Government stimulus payments
The right information for important decisions
You’ve received your Economic Impact Payment, now what?
Once you have your Economic Impact Payment, what should you do with it? We’ve created a quick read article to help answer that question.
FAQS about the third round of Economic Impact Payments
BBVA understands the importance of these payments, and we know you might have questions. We’ve created this FAQs section to answer some of those questions. For additional information about who is eligible, payment amounts, and when to expect your payment, we recommend visiting the IRS website.
- The IRS will distribute payments using the information that the IRS has on file for each eligible individual or family.
- For most of the recipients, payments will be deposited directly into the same bank account that they have most recently used to receive a tax refund or monthly Social Security payment. Others will receive paper checks or prepaid cards in the mail, at the address that the IRS has on file for that individual.
- Banks, including BBVA, cannot and do not provide personal account or address information to the IRS.
- Direct deposits are posted for open accounts on the effective date set by the Treasury.
- If you have Direct Deposit set up with the IRS, first make sure the account is active, or your payment will be automatically returned to the IRS.
- If an account is closed, BBVA is required by the IRS to return the payment. Visit the IRS Get My Payment website https://www.irs.gov/coronavirus/get-my-payment for status.
There is no action required to receive your payment. For most, the payment will be automatically deposited into your account. The American Rescue Plan was signed into law on March 11, 2021. Direct deposit payments are expected to begin on March 17, 2021 and paper checks are expected to begin being mailed sometime after March 19, 2021. If for some reason you haven’t received your payment, we recommend visiting the IRS website to check the status of your payment.
There are several scenarios where individuals may not have received any or all of the payments they’re eligible for. Common situations include:
- You don’t normally file taxes and the IRS doesn’t have your recent information on file.
- You moved or changed bank accounts since the last time you received a tax refund or other benefit.
- You had a child in 2020 and are eligible to receive EIPs for your dependents.
- You were previously claimed as a dependent but became independent in 2020. For example, you turned 19 (non-student), 24 (student), graduated, or got married.
To receive your first and second EIP or an adjusted amount, you must file a 2020 tax return or file for an extension by May 17, 2021. The Recovery Rebate Credit – on Line 30 on the individual income tax return (1040 or 1040 SR) – allows you to claim missed payments.
- The IRS Economic Impact Payment Information Center website has detailed information on eligibility, requesting, calculating and receiving payments.
- The IRS Get My Payment website can provide you information about the status of your payment, payment type (direct deposit or mailed) and how to set up a direct deposit if available.
- Download our Mobile Banking app. In the app, you can deposit a paper check, using a photo image, and get confirmation immediately that your deposit has been received. See how.
- Go to our ATM and Branch locator to find nearby ATMs that accept deposits.
- If depositing by Mail, please send to:
PO Box 515
Birmingham, AL 35201
- Make sure to endorse the back of the treasury check and write "For Deposit Only, BBVA Acct: XXXXXXXXXX"
- Your BBVA checking, savings or money market account can be used to deposit the check.
- You must have one of the above accounts that is active in order to make a deposit. If you do not have one of these accounts, you will need to first open a deposit account.
- BBVA will not cash these checks for non-customers.
- Visit the IRS website for information regarding eligibility, requesting, calculating and receiving payments.
- You can check the status of your payment, payment type (direct deposit or paper check) and how to set up a direct deposit if available at IRS Get my Payment.
- Our Branch and contact center employees will not have information on Economic Impact Payment eligibility, timing or distribution. These payments are decided and distributed solely by the IRS.
Unfortunately, the Economic Impact Payments are an opportunity for fraud. You should be suspicious of any unsolicited email or calls from anyone asking you for personal information. BBVA will not send you an email or call you requesting that information. As a safeguard, use your Mobile Banking app to check your accounts frequently.
Here are a few things you should avoid doing:
- Don’t give out personal information in a phone call
- Don’t reply to any email that you can’t absolutely be sure is legitimate
- Don’t click on any links embedded in the email
Here are some warning signs to be aware of:
- Any person or organization that wants you to sign over your Economic Impact Payment
- Promises to expedite or increase your Economic Impact Payment using your personal or banking information
- Requests to deposit or receive their payment into your account on their behalf
Together, we will get through this challenge
BBVA will continue to monitor conditions and look for ways to improve our service while protecting customers and team members alike. Please stay safe.
Please remember that BBVA will never call, email, or text you and ask for your PIN or private financial information. For security tips and helpful links, please visit our Security Center.