2019 filings will not receive direct deposit payments via ACH. Instead, those qualified individuals will receive payment by check in the mail in the coming weeks.
The Credit Union National Association has provided a one-page information sheet on what credit unions can communicate to their members, including EIP basics, how to register for payments and other information members can use.
Also, the IRS has made the following PSAs available on their website for use in communicating with consumers:
Partner Materials/Public Service Announcement
Links the materials listed above are also available from MSCUA’s pandemic page as well as the CUNA/American Association of Credit Union Leagues COVID-19 Response Center.