Second Round of Stimulus Q+A
With the recent announcement of COVID-related stimulus checks being disbursed, it is important to us to provide helpful information for questions you may have about the payments:
Q: Am I eligible to receive a payment?
A: At GFA, we cannot determine whether members are eligible. The government determines your eligibility. You can visit the IRS website here for detailed information on who qualifies.
Q: How much will my payment be for?
A: GFA has no control over the amount of your payment, but here is some information from the IRS's website. If you have an adjusted gross income (AGI) of up to $75,000 ($112,500 Head of Household, $150,000 married filing jointly), you could be eligible for the full amount – $600 for eligible individuals, $1,200 for joint taxpayers, and an additional $600 for each dependent child under 17.
As your AGI increases over $75,000 ($150,000 married filing jointly), the stimulus amount will go down. The stimulus check rebate will completely phase out at $87,000 for single filers with no qualifying dependents and $174,000 for those married filing jointly with no dependents.
For more information on special circumstances please visit the IRS's website here.
Q: When will I receive my payment?
A: GFA does not have information on when electronic payments will post or when your paper check will be sent. You can visit the IRS's website here for the latest updates on payment timing.
Q: How will I receive my payment?
A: You will receive your payment in one of three ways: direct deposit to the bank account you provided on your most recent tax return, paper check, or by prepaid debit card in limited situations. GFA does has no control over how you will receive your payments.
Q: How will I know I received my payment?
A: The quickest way to check if you have received your payment is to monitor your online banking / mobile banking. You may also do a balance inquiry at an ATM or call to speak with a Better Banking Representative. We do anticipate high call volume which may result in long wait times.
Q: How can I deposit a paper check?
A: You can make a deposit using GFA’s mobile banking check deposit, a deposit at an ATM, or at a branch drive-up. Please keep in mind that we do expect higher volume traffic over the next few weeks which may increase your wait time at a drive-up location. If you need an in-person appointment, that may be scheduled by calling 1-978-632-2542 or requesting an appointment here.
Q: Did GFA share my account number information with the IRS?
A: No, GFA has not provided your account information to the IRS. The IRS will use the bank account reported on your 2019 or 2018 tax return, if you qualify for a payment. If you have ANY question regarding fraudulent or suspicious activity please speak to a GFA Better Banking Representative. We will NEVER call / email and ask you for personal information.
Please note that GFA Better Banking Representatives will not have additional information on where your payment is in process. Please utilize the IRS's website for the most current information.
Should you need to contact a Better Banking Representative, you may experience longer than average wait times due to the high call volume, you may also send a message through our online message system, but please note due to the holiday hours the response may be delayed.
Thank you for being a valued member of GFA Federal Credit Union.
Stay safe and have a happy new year!