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.

13 thoughts on “What to Know About the CARES Act Deposits and Calculate How Much You Will Get

  1. I have gone to the IRS “get my payment” website daily since it launched. Every time I enter my info, I get the response that they can’t determine my eligibility. I filed my 2018 taxes by mail in Nov 2019 and received a refund by mail. I am more than happy to enter my bank accct info for a direct deposit, but can’t get to that part of the website. Can you offer any help??

    1. Hello Theresa,
      Unfortunately, the IRS has full control over the stimulus payment. We recommend looking for a way to contact them or contacting a local tax advisor to see if there is any way to determine your eligibility and when you will receive a deposit.

  2. I entered my checking account information and checked the site daily since the IRS launched it’s site. Unfortunately, it tells me we qualify for the payment and it will be direct deposited as soon as they have a date. I am seeing information about when checks are going to start being mailed but not direct deposited for those of us who used the site. I am very confused at this point because it’s almost as though we did it for nothing. Has any real information been released regarding this that I could be directed to? Thank you in advance!

    1. Hello Loeta,
      The IRS is depositing the payment in waves. It expects that around 7 million payments will be sent out per week. While the first deposits have gone out, it will still take a month or two before everyone receives their money.

  3. I am asking when will I get my stimulus check this is April 30th this is a count by Sharon L Gonzales

    1. Hello Sharon,
      Unfortunately, Educators Credit Union no control over when the stimulus check will arrive. That is all dictated by the IRS.

  4. I have went to the IRS website and everytime I do I get the same response
    “Information doesn’t match”..I filed my 2018 and 2019 taxes by mail and I received a refund..Why does it state my “Information doesn’t match” and when will I receive my stimulus check?

    1. Hello Darrell,
      Stimulus check arrival is completely based on the IRS. Educators Credit Union cannot research when checks will arrive.

      When you’re checking your information, ensure you are entering in your information exactly as it appears on your taxes.

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