Government Stimulus
CARES Act

Electronic stimulus payments are expected to be sent to the bank beginning on Wednesday, March 17, 2021 from the IRS and may be subject to change. Checks are being mailed beginning Friday, March 12, 2021.

How can I check the status of my payment?

You can check the status of your payment by going directly to the IRS website and use the IRS' "Get My Payment" button at https://www.irs.gov/coronavirus/economic-impact-payments

This application will allow you to check your payment status and method of payment (direct deposit or check). IRS is scheduled to begin mailing paper checks beginning Friday, March 12, 2021.

Visit the IRS website for more information https://irs.gov

You can also set up account alerts with People's United Online Banking to get notified when deposits are made and checks clear via email or text, or both.

People's United Bank does not have information regarding your payment status or amount.

What is the timeframe of the Stimulus Payment being deposited to my bank account or mailed in the form of a check?

Electronic stimulus payments are expected to be sent to the bank beginning on Wednesday, March 17, 2021 from the IRS and may be subject to change. Checks are being mailed beginning Friday, March 12, 2021.

People's United Bank does not have information regarding your payment status or amount.

Please review your account activity to determine if/when your payment is received. You will not be notified by the bank if/when your benefit payment is received, but you can set up account alerts with People’s United Online Banking to get notified when deposits are made and checks clear via email or text, or both.

For additional questions, you can check the status of your payment by going directly to the IRS website and use the IRS’ “Get My Payment” application at https://www.irs.gov/coronavirus/get-my-payment

Is there anything I need to do to receive this benefit?

According to the IRS.gov:

Those who filed taxes in 2018 or 2019, and received a tax refund or made a payment directly to/from an owned bank account, will receive the benefit via a direct deposit to the most recent bank account on file at the IRS.

Those who filed taxes in 2018 or 2019, and received a tax refund or made a payment via check, will receive the benefit in the form of a check mailed to the most recent address on file at the IRS.

For those who were not required to file a tax return but receive government payments (Social Security, Disability, Survivor Benefits, Railroad Retirement) and are eligible for the benefit, you will receive the benefit in the same manner you currently receive your payments (Direct Deposit or Check).

For those who did not file taxes, please refer to the IRS Website Non-Filers section on the Economic Impact Payment Page.

Please review the irs.gov website to keep up with changes. People's United Bank does not have information regarding your tax situation or form of benefits.

What if I received my tax refund via Direct Deposit, will I receive the stimulus payment in the same account?

According to the IRS.gov:

Those who filed taxes in 2018 or 2019, and received a tax refund or made a payment directly to/from an owned bank account, will receive the benefit via a direct deposit to the most recent bank account on file at the IRS.

Please review the irs.gov website to keep up with changes. People's United Bank does not have information regarding your tax situation or form of benefits.

You can also set up account alerts with People’s United Online Banking to get notified when deposits are made and checks clear via email or text, or both.

NOTE: For acquired Customers: If your account number has changed due to an acquisition with People’s United Bank, as long as your account is still open, the payment will automatically be transferred to your new account that came over at the time of the acquisition.

What if I receive a stimulus check via Direct Deposit via my Tax Provider and my account is overdrawn?

If at the time your account received your EIP via a Tax Provider and your People’s United Bank account is overdrawn, we can assist you to make the full amount of the stimulus payment available. Please visit a branch or call us at 1­-800-894-0300 to ask for details.

Are my stimulus payments subject to garnishment?

According to the American Rescue Plan Act, the third round of stimulus payments has no protection against offset of any federal or state debts and are not protected from garnishment other than IRS garnishments.

What if I don't have a bank account on file with the IRS or Social Security?

If you do not have a bank account on file with the IRS, your payment should come in the form of a check to the most recent address the IRS has on file.

People's United Bank does not have information regarding what is on file with the IRS.

For additional questions, you can check the status of your payment by going directly to the IRS website and use the IRS’ “Get My Payment” page at https://www.irs.gov/coronavirus/get-my-payment

What if I moved and have a new address that is different from the address on my 2019 or 2018 tax filings?

You must notify the IRS to let them know that you have a new mailing address. Instructions are provided on their website at https://www.irs.gov/taxtopics/tc157

Please note, People's United Bank does not have information regarding what address is on file with the IRS.

What if I haven't filed my 2019 tax return yet?

If you haven’t filed your 2019 tax return yet, the IRS will refer to the information from your 2018 tax return.

Those who filed taxes in 2018 or 2019, and received a tax refund or made a payment directly to/from an owned bank account, will receive the benefit via a direct deposit to the most recent bank account on file at the IRS.

Those who filed taxes in 2018 or 2019, and received a tax refund or made a payment via check, will receive the benefit in the form of a check mailed to the most recent address on file at the IRS.

