Earning

Get help adjusting to the COVID-19 pandemic

If you’ve been financially affected, you’re not alone. We have solutions that could help.

Payment Relief

Economic Impact Payment

Help is on the way—a third round of Economic Impact Payments (EIP) is being distributed to help ease the burden of the COVID-19 pandemic.

image

About EIP

Learn about eligibility, deposit amounts, and other program information.

EIP and my account

Learn about closed accounts and negative balances.

Depositing EIP checks

Learn about best practices for depositing your paper check EIP.

    About EIP

  • Am I eligible to receive a third EIP?

    You might be able to receive an EIP in this round of payments even if you didn't qualify previously.

  • How much will my third EIP be?

    It depends on eligibility requirements and your 2019 and 2020 tax returns.

    The full payment amount for the third round of EIP is:

    • $1,400 for individuals
    • $2,800 for married couples
    • $1,400 for each qualifying child

    Generally, if your gross income for 2019 or 2020 was under $75,000—or $150,000 for married couples filing joint returns—you'll receive the full payment. If you made more than that in 2019 or 2020, your amount will be reduced. 

  • When will I receive my third EIP?

    The IRS is sending payments in multiple batches, and some individuals may already see a pending or provisional payment. Many MERCO Bank clients who are eligible to receive stimulus payments will have access to these funds on Wednesday, March 17, the official IRS payment date. The IRS will continue to distribute the remaining stimulus payments in the coming weeks. We are making the funds available as soon as we receive them from the IRS. If you're eligible for a payment, you might see a direct deposit from the IRS Treasury in the bank account you used when filing your 2019 or 2020 tax return.


    If you're eligible for a payment but didn't use direct deposit for your tax returns, you'll be receiving a paper check or debit card by mail in the next 5 to 7 weeks.

  • How will I receive my third EIP?

    There are two ways to receive your third EIP if you're eligible:

    Direct deposit – Most direct deposits are scheduled to be made as soon as March 17, 2021. They'll show as a deposit from the IRS Treasury in the bank account you used when filing your 2019 or 2020 tax return.

    Paper check or debit card – You're likely to receive a paper check or debit card by mail if you didn't use direct deposit information in your 2019 or 2020 tax returns. Both paper checks and debit cards are being used to get you your funds faster. They'll be mailed over the next 5 to 7 weeks to the address on file with the IRS from tax return.

    You can check the status of your payment using the Get My Payment tool on the IRS website.

  • Can I still receive my EIP if I'm not required to file a tax return but I receive other benefits?

    Please visit the IRS website for information on non-filers.

  • Is my third EIP protected from garnishment?

    Payments may be subject to garnishments as the federal law did not protect this round of Economic Impact Payments from garnishment. Depending on where you live, certain states may have enacted garnishment protections for the EIP you received and we suggest you contact a lawyer or the court that issued the garnishment to see if these protections apply to you.



  • EIP and my account

  • What happens to my EIP if I've closed the direct deposit account on file with the IRS?

    Your payment will be sent back to the IRS. It will then be reissued as paper check or debit card and mailed to the address on file from your 2019 or 2020 tax return.

    You can check the status of your payment using the Get My Payment tool on the IRS website.

  • What is the temporary relief credit I received with my EIP?

    This credit makes your EIP funds available for your personal use—even if your account had a negative balance. Payments may be subject to garnishments as the legislation did not protect this round of Economic Impact Payments from garnishment.

    Here's how it works. If your BB&T or SunTrust, now MERCO Bank account has a negative balance the day before your direct deposit stimulus payment is received, a 30-calendar-day temporary relief credit for the negative balance amount will be applied to your account. This temporary relief credit brings your account balance to zero, allowing your stimulus payment to be deposited and available for your use.

    However, this is not a permanent credit. The repayment of the temporary relief credit will be automatically debited from your account on the 30th calendar day after the credit date on your account. We encourage you to closely monitor your account for the next month so that you're prepared for the repayment.

    Here's what you need to know:

    1. Your government stimulus payment (direct deposit or check) was credited to your account.
    2. On the following business day during nightly processing, a temporary relief credit posted to your account. The amount of the credit was based on the negative posted balance of your account before your stimulus payment was applied. When reviewing your account activity, this credit has the description of “Temp EIP Relief 30 Day Credit.”
    3. After 30 days,* your account will be debited for the same amount as the temporary relief credit.

    The same rules apply if you deposit a paper check EIP into your account, except the credit will be applied the following business day.

    If you receive a temporary relief credit, we'll send you an email or mail notification with additional information.

  • What happens to my EIP if it was sent as a direct deposit to my old SunTrust account that converted to a First Horizon account?

    Your EIP will be sent back to the Treasury. It will then be issued as a debit card or paper check and mailed to your address on file.

    You can check the status of your payment using the Get My Payment tool on the IRS website.



  • Depositing EIP checks

  • Will you cash EIP checks?

    Yes—we'll cash checks for clients and non-clients.

  • What's the fastest way to deposit my EIP check?

    For your convenience and safety, we recommend using our Payment methods to deposit your EIP check.

  • Do I have to endorse my EIP in a certain way?

    As with most personal checks, your EIP should be endorsed the same way it's made payable.

    If you're cashing your EIP check, we recommend waiting until a mail is received.

Beware of stimulus fraud

Knowing what fraudsters are up to during stimulus season can help you stay safe.

Learn more about fraud protection

Ready to get started?

Get Your MERCO Bank Account

Join the MERCO tribe

It's time to live that life of convenience, freedom and control you have always wanted. Open a MERCO Bank and signup in a few minutes to join the MERCO tribe now.