The Oklahoma Native Assets Coalition, Inc. (ONAC) recently sent information to tribal communities across the country about how tribal citizens can more quickly receive the newly released Economic Impact Payments(EIPs) from the IRS by having a safe and affordable bank account that can receive direct deposits. The EIPs are for $1200 to U. S. citizens or resident aliens who have an adjusted gross income (AGI) of $75,000 or less, and $2400 to joint filers who have combined incomes (AGIs) of $150,000 or less, and $500 for each dependent child.
ONAC hopes that as many Native peoples as possible are able to receive these important funds in a speedy manner; which would mean that they have a financial account that can receive direct deposit, since that is the most efficient way to receive these moneys from the Treasury. The first several rounds of payments will be distributed by direct deposit from the Treasury starting this week, batch at a time, in set numbers – then paper checks will be generated in the final rounds of payments – likely several months from now. If you have received a payment from the government by direct deposit sometime in the last two years (such as a tax refund, SSI, or Social Security payments) you should receive your EIP in that same way, likely in the earlier rounds.
It is not too late for those who have never given their account information to the IRS. If you do not have direct deposit information on file with the government (such as if you are a non-filer, or if you typically ask for a return in the form of a paper check), you can go to the IRS web site and enter your bank account number at this IRS webpage or change your address. For filers and non-filers, the site to go to is: https://www.irs.gov/coronavirus/economic-impact-payments and click on the “Get my payment” application. You can use the "Get My Payment" application to:
- Check your payment status
- Confirm your payment type: direct deposit or check
- Enter your bank account information for direct deposit if they don't have your direct deposit information and haven't sent your payment yet
- Update your mailing address
Also, non-filers can also go to: https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here and enter your bank account information and/or address information. This non-filer tool also provides a free and easy option for people who may have too little income to file. Users should look for the heading “Non-filers: Enter Payment Info Here” to take them directly to the tool.
EIPs have begun to be distributed automatically to most people. Eligible taxpayers who filed tax returns for 2019 or 2018 with direct deposit instructions will receive the payments automatically. The IRS will look at 2019 filings first, then go to 2018 if you have not filed in 2019. That means your banking and address information should be updated if you have not filed this year and that information has changed. Automatic payments will also soon be made to income qualifying people receiving SSI, Social Security retirement, disability (SDDI), or survivor benefits and Railroad Retirement benefits.
The Manager of the Native Bank On ONAC initiative of ONAC is pleased to offer more information on how to get a safe, affordable, easy-to-use bank account that can be obtained through either an online or drive-through account opening process, please go to ONAC’s web site: http://oknativeassets.org, or more specifically to: http://www.oknativeassets.org/our_work/Native-Bank-On-ONAC to find information on banks, nationally, and those in Oklahoma, that have developed accounts according to Bank On certified National Account Standards, to provide such an account for you – even if you have had problems maintaining a bank account in the past. You can also contact the manager directly at email@example.com with any questions that the web site fails to answer for you.
ONAC hopes that you have a quick and productive experience accessing your EIP, and that you are able to open a new and reliable bank account to help you realize your economic goals, and we also hope that you and your family stay safe and well during these uncertain times.