In a previous blog entry, we discussed some common-sense ideas on how to best use the funds you’ll be receiving from the Internal Revenue Service’s Stimulus Checks or Economic Impact Payments (EIP).  Today, we’ll provide some ideas on steps you can take in advance of receiving the funds, to ensure you’re ready to get immediate access to the money and begin planning an effective financial strategy for your household. To verify that you will be receiving an EIP, visit the IRS website to see the qualifications.

First, and perhaps most importantly, pull out your tax returns from 2018 and 2019 and review the payment information you provided at that time.  Verify that the account number and bank routing number are still accurate. For example, if you were the victim of identity theft or a data breach in the past, you may have had to establish a new bank account to protect your personal info. This means the IRS may not have your most up-to-date bank information and the payment may get delayed.

If you’re already receiving direct deposit of your SSI, SSA, or railroad or VA benefits, you should be good-to-go. But if you discover your information may not be current, and to help facilitate the timely disbursement of the payments, the IRS has launched a new web tool to input payment information. More information on the web tool can be found here on the IRS website.

Next, make sure you have a working email account and that you remember the password. You’ll need an email address in order to use the IRS web tool. There are many free email account options. If you need a recommendation, try gmail from Google.

Enroll for First Keystone’s Online Banking and use it to check your account every day, not only to verify when your payment arrives, but to ensure that all transactions are legitimate. See our recent blog on scams related to the Coronavirus to get an idea of the types of fraud that are circulating through the financial world.

In tandem with the Online Banking service, setting up First Keystone’s Mobile Remote Deposit Capture service will allow you to deposit any other checks you receive, from the comfort and safety of your home. It’s a simple app that uses the camera on your smartphone to submit a photo of the check and deposit it directly into your account.

Lastly, pull out your most recent credit card statements, pending bills and invoices, and loan payment information. Think about your plan before the payment arrives and set up a budget that you can adjust, in case the payment arrives later than expected.

And as we’ve mentioned before, your First Keystone Banker is on duty and ready to help with any questions you may have on your deposit accounts or loans. Your can reach us by calling your local Community Office, visiting out website (www.fkc.bank) or calling our Customer Care Center at 570-752-3671.  This isn’t easy. We get it. But we’re here to help – today, tomorrow and in the days to come. Let’s be Keystone Strong TOGETHER.