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Saco Valley Credit Union
Mobile Banking App

Free - On the App Store

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Saco Valley Credit Union
Mobile Banking App

Free - On the App Store

COVID-19 Stimulus Checks

 

What is the stimulus check?

When Congress passed the CARES Act, it authorized the federal government to send stimulus checks (also known as Economic Impact Payments) to millions of Americans to help them recover from COVID-19. This is money consumers will not have to pay back!

How much will my check be for?

Most taxpayers will receive $1,200 for an individual filer, $2,400 for married couples, and an additional $500 for dependent children under the age of 17 years old. The amount could vary for people with a higher adjusted gross income.

How will I receive my check?

Most Americans will receive their stimulus funds via a direct deposit to their credit union or bank account if they included direct deposit information on their 2018 or 2019 federal income tax forms. The Internal Revenue Service (IRS) will be mailing paper checks for filers who did not provide direct deposit information.

When will I receive my check?

The first wave of stimulus relief has already been released and some individuals have received their funds via direct deposit. The IRS will begin mailing paper checks on April 24, prioritizing sending checks to lower-income households first. The IRS is expected to mail approximately 5 million paper checks each week—a schedule that could last several months.

To help Mainers track when they will receive their stimulus payments, the IRS has developed an online tool called Get My Payment. Any individual who is eligible for a stimulus payment can track the timing of that payment on this site.

The online tool also allows Mainers to sign up for a direct deposit if they would prefer to receive funding electronically.

What should I do when I receive a check?

Deposit it! The safest place for your money is in your credit union. You can do this at your credit union or, even more conveniently, using mobile check deposit. If you do decide to cash your check, we strongly urge you to go to your credit union to maximize your benefit. Do not use a check-cashing service, as they are likely to charge a high fee.

What should I do if I receive payment for a deceased person?

A payment made to someone who passed away should be returned to the IRS. According to the IRS website, “A Payment made to someone who died before receipt of the Payment should be returned to the IRS by following the instructions in the Q&A about repayments. Return the entire Payment unless the Payment was made to joint filers and one spouse had not died before receipt of the Payment, in which case, you only need to return the portion of the Payment made on account of the decedent. This amount will be $1,200 unless adjusted gross income exceeded $150,000.”

 

NOTICE: Saco Drive-Thru

Our Saco drive-thru will be closed the week of June 12th. The ATM will remain available during this time. When the drive-thru re-opens on June 20th, traffic will need to enter the drive-thru from Horton Avenue.