Staying Safe From Coronavirus Scams
Your security and privacy are important to us, so we want to make sure youre aware that scams related to stimulus payments and unemployment benefits are on the rise.
Get security tips and the latest details at key.com/privacy-security.
About KeyBank branches
- In-branch appointments are available for those who need them. Schedule yours online, in online and mobile banking or by .
The health and safety of our clients and teammates is our top priority. In keeping with CDC guidelines, all KeyBank branches are taking the following precautions:
- Masks are no longer required in KeyBank branches for anyone who is fully vaccinated, unless required by state or local order
- If you prefer to be served by someone wearing a mask, let us know
- Hand sanitizer is available for you and our team
- Plexiglass for teller windows, bankers’ desks and other areas in the bank where clients are served
- Occupancy limits and social distancing signage and floor markings, where required
- Enhanced, more frequent cleaning for our ATMs, branches and drive-thrus
- Daily team health screenings and reinforcement of best health practices
- Direction for our teams to stay home from work if COVID-19 symptoms are present
How Long Does It Take For A Mobile Check To Deposit
When you deposit a check to your bank account, the money isnt available right away. Banks have funds availability policies that determine how long it takes for a check to clear.
Depending on the bank, funds deposited via mobile check deposit may be available as soon as the next day. Some banks will make part of the check available right away, with the rest available the next business day.
However, its important to know that the bank can hold a mobile check deposit for specific reasons, which means your check will take longer to clear. For example, the bank could impose a hold if:
- Youre depositing a large check
- There have been frequent overdrafts in your account
- Youve had a deposited check returned unpaid in the past
- Its believed that a deposited check may not be paid for any reason
If the bank plans to place a hold on the deposit, you may receive a notification before finalizing a mobile check deposit. Youd then have the option to continue with the mobile deposit or take the check to a branch instead. Check with your bank to see what the policy is for holding deposits and how quickly your mobile check deposits should clear.
Have The Money Credited To A Paypal Account
PayPal has a service that lets you cash checks and have the amount credited to a PayPal “Cash Plus” account. You can do it all on your phone or other mobile device using the PayPal app. Just take a picture of the check and send it for approval. You pay a fee if you want the money credited to your account immediately, but there’s no fee if you can wait 10 days. And now for the good newsPayPal is waiving the fees for paper stimulus checks, so you can get the money into your PayPal account right away for free.
Convenience story giant 7-Eleven also has a debit card program that you can use. Anyone with a can cash a check and apply the funds to your debit card account using a smart phone. Undisclosed fees may apply, though .
Netspend, Ingo Money, Venmo, and others provide similar services that let you cash a stimulus check using your phone. Again, make sure you understand the fees before you sign up.
Read Also: Next Batch Of Stimulus Payments
Tips For Using Mobile Check Deposit
If you think mobile check deposit could be a useful banking tool, there are a few things to keep in mind when using it.
First, review your banks funds availability and deposit limit policies, so youll know how much you can deposit and when your money will be accessible. Also, note any types of checks the bank excludes from depositing through mobile banking.
While mobile check deposit is typically free, ask your bank whether there are any fees involved. For instance, if your bank gives you the option to make an express deposit using your mobile device, you may have to pay a fee for accelerated processing.
Next, make sure that your signature on paper checks is legible and that the photos you take are clear. You also should double-check the amount of the check against what youve entered to avoid a mismatch when trying to submit a deposit. Simple errors like these can cause your mobile check deposit to be rejected.
Finally, dont discard the paper check immediately. If something goes wrong with your mobile check deposit, you may need to deposit the paper check instead. Hold on to the check and, after the mobile check deposit clears, you can safely destroy the paper check or void it and keep it on file.
Are You Using A Mobile Banking App For Check Deposit Yet
Signing up for direct deposit can save you time, but mobile check deposit comes in super handy if you receive a paper check, like a tax refund or stimulus check.
So, if you arent taking advantage of mobile check deposit yet, consider signing up. Youll soon learn just how convenient it is!
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Someone I Know Already Got Their Payment Why Dont 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.
According To The Aarp Foundation Two Thirds Of Adults Over 50 Do Not Use Financial Technology
With COVID-19 putting a financial strain on American families and businesses, millions of us are counting on our government stimulus payments.
Eligible consumers will receive up to $1,200 while married couples will get up to $2,400, and $500 will be added for every child. The government estimates that more than 80 percent of Americans will receive a stimulus payment during these challenging times.