For those who were not required to file a tax return but receive government payments (Social Security, Disability, Survivor Benefits, Railroad Retirement ) and are eligible for the benefit, you will receive the benefit in the same manner you currently receive your payments (Direct Deposit or Check).

For those who did not file taxes, please refer to the IRS Website Non-Filers section on the Economic Impact Payment Page. https://www.irs.gov/coronavirus/economic-impact-payments

Please review the irs.gov website to keep up with changes. People's United Bank does not have information regarding your tax situation or form of benefits.

If I receive a stimulus check in the mail, what are the options to deposit my check?

We encourage you to use the People’s United Mobile Banking app, to deposit your check. It's fast and can be downloaded to your mobile device for free. Refer to our Mobile Banking mobile check deposit. You can also use any deposit enabled ATM or a branch drive-thru window service. Find a branch near you.

Please Note: if your People’s United Bank account is overdrawn, you can still cash your stimulus check for the full amount, ask your teller for details.

How much will I receive as direct payment from the stimulus package?

People's United Bank does not have information regarding your payment status or amount.

Please refer to the Economic Impact Payment Information Center Page. https://www.irs.gov/coronavirus/economic-impact-payment-information-center.

Can People’s United Bank determine if my payment is pending and the dollar amount?

People's United Bank does not have information regarding your payment status or amount.

Electronic stimulus payments are expected to be sent to the bank beginning on Wednesday, March 17, 2021 from the IRS and may be subject to change. Checks are being mailed beginning Friday, March 12, 2021.

Please review your account activity to determine if/when your payment is received. You will not be notified by the bank if your benefit payment is received. You can also set up account alerts with People’s United Online Banking to get notified when deposits are made and checks clear via email or text, or both.

For additional questions, you can check the status of your payment by going directly to the IRS website and use the IRS’ “Get My Payment” page at https://www.irs.gov/coronavirus/get-my-payment

Where can I get more information about my Stimulus Payment?

People's United Bank does not have information regarding your payment status or amount. Please review your account activity to determine if/when your payment is received.

You will not be notified by the bank if/when your benefit payment is received.

If you are to receive your payment via check, checks from the IRS are scheduled to begin mailing on March 12, 2021 and will be mailed to the most recent address on file with the IRS.

For additional questions, you can check the status of your payment by going directly to the IRS website and use the IRS’ “Get My Payment” page at: https://www.irs.gov/coronavirus/get-my-payment

What if my People’s United Bank deposit account that my Stimulus Payment is being sent to has closed?

Electronic Stimulus Payments will attempt to post to the account number on file for the customer at the IRS. If your payment is sent to a closed account at People's United Bank, the payment will not be posted to the closed account. The bank will attempt to locate an active account owned by all payees on the payment and deposit it into that active account.

If an active account owned by the same payees is located, the payment should post to the active account within the same or next business day. If there is no active, similarly titled account at People’s United Bank, per IRS guidance, the payment will be returned to the IRS, and you will be issued a check.

You may consult the IRS website for further details.

What if my deposit account that my Stimulus Payment is being sent to has changed?

Electronic Stimulus Payments will be credited to the bank account on file with the IRS.

• If the account number is no longer valid because the number was changed to a new People’s United Bank deposit account number due to an acquisition, the payment should be transferred to your new deposit account number at People's United Bank, as long as this account is active. You will not need to take any action.
• If the account number is no longer valid and there was not a new deposit account number issued for the account due to an acquisition, the bank will attempt to locate an active account owned by all payees on the payment and deposit it into that account. The bank will make every effort to post this payment within the same or next business day.
• If there is no active, similarly titled account at People’s United Bank, per IRS guidance, the payment will be returned to the IRS, and you will be issued a check. You may consult the IRS website for further details.

If my deposit account that my Stimulus Payment is deposited to is currently overdrawn, will I still have access to my full stimulus payment that was direct deposited from the IRS Treasury?

Yes, we have made every effort to ensure all customers have access to the full amount of their Stimulus Payments.

For customers who received a Stimulus Payment through Direct Deposit:

• If your People’s United Bank deposit account was overdrawn or in a negative balance prior to receiving your Stimulus Payment, we will credit your account within 10 business days using the following rules to ensure you have access to the full amount of your Stimulus Payment.
• If your account was overdrawn by less than $100 at the end of the day prior to your Stimulus deposit, a credit will be applied to your account within 10 business days, equal to the overdraft amount to ensure you have access to the full amount your Stimulus Payment. This is a courtesy credit and will be forgiven.
• If your account was overdrawn by more than $100 at the end of the day prior to your Stimulus deposit, a credit will be applied to your account within 10 business days equal to the overdraft amount. After 90 days, the temporary credit will be reversed. You will receive a letter if you received a temporary credit explaining when the credit will be reversed.
• For customers who have a Stimulus Payment check to deposit into an overdrawn or negative balance account, you may ask a teller to cash your Stimulus Payment to receive the amount. Please call us at 1­-800-894-0300 if you deposited your check through the ATM or mobile banking and did not receive the full amount of your stimulus payment.

