Economic Impact Payments: FAQ
Due to questions regarding Economic Impact Payments, you may have difficulty connecting with WCCU, as we work through calls, emails and messages. Some FAQs and Answers can be found here.
ACH Deposits are processed around 6:15AM each morning. If the deposit comes in with an error, we need to correct it and will post it later in the morning. ACH rules state that we cannot post the funds until the effective date, so a pending payment will not be available until the effective date.
The IRS is releasing payments in waves. We do not have access to their systems to predict when your payment will arrive. The IRS plans to relaunch a Get My Payment tool soon. You will be able to check the status of your payment, including the date of the payment and the method (direct deposit or mailed payment date). Mailed payments will require more processing and mailing time. The Get My Payment tool will be available here: https://www.irs.gov/coronavirus/get-my-payment
During the initial payments in spring of 2020, the IRS released the payments in weekly batches. We received three large waves on Wednesdays with deposits being made the following Monday. We expect a similar pattern for January 2021.
According to the IRS, your payment information cannot be changed. If you don’t get a payment and you are eligible to receive one, it may be claimed on your 2020 tax return as the Recovery Rebate Credit.
In general, if your account information has changed at all since the last payment, here is the response from the IRS: Your payment information cannot be changed. If you don’t get a payment and you are eligible to receive one, it may be claimed on your 2020 tax return as the Recovery Rebate Credit.
If you still have an open savings account under that account number, the funds will be deposited into that savings instead of the closed checking.