On March 11, 2021, the American Rescue Plan Act of 2021 was signed into law. It was a plan to expedite the recovery of the economy following the COVID-19 pandemic. This means that individuals will be receiving another round of stimulus checks over the next few weeks, either by direct deposit or mail.
Stimulus funds received via ACH at CTFCU will be treated in the same way as the first couple rounds of payments. We will legally post any ACH payments that we can, but it is important to note that funds can be returned due to the following reasons:
- We cannot accept funds sent by the IRS that include a portion for a deceased spouse. (With ACH transactions, we can accept all or decline all of the funds going to a member. We cannot receive a portion of the transaction and send the remainder back to the IRS).
- We cannot accept the ACH transaction if funds received from the IRS include a portion for a family member or a person who is not joint on your account.
- We cannot accept the funds if the member number or account type provided on the transaction does not reflect in our system or if the account is closed.
For more information about the status of your payment, eligibility, or to update your account information with the IRS, please visit irs.gov for details and instructions.