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Your Economic Impact Payment - What You Need to Know

Your Economic Impact Payment - What You Need to Know

The year is coming to a close and many of us have high hopes for a brighter New Year in 2021. We are incredibly grateful you trust Monson Savings Bank with your financial relationship and consider us a resource for financial updates.

Recently, a COVID-19 Relief Package was announced that includes Economic Impact Payments (EIP) checks for eligible Americans. Monson Savings Bank Employees will not have information on your EIP check eligibility or amount until the deposit has been made to your account.

However, we have compiled some information that may help you navigate your banking needs over the next few weeks as Economic Impact Payment (EIP) checks begin to arrive. 

Economic Impact Payment – Important Details:

• Timing - The federal government is expected to send a second round of economic impact payments to approximately 160 million eligible Americans beginning next week. Depending on how your payment is received your payment could arrive anywhere from next week to a few weeks from now. 

• Direct Deposit - The fastest way to get your EIP payment in a safe and secure manner is through direct deposit to either a bank account or a reloadable prepaid debit card. For the majority of eligible Americans, the IRS will calculate and automatically direct deposit the EIP payment into the accounts they have on file. 

• Paper Check - As an MSB customer, if you receive a paper check, you can deposit it through the MSB Mobile Banking app with the Mobile Check Deposit feature, at an MSB ATM, at any branch location’s drive-up or through Curbside Banking.

• Payment Amount - The maximum payment for an eligible individual is $600. The $600 limit will also apply to dependents. This means that a family of four could receive a payment of $2,400. 

• Eligibility - The maximum benefits will apply to individuals with an income below $75,000 per their 2019 tax returns. Those with incomes higher than $75,000 will receive a prorated amount until the cut-off for any payment at all for those earning $87,000 if they have no dependents. For couples, the full benefit will apply to those earning up to $150,000 and will taper off as their income approaches $174,000.

• More information about Economic Impact Payments can be found by visiting irs.gov. This IRS page will be updated as details are released.

• Stay vigilant of scams - As always, please be wary of fraudsters who may take advantage of this situation and try to scam you out of your payment. Please remember, the government will not contact you by phone, text or email about your EIP payment. Read more from the FTC. 

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