The American Rescue Plan Act of 2021 was signed on March 11 and includes economic impact payments that the IRS is preparing to distribute immediately to many Americans. The distribution process is completely controlled by the IRS, and while the first payments are expected as soon as March 17, it could take several weeks for all payments to be disbursed. The IRS website is expected to be updated soon and has a Get My Payment tracker that will provide status updates for taxpayers who have filed a 2019 or 2020 tax return with direct deposit. Most payments are anticipated to be sent via direct deposit to the account the IRS has on file. Some payments may be distributed via check or prepaid debit card, as in the two previous rounds of economic impact payments.
In addition to the IRS economic impact payment tracker, you can check your account balance any time through online or mobile banking.
To know when your economic impact payment arrives, set up account alerts to know when a credit has been added to your account. To learn how to set up account alerts, click here. We are expecting high call volumes to our customer service center and encourage use of online or mobile banking to check your account for the most up-to-date transactions. Simmons Bank will not be able to tell you when your payment will arrive. The payment will be reflected in your account balance in online or mobile banking as soon as we receive it. Please contact the IRS for questions about eligibility and payment amounts.
During times like this, please be on the alert for scams tied to economic impact payments and be diligent in protecting your banking information. The IRS will never call, text, mail, message you on social media, or email you to verify your bank account information so you can get your refund faster. Do not open any suspicious texts or emails, or click any attachments or links, and do not provide any of your direct deposit or banking information if asked.
Our priority is the well-being of our customers and communities, as it has been throughout our 117-year history. Visit our dedicated webpage for further information on coronavirus relief resources from Simmons Bank.
