What to Know About the CARES Act Deposits and Calculate How Much You Will Get
The first round of deposits from the IRS for the CARES Act will go into accounts on Wednesday, April 15! Some members might even see the transaction as pending in their account right now. The pending transaction in this case means that the IRS has started the process of sending the money, with the money to post in two to three days. Unfortunately, Educators Credit Union does not have any control of when that money goes into your account.
If you don’t see a deposit coming to your account, that doesn’t mean you aren’t getting anything. The IRS is depositing the CARES Act payout in waves. If they have your direct deposit information from your 2018 or 2019 taxes, the money will be sent directly to your account. Otherwise, they will be cutting checks and sending those through mail. It could take a few months before everyone gets their money.
After the deposit is made, the IRS is sending letters to the last known addresses of the recipients. These letters will arrive about 15 days after the CARES Act money is expected to be received. It will not ask you to provide any sensitive information, it will only detail how the deposit was made. If you believe you received an illegitimate letter, the IRS asks you to visit this website.
Don’t know if you’re getting a deposit? Our partners at Banzai! have created a great calculator to help you figure out how much you could be getting.
The latest information on the CARES Act payments can be found on IRS.gov. Visit the site to learn more about the deposits.