IRS Announcement on 2nd Economic Check "Payment Statuses".
January 6, 2021
The IRS has announced that individuals who see the "Payment Status #2 - Not Available" error me IRS.GOV/EIP will not receive the second stimulus payment automatically. These Americans will unfortunately have to wait until they file their 2020 taxes to receive the payment, even if they successfully received the first stimulus via direct deposit, check, or debit card.
"If Get My Payment shows "Payment Status #2 – Not Available," then you will not receive a second Economic Impact Payment and instead you need to claim the Recovery Rebate Credit on your 2020 Tax Return."
Learn more: IRS Statement
Economic Impact Payments
Erie FCU members will begin receiving direct deposits from the IRS into their accounts starting January 4, 2021. There’s no action needed for most people, including members who receive Social Security payments.
Important: Answers to Frequently Asked Economic Impact Payment Questions
January 4, 2021
The Coronavirus Response and Relief Supplemental Appropriations Act of 2021, which was signed into law on December 27, 2020, authorizes an additional round of Economic Impact Payments to eligible individuals. Because credit unions have likely started receiving the second round of economic impact payments, we felt it was important to share the most recent information that we have on these direct deposits and checks as quickly as possible. We had the opportunity to attend an “Ask the FED” webinar and they answered many of the questions that came up during the first round of economic impact payments in the Spring.
Can the credit union offset the economic impact payments (EIP) to pay a member’s delinquent debt?
We would not recommend this practice based on the answers on the webinar. Unlike with the CARES Act payments which were treated more like tax refunds, included in this legislation is specific language prohibiting offsets for any federal nontax and state debts. This Act also prohibits garnishment of the EIP. These additional prohibitions make these funds more protected and more like a federal benefit payment than the last round of payments.
What if a payment comes in for a deceased person?
Under this legislation, a person is eligible to receive an EIP if they were alive on January 1, 2020. Financial institutions are not required to investigate or inquire any further than the payment instructions. Financial institutions should post the payments as instructed.
What if a payment comes into a closed account?
Those payments should be returned as normal through the ACH system. If a member asks, it will take about 14 days for them to receive the payment by other means.
Are EIPs subject to reclamation?
No, there is no reclamation on the EIPs.
These are links to helpful resources regarding the payments:
- Treasury press release: https://home.treasury.gov/news/press-releases/sm1224
- IRS press release: https://www.irs.gov/newsroom/treasury-and-irs-begin-delivering-second-round-of-economic-impact-payments-to-millions-of-americans
- Fiscal Service Operational FAQs for Financial Institutions: www.fiscal.treasury.gov/news/useful-covid-19-links.html
- Treasury check security features: www.tcva.fiscal.treasury.gov or https://fiscal.treasury.gov/files/reference-guidance/gold-book/check-security-features.pdf
- For more information about TCVA and TCVS, please visit https://tcva.fiscal.treasury.gov or contact Fiscal Service at (855) 868-0151 option #1 or firstname.lastname@example.org
- Treasury Offset Program: www.fiscal.treasury.gov/top
- Garnishment information: www.fiscal.treasury.gov/eft/faq-garnishment.html
- IRS info: www.IRS.gov/coronavirus and www.IRS.gov/eip
This is the link to the recorded “Ask the FED” webinar: https://www.webcaster4.com/Webcast/ListenPage?companyId=584&webcastId=39355
Watch Out for Coronavirus Vaccine-Related Fraud
January 4, 2021
Financial institutions are being warned to watch for fraud, ransomware attacks, and other criminal activity related to the distribution of the coronavirus vaccine.
The warning, from the Financial Crimes Enforcement Network (FinCEN), also provides specific instructions for filing suspicious activity reports (SARs).
In the notice, the agency cautioned coronavirus vaccine fraud may include “the sale of unapproved and illegally marketed vaccines, the sale of counterfeit versions of approved vaccines, and illegal diversion of legitimate vaccines,” highlighting that fraudsters have offered – for a fee – to provide potential victims with the vaccine sooner than outlined under the current vaccine distribution plan.
FinCEN has indicated it is aware of ransomware directly targeting vaccine research and has asked financial institutions to stay alert to ransomware targeting vaccine delivery operations and the supply chains required to manufacture the vaccines, as well as phishing schemes.
For additional information visit FinCEN’s website.
A Message from Erie Federal Credit Union’s CEO regarding COVID-19
Nov. 23, 2020
Erie FCU's CEO, Brian Waugaman
Moving Forward Together
With the changing climate and transition to winter months, there are concerns surrounding increased cases of COVID-19 both here in Erie and across the country. You should know that Erie Federal Credit Union has taken, and will continue to take, necessary and proactive actions to ensure the ongoing health and safety of our staff, members and the communities in which we serve. We are prepared to handle the challenges that may lie ahead and are working diligently to provide uninterrupted service to you. In addition to our up-to-date business continuity and recovery plans, we also have many online resources available to ensure that your banking experience is as convenient and as safe as possible.
From the onset of the COVID-19 pandemic, Erie FCU quickly responded with increased informational communications to members to ensure you had the information you needed to keep you informed of this rapidly evolving situation, financial relief options, safe banking measures and subsequent operational changes that impacted service delivery channels.
As we enter the winter months, we are monitoring the COVID-19 situation closely and will be providing important updates accordingly via our website and social media outlets. Please remain informed and be sure to check back frequently.
In relation to branch operations, please know that we have taken every precaution necessary to comply with all local, state and federal health authority directives in order to offer the safest banking experience possible. Our staff are required to wear masks, practice social distancing and sanitize surfaces on a regular schedule. We will continue to follow these safety guidelines throughout the coming months and strongly encourage you to stay safe and do the same. In the event that a branch location is forced to close for any reason, we will be sure to communicate more details with you via our website and social media channels. We strongly urge you to consider utilizing our convenient remote service offerings during this time as an alternative solution:
- EZ Money Manager (EZMM) Online Banking
- EZ Money Manager Mobile Banking
- Remote Check Deposit (EZMM Mobile Banking Only)
- EZ Bill Pay (EZMM Online & Mobile Banking)
- EZ Phone Telephone Banking
- Branch Drive-Thru
- Debit Card
- Credit Card
- Samsung/Apple Pay for both Debit and Credit
- Support Center*
* Please note: Erie FCU’s Support Center is experiencing higher than normal call volumes and increased wait times are expected.
Throughout these unprecedented times, I am honored and proud of the accomplishments of the Erie FCU team and volunteers. We have made significant advancements over the past several months and we are excited for what is on the horizon. Now is a very exciting time to be a member of Erie FCU and we look forward to continuing our service to you and your family for many years to come.
The health and well-being of our employees, members and community is of paramount concern to Erie Federal Credit Union. We will do all we can to support our community’s mitigation efforts to contain the spread of this virus. Even if further limitations are necessary in the future, we will continue our mission to responsibly deliver financial solutions that meet the needs of our community and provide you the best banking experience possible.
We remain committed to keeping you informed. Please visit our website and follow us on Facebook, Twitter and Instagram for ongoing updates.
Thank you for your continued patience and flexibility as we navigate these challenging times.
Brian J. Waugaman, CEO
Erie Federal Credit Union