Recommended Reading: Do You Need To File Taxes To Get Stimulus Check
How Long Does It Take For A Check To Clear Through Mobile Deposit
Deposits are subject to verification and funds will not be available immediately. Once the deposit has been received, youll be able to view the pending transaction online or on your phone. Checks received by the applicable cutoff time on a business day are usually available in your account the next business day.
What To Do If Your Stimulus Payment Was Deposited Into A Closed Account
If you closed the account that your last tax refund was sent to and didnt get a chance to update your info in time, your stimulus payment will be returned to the IRS. Have no fear, all is not lost! Because credit unions and banks cant keep funds floating in the nebula, your payment will be bounced back to the IRS, and they will cut a paper check to be mailed to your home. Many Americans have discovered their funds were sent to incorrect accounts while checking the status of their stimulus payment at . Here, you can see if and into which account your check has been deposited.
The Alliant Money Mentor will continue to share updates regarding stimulus payments and other important financial information related to the ongoing coronavirus pandemic.
Claire Hegstrom is an advocate of the credit union movement through and through. Passionate about financial education, she approaches money conversations from a candid and inclusive space focused on growth and awareness. As our credit union founding father, Ed Filene, once said, Progress is the constant replacing of the best there is with something still better. Claire hopes reading Money Mentor will help transform your life from the best to even better.
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When Is My Stimulus Payment Coming
Please note that our member support agents do not have information on the status of Economic Impact Payments.
The majority of the stimulus deposits have been processed. If you havent gotten your payment yet, you will likely receive a check or debit card from the IRS, even if you received an electronic deposit last time. Please check the IRS website for more information. You can also find more information on our FAQs below.
Check Your Banks Mobile Check Deposit Guidelines
The first thing you need to do is make sure the organization youre banking with is set up for mobile check deposits. The easiest way to do that is to check your mobile banking app.
When you log into mobile banking, head to the menu and look for the mobile check deposit option. If you see it listed, then your app should allow you to deposit checks online.
Before you try to use mobile check deposit, however, make sure your account is enabled to do so. While the feature may be available in mobile banking, you may still have to register first or sign up.
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Can I Sign My Stimulus Check Over To Someone Else To Cash
In such cases, you can endorse the check to the person, just as you would with any other check, so the individual can cash it. In the endorsement area behind the check, write Pay to the order of on the first line, followed by the individuals name and your name as it appears on front of the check.
Get Back On Your Financial Feet
Financial hardship help is available now
Child Tax Credit
The American Rescue Plan Act made some important changes to the Child Tax Credit that will help many families receive advance payments starting as early as July 15, 2021. The changes expand the Child Tax Credit for the tax year 2021 only.
Please find answers to several FAQs below or visit the Advance Child Tax Credit Payments page on the IRS web portal for more information about eligibility, to unenroll from the advance payments, or to submit information if you are not a tax-filer.
2021 Stimulus Payments
The latest $1.9 trillion COVID-19 relief package provides another round of direct payments, as well as additional assistance for those who are unemployed, hungry, uninsured and at risk of losing their homes. It also provides a bigger tax break for parents.
The IRS started issuing the latest round of stimulus payments to eligible individuals in March with payments sent by direct deposit and through the mail as a check or debit card. The IRS will continue to issue payments throughout the year as tax returns are processed.
Find out the status of your payment with the IRS tool, Get My Payment. Also, you can check your accounts anytime in KeyBank online and mobile banking, and request notifications when any deposit is made to your account with KeyBank account alerts.
Paycheck Protection Program Information
The Paycheck Protection Program closed on May 31, 2021.
Client Assistance
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I Havent Filed My 2020 Taxes Yet What Should I Do
That depends on how your income has changed.
- If your income fell in 2020, you may qualify for a larger Economic Impact Payment by filing as soon as possible. If your 2020 federal income tax return is on file by the time the IRS processes your stimulus check, the amount of your payment will be calculated based on that reduced income.
- However, if your income increased in 2020, it may be in your best interest to wait to file your taxes until after your stimulus payment arrives.
If You Receive A Paper Stimulus Check
Paper checks will be mailed throughout the month of January. During this pandemic, the safest way to deposit your check is by using the remote deposit feature on your credit union or banks online or mobile application. You can also use deposit-taking ATMs at your financial institution to securely deposit the check.
Pro tip: For mobile check deposit, make sure to endorse the check with For mobile deposit only at financial institution name directly under your signature to ensure a seamless experience.
