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Third Round Economic Impact Payments FAQs


Third Round Economic Impact Payments

Third Round of Economic Impact Payments Begins ImmediatelyUpdated March 12, 2021

President Joe Biden has signed into law the $1.9 trillion American Rescue Plan Act, which includes a third round of Stimulus EIPs (Economic Impact Payments) of up to $1,400 per eligible recipient.

The IRS said it will begin distributing the third round of Economic Impact Payments effective March 12, 2021, with an effective entry date of  Wednesday, March 17th 2021.

Official IRS information about the COVID-19 pandemic and the third round of Economic Impact Payments can be found on the official site of the IRS at Clear Mountain Bank does not control the delivery of these payments, the IRS does. 

Below are some FAQs provided by the IRS (Internal Revenue Service) and the ICBA (Independent Community Bankers Association) and include answers on how and when these payments are going out and other helpful details. We will update this information as it becomes available.

*This page is for informational purposes only and is subject to change. Final rules, determinations and guidelines are subject to the Internal Revenue Service (IRS).

When will this third round of payments be distributed?

If you are eligible, the IRS said it will begin distributing the third round of Economic Impact Payments Friday, March 12, with an effective entry date of this Wednesday, March 17.

Payment Portal: The Get My Payment portal is expected to be reopened soon, but it will only allow recipients to check their payment status. Recipients will not be allowed to provide new bank account information.

How will I know if I am eligible? How large a payment will I receive?

The IRS is responsible for determining eligibility for Economic Impact Payments. The IRS database will be used to determine routing and bank account numbers for qualified individuals.

Per the signed legislation, the full credit amount of this third economic impact payment is worth up to $1,400 per individual and dependent children under the age of 17.

Third-round stimulus checks will be completely phased out for:

  • Single filers with an AGI above $80,000
  • Head-of-household filers with an AGI over $120,000
  • And joint filers with an AGI exceeding $160,000.

To see how much relief you may receive, use this calculator for informational purposes only

To qualify for a payment, an individual must have a work-eligible Social Security number and must not be claimed as a dependent by another taxpayer in the current tax year. Lower income individuals who are not subject to income tax will also receive payments.

For complete eligibility information, please visit the IRS website.

How will I receive my payment? Will it be sent as a paper check or electronically?

Most individuals will receive their payment electronically. This is faster and safer than mass distribution of paper checks.

If you filed taxes in 2019 and provided on your tax return your bank routing and account number for payments or refunds, and this information has not changed, the IRS has the information it needs to send your payment electronically, with no action required on your part.

However, if the IRS does not have account information on file for direct deposit, then individuals may receive a check or prepaid debit card.

If you are a Social Security recipient, the IRS will use the direct deposit information held by the Social Security Administration. If the direct deposit information you have provided in the past is for a bank-issued, prepaid debit card, you will receive your funds on that card account. Individuals receiving disability benefits, railroad retirement, or veterans benefits do not need to provide additional information to receive their payments.

The IRS worked with the relevant federal agencies to access the relevant information to distribute payments in the same manner as those individuals receive their regular benefit payments (e.g., direct deposit to their bank account). Also, some individuals received a prepaid debit card from the government instead of a check; the IRS currently plans to issue new cards rather than reload the previous card with the second payment.

The IRS will also make changes to the envelope used to distribute the prepaid card so that individuals do not mistakenly discard it. The IRS will provide more information about the new envelope design and notifications.

If an individual is a non-filer or failed to receive some, or all, of their first Economic Impact Payment, please check out the IRS website to learn more about claiming the Recovery Rebate Credit on the 2020 tax return at


Is this round of EIP payments protected from garnishment?

No. The legislation does not protect EIP Round 3 payments from garnishment.

Under the newly enacted law, EIP3 are not exempt from garnishment, unlike previous EIPs. While various banking trade groups have urged Congress to quickly pass standalone legislation to protect the payments from garnishment, as it currently stands, we will be legally required to act on any garnishment orders.