We are committed to assisting you with all of your financial needs during these challenging times. If you are experiencing hardship due to COVID-19 and would like any additional assistance, please contact us at 1-800-894-0300 to discuss how we can help.

What if my Stimulus Payment has indicated it has been sent to the bank but does not seem to have been credited?

Electronic Stimulus Payments will attempt to post to the account number on file for the customer at the IRS. If the account is no longer valid, the payment will reject and the bank will attempt to locate an active account owned by all payees on the payment and deposit it into that account. The bank will make every effort to post this payment within the same or next business day.

If there is no active, similarly titled account at People’s United Bank, per IRS guidance, the payment will be returned and you will be issued a check. You may consult the IRS website for further details.

How will the Stimulus Payment appear on my statement?

Beginning March 2021, the third round of payments will show as TaxEIP3. Electronic Stimulus Payments from the 2nd round of Stimulus will post to your account with the following description: “IRS Treas 310 XXTaxEIP2”. The 1st round of Stimulus may have posted with the following descriptions, “IRS Treas 310 Tax Ref” or “IRS Treas 310 Tax EIP1”.

FORMER UNITED BANK CUSTOMERS:
Will the Stimulus Payment go into my old United Bank account number or the new People’s United Bank account number?

Electronic Stimulus Payments will be processed to the account number on file for the customer at the IRS.

• If your account number on file with the IRS is a former United Bank account, the payment should automatically be transferred to your new Deposit account number at People’s United Bank as long as this account is active. You will not need to take any action.
• If your account number on file with the IRS is not an active account the bank will attempt to locate an active account owned by all payees on the payment and deposit it into that account. If an active account owned by all payees on the payment is located, this payment should post to the active account the same or next business day.
• If there is no active, similarly titled account at People’s United Bank, per IRS guidance, the payment will be returned and you will be issued a check. You may consult the IRS website for further details.

Will the IRS successfully deposit the Stimulus Payment if they have my old United Bank routing and account number on file?

Electronic Stimulus Payments will be processed to the account number on file for the customer at the IRS.

• If your account number on file with the IRS is a former United Bank account, the payment should automatically be transferred to your new deposit account number at People’s United Bank as long as this account is active. You will not need to take any action.
• If your account number on file with the IRS is not an active account the bank will attempt to locate an active account owned by all payees on the payment and deposit it into that account. If an active account owned by all payees on the payment is located, this payment should post to the active account the same or next business day.
• If there is no active, similarly titled account at People’s United Bank, per IRS guidance, the payment will be returned and you will be issued a check. You may consult the IRS website for further details.

FORMER BELMONT AND FARMINGTON BANK CUSTOMERS:
Will the IRS successfully deposit the Stimulus Payment if they have my old Bank routing and account number on file?

All prior BELMONT and FARMINGTON Bank accounts are now People's United Bank accounts, provided they were active accounts at the time of the acquisition.

• If your account number was transferred over from the acquisition and is still active, your payment will be applied to your People’s United Bank account. You will not need to take any action.
• If you were issued a new account number at the time of the acquisition, the bank will post the payment to your new designated account, provided it is still active.
  
• If your account number on file with the IRS is not an active account the bank will attempt to locate an active account owned by all payees on the payment and deposit it into that account. If an active account owned by all payees on the payment is located, this payment should post to the active account the same or next business day.
• If there is no active, similarly titled account at People’s United Bank, per IRS guidance, the payment will be returned to the IRS and you will be issued a check. You may consult the IRS website for further details.

What type of mortgage payment assistance is available?

The CARES Act puts two protections in place for homeowners experiencing a financial hardship due to the coronavirus (COVID-19) pandemic. It provides a foreclosure moratorium and the right to forbearance (payment deferral) on federally-backed mortgage loans.

People’s United Bank is offering forbearance for residential and consumer loan customers who have been impacted by COVID-19. Submit a forbearance request so we can review your information and determine your available options.

LEARN MORE

Is there stimulus relief for Student Loan Borrowers?

Student loan borrowers had the opportunity to suspend required payments on Federal student loans through September 30, 2020 if they proactively contacted their loan provider to pause payments. During this period, no interest accrues on this debt. Since then, borrowers have received additional extensions – the latest extension provides relief from payments through September 30, 2021. Learn more on studentaid.gov

Consequently, while required payments are suspended, voluntary payments are not prohibited. This period of time will continue to count towards any loan forgiveness programs. To see if you qualify for forgiveness of your Federal student debt, you should review the Public Service Loan Forgiveness program for your specific circumstances.

Learn more about how the CARES Act may impact retirement accounts such as IRAs and 401(k)s.