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Economic Impact Payments

Posted on April 13, 2020 | Latest News

Read these 6 tips from the National Credit Union Foundation on how to best use your Economic Impact Payment:

    1. Prioritize: Focus on the bills that keep a roof over your head, the lights on and food on the table. Check with your local jurisdiction as many utilities and communications providers are working with consumers to waive fees, keep the power on and your internet connection working.
    2. Talk: With your credit union and other lenders. DECU is offering Hardship loans, skip-a-pay, loan modifications and other sources of help so you can use your payment for what you need now.
    3. Save some of it: If you set aside even $100-200, that can provide a cushion for bills that are coming in a couple of weeks. America Saves has solid resources and information to help with access to food and unemployment benefits.
    4. Don’t hoard cash: Keep it in your credit union. It’s safest there.
    5. Protect: There are lots of bad guys out there trying to use this crisis to get at your stimulus check and your money. Watch out for suspicious emails, texts or phone calls. Here’s a great article that can help you keep an eye out for these threats.
    6. Pay your taxes: The deadline for filing and paying income taxes has been extended to July 15th. If you haven’t saved to pay your income taxes, you may want to consider using the economic impact payment to pay your taxes.

 

AVOID STIMULUS SCAMS!
With the Economic Impact Payments set to distribute this week, we want to remind our members to be cautious of scams.

The IRS will NOT contact you via text, phone, email or social media asking for information! Do not click links via any of these means of communication or respond to these types of requests. If you receive calls from scammers, hang up! These contact attempts are made by scammers looking to steal your information.

The IRS DOES plan to mail a letter about the economic impact payment to the taxpayer’s last known address within 15 days after the payment is paid. The letter will provide information on how the payment was made and how to report any failure to receive the payment. If a taxpayer is unsure they’re receiving a legitimate letter, the IRS urges taxpayers to visit IRS.gov first to protect against scam artists.

If you have questions regarding your stimulus refund, please contact the IRS directly by clicking here, or follow their Facebook page for updates IRS.

For additional information about the Economic Impact Payments, visit the IRS page by clicking here.