Am I eligible to receive a stimulus payment, and how much will I get?
Individuals earning $75,000 or less will receive a payment of $1,400, as will heads of households earning up to $112,500. Couples earning $150,000 or less will get $2,800. Payments to those earning more than those amounts will decrease and cut off completely for individuals earning more than $80,000, couples earning more than $160,000, and single parents making more than $120,000. Qualifying parents of children will receive an extra $1,400 per child. That means a married couple with two dependent children may receive $5,600. Also for this round, dependents include 17-year-olds, as well as college students, older adults and children of all ages with certain disabilities who are claimed on tax returns.
The payments will be based on information from a taxpayer’s 2019 return, or their 2020 return if it has already been filed.
Will Lafayette Federal know when I am scheduled to receive my stimulus payment?
No, those payments are issued by the IRS, not Lafayette Federal. You can visit the Get My Payment site at IRS.gov for more details, including the status of the payment, and a link to many frequently asked questions.
How will I get my payment?
The IRS will automatically issue your payment via direct deposit to the bank account it has on file based on information you provided on your tax return. Electronically generated direct deposits are typically the first to go out.
If the IRS does not have direct deposit information, you will be mailed either a paper check or a debit card to your address on file with the IRS. You won’t be able to choose between a paper check or the debit card. In fact, some people who received a check in an earlier round of payments could receive a debit card this time, and vice versa. The IRS says to carefully check your mail, so you don’t accidentally throw out the check or debit card out. Paper checks will arrive in a white envelope with the U.S. Department of the Treasury seal at the upper left side. The debit cards will arrive in a white envelope that prominently displays the U.S. Department of the Treasury seal, and the envelope will also state "Not a bill or an advertisement. Important information about your Economic Impact Payment.”
It will likely be several days to weeks for mailed paper checks or debits cards to arrive.
The IRS will send you a paper notice in the mail within few weeks after any payment is sent. It will include information about in what form the payment was made and where it was sent.
If you received your payment by mail in the first two rounds, it is recommended that you include your direct deposit bank account information on your 2020 tax return if you are expecting a refund. It is also recommended to file your return as quickly as possible. While there is no guarantee, this could lead to you receiving your next stimulus payment electronically.
What if I’m on Social Security and don’t need to file a tax return?
Your payment will be deposited directly to the bank account where you automatically receive your Social Security payment. A stimulus check will be mailed to you if you normally receive a paper check for your Social Security payment.
Someone I know already got their payment, why don’t I have mine yet?
Not all payments will go out at once. During the first two rounds, electronic payments were the first to be made, but they were staggered and were not all released at the same time. Checks and debit cards were the next to be sent and they are dependent on regular mail delivery. The whole process is likely to take several weeks.
How will I know when my federally issued electronic payment arrives?
You can check your bank account at any time of the day or night, using your mobile banking app or online banking. You can also set up an alert via your mobile app or online banking that will notify you via text or email as soon as a direct deposit has been made.
How can I deposit my stimulus check if I receive it by mail?
Your fastest option will be to use your smartphone or tablet and our mobile banking app to make a deposit at any time.
Mobile deposit is easy, just:
Other deposit options include visiting a branch or using an ATM that accepts deposits.
How soon will I be able to access the money deposited into my account?
Please visit our Disclosures Page and reference our General Availability Schedule under Membership > Funds Availability Policy. You can view the status of your stimulus deposit through online banking or your mobile banking app.
How does the debit card work?
If you receive the Visa debit card, which is managed by Money Network Financial LLC and has the name MetaBank on the back, you can visit EIPcard.com for information about how to activate and use it, or view the debit card FAQ. Before using the card, you will need to activate it, set a PIN, and sign the back. You’ll be able to use the card for in-store, online, and phone payments, and can get cash surcharge-free at an in-network ATM.
What happens if I don’t receive my stimulus payment?
The IRS says that "If you filed taxes using an online tax-preparation service or software, it’s possible that your payment will be sent to a temporary bank account that has since been closed. Tax preparers customarily set up such so-called Refund Transfer accounts so they can deduct authorized fees before passing the balance along to the recipient and closing the account.
"If your payment is sent to a closed account, the financial institution is required by law to "bounce” the funds back to the IRS. If this happens (or if you receive no payment or the wrong amount for other reasons), your only recourse may be to claim a Recovery Rebate Credit when you file your 2020 taxes.”