I file a tax return every year, but the IRS does not have my current information on file. Can I receive my payment electronically?

Yes. The IRS has an online portal called “Get My Payment” where people can obtain details about their payment and provide direct deposit information if the IRS does not already have it. At this time, the IRS online portal is under maintenance. For updated information, please visit the IRS website.

What if I am typically not required to file a tax return?

Social Security recipients who have not been required to file tax returns, will not be required to do so to receive their payments. People who typically do not file a tax return and are not Social Security beneficiaries, will need to provide their information to the IRS at the following website – Non-Filers: Enter Payment Info.

I have a reloadable prepaid card with a bank. Can I direct the payment to that account?

Yes, you will need your routing and bank account numbers to provide via the IRS online portal.

I have a bank account. Can I still receive a paper check?

Yes, but be aware that your payment will be slower than an electronic transfer. Paper checks may be sent out weeks after the electronic checks are sent. Many customers will prefer depositing the check through remote deposit capture where you can take a picture of your check through the Clear Mountain Mobile smartphone app to make the deposit from the comfort and safety of your home the same day the check arrives in the mail. The daily limit for mobile deposit is $5,000.

Alternatively, you can make the deposit at any one of Clear Mountain Bank’s ATMs that accept both cash and check deposits, including our ATM locations at Suncrest, Suncrest Towne Centre Kroger, Reedsville, Kingwood, and White Oaks.

If you want to deposit the check in person, you may do so through any of our branch drive-through locations.

Will college students be eligible to receive a payment?

A college student who is claimed as a dependent on the tax return of a parent is not be eligible for a payment, though a financially independent student would be. For complete eligibility information, please visit the IRS website.

What can I do to prevent fraudsters from accessing my funds?

A large amount of funds will be disbursed in the coming weeks to qualifying individuals. Accordingly, there is a risk for fraud of various types. The IRS has announced various ways individuals can be on guard against fraudulent activities.

It is important to remember that neither Clear Mountain Bank nor the federal government will ever contact you by telephone, text or email asking for your account information. Do not provide any banking information to anyone claiming to be “registering you for your relief payment.” This is a red flag.

For security reasons, the IRS plans to mail letters about Economic Impact Payments to taxpayers’ last known address within 15 days after the payment is paid. The letter will provide information on how the payment was made and how to report any failure to receive the payment. If you are unsure you are receiving a legitimate letter, the IRS urges you to visit to protect yourself against fraudsters.

What should I do if I receive an unsolicited email or text appearing to be from the IRS?

Those who receive unsolicited emails, text messages or social media contacts attempting to gather information that appear to be from either the IRS or an organization closely linked to the IRS, such as the Electronic Federal Tax Payment System (EFTPS), should forward them to Taxpayers are encouraged not to engage potential fraudsters online or on the phone. Learn more about reporting suspected scams by going to the Report Phishing and Online Scams page on

What information does the GET MY PAYMENT tool display about my Economic Impact Payment?

One of these messages is displayed:

Payment Status:

  • A payment has been processed, a payment date is available and payment is to be sent either by direct deposit or mail. Note: mail means you may be issued an EIP Card or a check.


  • You are eligible, but a payment has not been processed and a payment date is not available.

Payment Status Not Available:

If you get this message, either the IRS has not yet processed your payment, or you are not eligible for a payment. The IRS will continue to send the 2021 Economic Impact Payment to eligible individuals throughout 2021.

Need More Information:

If you get this message, your payment was returned to the IRS because the post office was unable to deliver it.

To have your payment reissued as a direct deposit, you can provide a routing and account number for a:

  • Bank account
  • Prepaid debit card (must be reloadable; contact the card issuer for information)
  • Alternative financial products that have a routing and account number associated with them

If you don’t provide account information, the IRS can’t reissue your payment until your address if updated. See My address has changed or is incorrect. What can I do to change or correct it to receive my payment?

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