Economic Impact Payment
On March 11, 2021, the Treasury Department and the Internal Revenue Service announced the distribution of a third round of economic impact payments to help Americans combat the financial effects of the COVID-19 pandemic. Please be aware that although the Treasury began distributions of this third round of economic impact payments starting today, the funds will be deposited into your account based on the stated effective date of these payments. The first of these payments was effective March 17, 2021, for eligible recipients. For eligible recipients that were not included in the first payment distribution, there will be a second payment distribution which should be effective on or about Mar 24, 2021.
Therefore, please do not expect these funds to arrive in your account prior to this timeframe. These payments may also come over the course of multiple waves of payment dates as well as other channels, such as check and prepaid debit cards. Currently the IRS has not updated their information regarding the timing and the delivery of the third economic impact payments, we suggest you frequently check the IRS website to see when they have more information - www.irs.gov/eip.
As always, New York Community Bank is committed to providing the guidance and support you need so you can focus on your loved ones’ health and wellness and staying safe. If your finances have been impacted by the pandemic, you’re not alone. We’re here to help you understand how to get your economic impact payment quickly and safely.
Find out how much money you may qualify for by visiting the Internal Revenue Service’s (IRS) website with information about Coronavirus Tax Relief and Economic Impact Payments at www.irs.gov/eip.
Take steps to ensure you receive the money direct to your bank account instead of paper check. Paper checks will take much longer than direct deposit. The IRS has developed a portal where consumers can check the status of their refund, the partial account number it will be deposited into (if receiving a direct deposit) and be able to provide your direct deposit information, in certain cases.
Note: Filers that have requested an expedited refund from their tax return, may have the direct deposit information of their tax preparer listed on their return. If the partial account number that appears on the IRS website does not match your account information, contact your tax preparer.
Note: The routing number you will need to enter when providing your New York Community Bank account information is 226071004.
The IRS maintains an EIP Information Center with frequently asked questions regarding payment. Visit https://www.irs.gov/coronavirus/economic-impact-payment-information-center. Information about Coronavirus Tax Relief and Economic Impact Payments is available at https://www.irs.gov/coronavirus.
If you receive a check, take advantage of Mobile Deposit features available through the NYCB Mobile App1.
Avoid Coronavirus related fraud and scams. Scammers are already trying to take advantage of COVID-19 to steal your money or personal information. Be aware, they may:
- Ask you to sign over your economic impact payment check to them.
- Ask by phone, email, text or social media for verification of personal and/or banking information saying that the information is needed to receive or speed up your economic impact payment.
- Suggest you can get a tax refund or economic impact payment faster by working on your behalf. This scam could be conducted by social media or even in person.
Visit our Security Center and NYCB $MART Resource Center for other types of fraud awareness information.
1 NYCB Mobile is available for those enrolled in NYCB Online, however not all online features may be available through the mobile app. Standard messaging and data rates may apply.