IRS Stimulus Checks

UPDATE:  On May 18, the IRS began issuing stimulus checks onto prepaid EIP cards instead of paper checks. EIP Card recipients can make purchases, get cash from in-network ATMs, and transfer funds to their personal bank account without incurring any fees. They can also check their card balance online, by mobile app, or by phone without incurring fees. The EIP Card can be used online, at ATMs, or at any retail location where Visa is accepted. The prepaid card also provides consumer protections available to traditional bank account owners, including protections against fraud, loss, and other errors. 

We advise customers who receive one of these cards to register it and then transfer the funds directly to their bank account. If you’ve already received your card, please visit this page and follow the steps for how to activate and start using it.

To transfer funds:

  1. Call 800-240-8100 (TTY: 800-241-9100) to activate your card.
  2. Register for online or mobile app access by going to or the Money Network Mobile App and click "Register". Follow the steps to create your user ID and password. Be sure to have your EIP Card handy.
  3. Select "Move Money Out" and follow the steps to set up your ACH transfer. Transfers should post to your bank account in 1-2 business days.

ACH Transfer to Domestic Bank Limits Apply: $2,500 per transaction | $2,500 per day | $5,000 per month. Please see your Cardholder Agreement online at


The first wave of Economic Impact Payments (aka stimulus checks) from the Federal government arrived on WednesdayApril 15. If your account has not been credited, we did not receive your payment yet. Direct deposits will occur for social security recipients or tax filers who had their return direct deposited to an account at Reading Cooperative Bank. Please visit the IRS website for the most up-to-date information.

You can check the status of your stimulus payment on the IRS' Get My Payment page. You can also provide your direct deposit information on this site. Expect delays and long wait times. We recommend that you try either early in the morning or late at night. Direct deposits will be posted on the date given by the IRS. Reading Cooperative Bank cannot provide personal account or address information to the IRS. 

The IRS is responsible for sending stimulus payments to the bank to be posted. Payments are being sent in waves, and the IRS has indicated that payments will continue to be sent into July 2020. For most customers, payments will be deposited directly into the same bank account that was most recently used to receive a tax refund or monthly Social Security payment. Others will receive paper checks in the mail at the address that the IRS has on file for that individual.

If you need to set up direct deposit with the IRS, be sure to have the following information:

Bank Name and ABA/Routing Number: Reading Cooperative Bank 211372404

Your Full Account Number

Type of Account (Checking or Savings)

If you have not provided the government your direct deposit information, they will issue a check for your stimulus payment. We don’t have any specific information on when those checks will be issued.

TurboTax has partnered with the IRS and debuted an online registration portal where low-income Americans who don't file a tax return can send their information to the IRS to get their stimulus payment as soon as possible.

The IRS has provided a list of FAQ's about the Economic Impact Payments. We have included an excerpt from the IRS page below. The information in it’s entirety can be found here.


Frequently Asked Questions

Who is eligible for the Economic Impact Payment?

Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible. Social Security recipients and railroad retirees who are otherwise not required to file a tax return are also eligible and will not be required to file a return. 

Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples and up to $500 for each qualifying child. 

How will the IRS know where to send my payment?

The IRS will distribute payments using the information that the IRS has on file for each eligible individual or family. The vast majority of people do not need to take any action. The IRS will calculate and automatically send the economic impact payment to those eligible.

For people who have already filed their 2019 tax returns, the IRS will use this information to calculate the payment amount. For those who have not yet filed their return for 2019, the IRS will use information from their 2018 tax filing to calculate the payment. The economic impact payment will be deposited directly into the same banking account reflected on the return filed.

What should I do if I'm expecting a payment or check and it doesn't come?

The IRS will send a paper notice in the mail no later than a few weeks after your payment has been disbursed. The notice will contain information about where the payment was sent and in what form it was made. If you cannot locate the payment at that point, contact the IRS using the information on the notice. Visit to learn more.

The IRS does not have my direct deposit information. What can I do?

In the coming weeks, the Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online so that individuals can receive payments immediately as opposed to checks in the mail.

I am not typically required to file a tax return. Can I still receive my payment?

Yes. The IRS will use the information on the Form SSA-1099 or Form RRB-1099 to generate Economic Impact Payments to recipients of benefits reflected in the Form SSA-1099 or Form RRB-1099 who are not required to file a tax return and did not file a return for 2018 or 2019. This includes senior citizens, Social Security recipients and railroad retirees who are not otherwise required to file a tax return.

Since the IRS would not have information regarding any dependents for these people, each person would receive $1,200 per person without the additional amount for any dependents at this time.

I have a tax filing obligation but have not filed my tax return for 2018 or 2019. Can I still receive an economic impact payment?

Yes. The IRS urges anyone with a tax filing obligation who has not yet filed a tax return for 2018 or 2019 to file as soon as they can to receive an economic impact payment. Taxpayers should include direct deposit banking information on the return.

I need to file a tax return. How long are the economic impact payments available?

For those concerned about visiting a tax professional or local community organization in person to get help with a tax return, these economic impact payments will be available throughout the rest of 2020.

Where can I get more information?

The IRS will post all key information on as soon as it becomes available.

The IRS has a reduced staff in many of its offices but remains committed to helping eligible individuals receive their payments expeditiously. Check for updated information on rather than calling IRS assistors who are helping process 2019 returns.


Watch Out for Economic Relief Scams

While issuing stimulus relief by check or direct deposit, the government will NOT ask for a fee in order for you to receive the funds, nor will they ask for your personal or account information. 

Recognize and avoid bogus website links. Cybercriminals embed malicious links to download malware onto devices or route users to bogus websites. Hover over suspicious links to view the actual URL that you are being routed to. Fraudulent links are often disguised by simple changes in the URL. For example: vs

Help others by reporting coronavirus scams. Visit the FBI's Internet Crime Complaint Center at to report suspected or confirmed scams. You can also stay up-to-date on the latest scams by visiting the FTC’s coronavirus page at


If you require assistance or have any questions, please do not hesitate to contact us at 781-942-5000 or by emailing