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Economic Impact

Our commitment to You First Banking is our promise to provide you with the best possible banking experience, and that includes keeping you informed of any events or actions taken that may impact your account.

On December 21, 2020, members of Congress passed the Coronavirus Response and Relief Supplemental Appropriations Act of 2021, providing a second round of economic relief through Economic Impact Payments to all eligible individuals during COVID-19. The payments will be distributed as quickly as possible, either by direct deposit or paper checks. The following are a few key points to keep in mind regarding these payments:

  • On December 29, 2020, the Federal government began releasing payments via direct deposit. The first checks and ACH will have an effective date of January 4, 2021. As a Peoples Bank customer, you can check your account daily via our Mobile or Digital Banking Services. To download the Peoples Mobile Banking App and enroll in Digital Banking, visit the Online and Mobile Banking page.

  • If you are an eligible individual who will be receiving your payment via paper check, the U.S. Department of the Treasury will begin printing and mailing paper checks on December 30, 2020, with a pay date of January 6, 2021.

  • There is no action required by eligible individuals to receive this payment.

The Internal Revenue Service issued a press release detailing the distribution of Economic Impact Payments, including eligibility requirements and payment amounts. This press release can be found here.

For the latest information regarding Economic Impact Payments, or any other related questions, please refer to the Internal Revenue Service (IRS) website at www.irs.gov.

We value the relationship we share with you, and are here to help. For any other questions regarding your Peoples Bank account, please call our Digital Banking Services at (219) 853-7630.