For those who receive a check made out to you and a joint filer, make sure to endorse the check with both of your names and deposit it into an account you hold jointly. Checks from the government written to two parties cant be deposited into a single owners account.
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How Does Mobile Check Deposit Work
Mobile check deposit works using remote deposit capture technology. When you take a photo of your check, its similar to scanning a photograph or document to make a digital copy on your computer.
The Check Clearing for the 21st Century Act allows banks to accept substitute checks for deposit if theyre the legal equivalent of a physical check. Thats what remote deposit capture allows forthe substitution of a digital form of your check for a paper one.
Once you scan and upload the photos of your check and submit your deposit request, the information is encrypted and transmitted to your bank. The check then follows the standard steps for processing and clearing so the funds can deposit to your account.
Can I Mobile Deposit My Stimulus Check Wells Fargo
Keep in mind, mobile deposits are subject to daily and 30-day rolling mobile deposit limits. Learn more about mobile deposit. If you are unable to use mobile deposit, you may still visit a Wells Fargo ATM to deposit your check. In most cases, deposited stimulus funds are available right away, up to $2500.
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If You Have A Bank Account
- Confirm your banks mobile deposit limit. Many banks have low check-deposit limits. If this is the case, call and ask the bank for a one-time exception. Here is a table to calculate your check amount. While youre on the phone, ask how many days after check deposit your funds will be accessible.
- Set up your banks mobile deposit app. Download and set up your banks mobile deposit app now. Customer service wait times are currently lengthy, so if you hit a snag, this process can easily take days.
Is The Stimulus Money I Receive Taxable
No. The IRS says this money is not income, so you wont owe federal taxes on it it wont affect any expected federal income tax refund and it wont 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.
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What You Need To Do To Receive The Stimulus Payment
The IRS has tried to make this simple for those juggling many aspects of life right now. Most people eligible to receive the stimulus money will have funds deposited directly into their account. Most people will receive their payments in early January with the majority of direct deposits occurring on Jan. 4, 2021. In fact, you may see direct deposit payments as pending before the official payment date on Jan. 4.
Those who filed 2019 federal income taxes or receive Social Security benefits: The IRS will pull your deposit account information from the most recent taxes youve filed, or from your account number linked to Social Security payments.
Those who havent filed in two years or cant remember which account is linked for refunds: You can simply send the IRS your account information on the secure site they specifically created for the stimulus checks. Visit to update your financial institution information and home address on the Non-Filers: Enter Payment Info form.
How Soon Will My Funds Be Available If I Have An Economic Impact Payment Via Paper Check
For Capital One checking account customers, if you deposit your Economic Impact Payment check into your account via branch, our mobile app or a Capital One ATM, it will typically take one business day for funds to be made available. In some scenarios, funds may take longer than one business day to be available.
Capital One customers have a few options on how to deposit a check while banking safely during the COVID-19 pandemic.
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Do I Have To Take Any Action To Receive My Payment
According to the IRS, there is no action required by eligible individuals to receive this Economic Impact Payment. Some may see the direct deposit payments as pending or as provisional payments in their accounts before their official payment date.
The IRS has a Get My Payment application on IRS.gov/coronavirus to check your payment status.
Frequently Asked Question About Advance Child Tax Credit
What are advance payments of the Child Tax Credit ?
The American Rescue Plan, signed into law in March 2021, made important changes to the Child Tax Credit for most taxpayers in 2021. The American Rescue Plan directs the IRS to make advance monthly payments of half the estimated annual CTC from July through December of 2021.
How much is the advance on the Child Tax Credit?
Please check the IRS website for information about advance Child Tax Credit amounts.
How do I know if Iâm eligible for the Advance Child Tax Credit payment?
To see if youâre eligible for advance payments, use the Advance Child Tax Credit Eligibility Assistant.
How will I receive my Advance Child Tax Credit payment and when?
If youâre eligible to receive a payment, you will receive the funds in one of these ways:
- By paper check If you did not file a tax return or have not given the IRS your direct deposit account information in the last two years, you will be issued a US Treasury check. If you prefer to receive your advance Child Tax Credit payment via direct deposit, the IRS has added the capability to update bank information to reroute your advance from check to direct deposit via the Child Tax Credit Update Portal. NOTE: Changing your advance disbursement from check to direct deposit will take several weeks to be implemented by the IRS and you may receive a check until the change takes effect.
Can I unenroll from the Advance Child Tax Credit?
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