My bank account information has changed or was incorrect, what can I do?
According to the IRS, your payment information can’t be changed at this time. It says that "If you don’t get a payment and you’re eligible to receive one, you can claim the Recovery Rebate Credit on your 2020 tax return.”
What happens if the post office was unable to deliver my payment?
If your payment is not deliverable or is returned to the IRS for other reasons, you will need to claim the Recovery Rebate Credit when you file your 2020 tax return. Be sure to include your current address on your return so the IRS can update its information.
What if my address was changed or is wrong?
If your payment can’t be delivered to you for any reason and is returned to the IRS, you’ll need to claim the Recovery Rebate Credit on your 2020 return.
What is the Recovery Rebate Credit?
The credit is the money you receive in stimulus payments. If you do not receive the amount you are entitled to, you can apply to receive those funds when you file your 2020 tax return. You can visit the IRS website for more information about the Recovery Rebate Credit.
Is the stimulus money I receive taxable?
No. The IRS says this money is not income, so you won’t owe federal taxes on it; it won’t affect any expected federal income tax refund; and it won’t affect your income when it comes to determining eligibility for federal assistance or benefit programs. Some states may consider this as taxable income, check with your tax preparer or your state tax department for more information.
Should I be worried about stimulus payment scams?
Scams are always a concern when money is involved, so you should be on the lookout. Some possible scams include:
In general, you should be aware that federal agencies won’t ask you to pay anything up front to get your payment, and they won’t call, email, text, or reach out to you via social media to request your bank account or Social Security number, or to verify personal information.
Note that the 2021 stimulus payment program is moving very quickly, and the information included in our FAQs may be subject to change, or other circumstances may apply to you. For the most current information about stimulus payments, visit IRS.gov.
As of April 6th, we are now operating on an appointment-only structure in our open branch locations for the safety of our employees and members.
As of April 20th, we now require that members wear face masks or coverings while conducting in-person branch visits. We thank you for your cooperation in facilitating a safe environment for yourself and our staff while visiting Lafayette Federal offices.
To request an in-person meeting, please use our branch visit scheduler below. We kindly ask that appointments be made by 3:00 p.m. at least one business day in advance.
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As we continue to monitor the latest regarding COVID-19 (Coronavirus), we will be proactively following our Business Continuity Plan. Please know that our priority is to continue to serve the financial needs of our valued membership, while protecting the safety of our employees.
If you are experiencing financial hardship, we are here for you. You may apply for an extension on your loan payments, including your auto, boat, credit card and personal loans, as well as your mortgage and home equity products.
For members that own small businesses, you may find some helpful resources at the Small Business Administration website to assist with your business finances.
To find participating Small Business Administration Debt Relief Lending, visit the link below.
To find additional COVID-19 financial relief guidance, public health information, education resources, and other related information, visit the links below.
As always, you can access your accounts 24/7 via our Online Banking and our Mobile App. Accessible via your PC or mobile device, you can conduct many routine financial transactions, including:
In times of disaster and/or emergency, bad actors attempt to take advantage by instituting clever schemes that play on the anxiety of affected citizens. To avoid being a victim during the current national emergency, please be aware of the following scams that have been identified:
How you can help prevent the spread of COVID-19:
During the COVID-19 pandemic, it's important to be vigilant in order to stay healthy. The best way to prevent illness is to avoid being exposed to the virus. It's thought to spread mainly from person-to-person between people who are in close contact with one another (within about 6 feet), usually through respiratory droplets produced when an infected person coughs or sneezes.
Practice the following in order to prevent the spread of COVID-19:
How we are helping to prevent the spread of COVID-19:
Learn more from the Centers for Disease Control and PreventionOpens in New Window, World Health OrganizationOpens in New Window, and the Occupational Safety and Health AdministrationOpens in New Window about COVID-19 or contact your local health department.
We are actively following developments and will continue to keep you updated. As your partner, we are standing by to ensure your business needs are met. Your account access is important to us—we have staff available to answer calls in the office and remotely.
Should you have any questions, please contact us at (301) 929-7990 or (800) 888-6560. Thank you in advance as we navigate this evolving situation.
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