COVID Relief Stimulus Payments
We expect to receive information for processing direct deposit stimulus payments from the U.S. Treasury in waves. This means that some customers may see a pending transaction from the U.S. Treasury in their account as early as December 30, 2020, while others will come later. We expect it to take several days for the U.S. Treasury to process all of the payments. You can keep an eye on your account and see when your stimulus payment arrives at the bank by accessing your account through Online and Mobile banking 24/7.
Just like the last round of payments, most people won't need to do anything to receive their payment and you can monitor the IRS website for updates about the second round of payments.
Here's What You Can Do Now:
- Make sure that you know your username and password for Online and Mobile Banking. If you are receiving your payment via direct deposit, Online and Mobile Banking will allow you to check your accounts 24/7 to know when your payment has been received. Log into your Online Banking here.
- If you receive a paper check, mobile deposit is a great way to deposit your check of up to $2,500.00. You may also deposit your check by visiting your nearest banking center.
- Be alert for potential stimulus payment fraud. The IRS urges taxpayers to be on the lookout for scam artists who will try and steal your personal information and money. Remember, the IRS nor Wood & Huston Bank will call, text, email, or contact you on social media asking for personal or bank account information. Also, watch out for emails with attachments or links claiming to have special information about the COVID Relief Stimulus Payments.
FAQs for Stimulus Payments
When will I get my stimulus payment?
According to the IRS, payments will be made in waves. This means that some customers will see a pending transaction from the U.S. Treasury beginning December 30, 2020. We expect it to take several days for the U.S. Treasury to process all of the payments. You can keep an eye on your account and see when your stimulus payment arrives at the bank by accessing your account through Online and Mobile banking 24/7.
How will I get my stimulus payment?
Most stimulus payments will be deposited directly into the banking account reflected on the most recently filed tax return.
If you did not use direct deposit for your most recent tax return, visit the IRS website to review available options. You may be able to expedite your payment, by providing your banking information via the IRS website. You will need to know your Wood & Huston account number where you would like to receive your money and your Wood & Huston routing number, which is 101901833.
If you receive Social Security and do not file a tax return, you will receive your payment via direct deposit into the same account that you receive your Social Security.
In addition to paper checks, prepaid cards will be sent out to some of the recipients that are not able to receive ACH payments. These will be delivered by the U.S. Postal Service.
If you are not required to file tax returns, visit the official IRS website for instructions.
What if the bank account I used on my recent tax return is closed?
If the bank account is closed, we will return the deposit to the IRS. The IRS announced Monday, Janaury 11, 2021 they will issue a paper check on returned ACH deposits.
Can I change the bank account for direct deposit?
According to the IRS, you cannot change your bank account information with them.
Do you know how much money I should expect?
The bill includes direct stimulus payments of $600 to individuals, $1,200 per couple, and $600 per child if claimed as a dependent. To get the best information on your eligibility and the amount of your payment, we recommend you visit the official IRS website.
Where can I find my routing number and account number?
Wood & Huston Bank's routing number is 101901833. Your account number is located at the bottom of your check, after the bank routing number and check number. (You can see an example by clicking here) You can also find your account number within Online or Mobile Banking by selecting your account and then clicking on "Details".
How will I know I got my stimulus payment?
We have several ways for you to watch for your stimulus payment. You can log in to your Online or Mobile Banking or access your account through 24-hour telephone banking by calling (888) 424-4994.
What do I do if my stimulus payment doesn't come?
The IRS set up the Get My Payment portal to provide the status of your stimulus payment.
How can I protect my stimulus payment from fraudsters?
The IRS website has some great tips for making sure you keep your stimulus payment out of the hands of fraudsters. First and foremost, never provide your confidential account information such as your debit card PIN or online banking password to anyone. The IRS nor Wood & Huston Bank will call, text, email, or contact you on social media asking for personal or bank account information. Even if the caller ID or email address looks like it is coming from the IRS or Wood & Huston Bank, do no share the information. Instead, call the number on the back of your debit card or on your checks and let us know that someone tried to gain your confidential information.
Wood & Huston Bank and its subsidiaries are not tax or legal advisors. Please consult your tax or legal advisors for more information regarding your personal situation. We have no such agency relationships with CPAs, tax, or legal advisors.