Economic Impact Payments
Third Stimulus Payments Approved
Updated March 11, 2021
A third round of economic stimulus was passed by Congress and signed by the President on March 11, 2021. This new plan brings additional stimulus payments to many Americans.
The IRS will begin making stimulus payments the week of March 15. Here’s what we know currently:
- Individuals earning $75,000 or less will receive a new payment of $1,400
- Heads of households earning up to $112,500 will receive $1,400.
- Couples earning $150,000 or less will receive $2,800.
- Qualifying parents of children will receive an extra $1,400 per child.
- Dependents now include 17-year-olds, as well as college students, older adults, and children of all ages with certain disabilities who are claimed on tax returns.
- The payments will be based on information from a taxpayer’s 2019 return, or their 2020 return if it has already been filed.
- Payments to those earning more than those amounts will decrease and cut off completely for individuals earning more than $80,000, couples earning more than $150,000, and heads of household making more than $120,000.
For full, official details please visit the IRS Website.
Receiving Your Payment
You will receive your stimulus payments by either direct deposit into your account or by paper check in the mail. HomeTrust Bank has no insight into the dates which individual payments will be disbursed. You can check the status of your payments on the IRS Website.
To receive your payment quickly and securely, the IRS will deposit your payment into the same account you used to file your 2019 tax return or the account number used in the first stimulus payment program.
If you prefer to receive a check in the mail, your check will be mailed to the address the IRS has on file for you based on your most recent tax filing.
When you receive your check, we encourage you to use our Mobile Banking app to deposit your check. If you do not have the mobile app, please download it from your smart phone’s app store. You must enroll in online banking to use our mobile app and the mobile deposit feature.
Another alternative is to deposit your check at any HomeTrust ATM or drive thru convenient to your location.
- Checks deposited by 7:00 P.M. on a business day are considered received that business day.
- Checks deposited after 7:00 P.M. or on a non-business day are considered received the next business day.
- The first $225 of deposited checks is available the business day on which the check is received. Remaining funds are available the next business day.