Salal Credit Union

News & Updates

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Preparing for Your Economic Stimulus Check

The first wave of economic stimulus checks issued by the IRS started rolling out the week of April 13. Understandably, many people have questions related to the CARES act relief program and when they can expect their checks. So, we’ve compiled some information that we hope will answer some of these questions and help you get your stimulus check into your account as smoothly as possible.

When should I expect my check?

Perhaps the most pressing question is, “When will I get my money?” The IRS has already started delivering electronic economic stimulus checks through direct deposit.  The money will appear automatically in your bank account if the IRS has your account information on file from previous years’ tax returns. If you didn’t file your taxes in 2018 or 2019, you can submit your information on this website.

Printed checks will begin mailing out May 4, starting with people in the lowest income bracket first. Please note that the IRS will be sending stimulus payments in weekly batches and it may take up to 20 weeks to receive a paper check.  If you have yet to receive any relief money and would like to check on its arrival date, you can use the IRS’s Get My Payment tool to track the status of your money.

Who is eligible?

  • Single filers whose 2019 gross income does not exceed $75,000 are eligible for the full $1,200. Payments reduce $5 for every $100 of income, before maxing out at $99,000.
  • Married couples who file jointly and do not exceed $150,000 are eligible for a full $2,400 payment. From there payments reduce by $5 for every $100 of income before maxing out at $198,000.
  • Dependent stimulus includes $500 for each child under 17.
  • Senior citizens and Social Security recipients who are not typically required to file a tax return will automatically receive their $1,200 stimulus check.

Not everyone qualifies for this program, such as high-income filers. You can check your eligibility with the IRS.

Depositing your check 

If you receive a paper stimulus check, there a are a few ways to securely deposit your check.

Though our branch lobbies are closed, all five of our neighborhood Salal branches have outdoor deposit-taking ATMs. Need a refresh on how to make an ATM deposit? Robbie, one of our Personal Financial Representatives takes you through a step-by-step process of a simple check deposit transaction. To find a surcharge-free ATM closest to you, visit our Locations & Hours page.

No time to get to an ATM? For the convenience of depositing a check anytime and anywhere, you can use our check deposit feature in our Mobile Banking app. Make sure to endorse the check with “for mobile deposit only at Salal Credit Union”. Learn how to deposit your check via your smartphone in this easy to follow tutorial.

Beware of scams

The federal government will not ask to confirm your personal or banking details by email, phone or text message, or demand a “processing fee” to obtain or expedite your stimulus payment. Do not click on links in email or text messages relating to the stimulus checks and do not provide your personal information.

For more information on COVID-19 scams, click here.