A message to our community about COVID-19 and the stimulus payment
We know how challenging these times are. Fortunately, financial help is on the way. The U.S. COVID-19 stimulus package is available to assist during these unprecedented times. We understand the relief options can be confusing. Below we’ve identified options under the Coronavirus Aid Relief and Economic Security (CARES) Act(new tab), and how your N26 account will assist in making the most of your stimulus payment with speed and reliable support.
What is a stimulus payment?
The CARES Act stimulus will add approximately $2 trillion(new tab) into the U.S. economy with benefits for state and local governments, businesses, public health, education, and households across the country for those impacted by COVID-19.
This includes a one-time stimulus payment directly to individuals to cover necessary expenses during the crisis. Rest easier knowing you’ll get money in your pocket with the speedy, reliable support you deserve while using your N26 account.
Who is eligible for a stimulus payment?
Most adults with a Social Security number will receive a payment. There are some qualification restrictions.
Economic impact payments will go to all qualifying Americans, regardless of employment status. If the Coronavirus outbreak has impacted your employment, you may be able to receive both the one-time stimulus payment and unemployment payments deposited in your N26 account under the CARES Act.
How can you deposit your stimulus payment into your N26 account?
Here’s some good news: Receiving your stimulus payment won’t require any long lines, trips to the bank, or checking your mailbox. You will be able to continue your safe social distancing measures without worrying about your stimulus payment.
The Internal Revenue Service (IRS) will send out stimulus payments via direct deposit to the bank account on your latest tax filing or to a different bank account.
If you used your N26 account on your latest tax filing, you don’t need to take any action. Your stimulus payment will be direct deposited, and you’ll get a real-time notification from N26 when the payment hits your account.
If you haven’t filed your 2019 taxes yet, you can do so now and include your N26 account information for direct deposit of your stimulus payment.
If you want to add or change your direct deposit information, you can tell the IRS which bank account you want the payment in through their online Get My Payment portal(new tab). In the portal, enter your N26 account and routing number to receive your payment sooner instead of waiting for the payment in the mail.
Make sure your mailing address is current with the IRS and your N26 profile. The IRS will be sending you a letter after they’ve deposited your stimulus payment.
The IRS will not collect direct deposit information via phone, text, mail-in, or email. Be aware of fraudulent contacts regarding your stimulus payment, which has been reported(new tab) following the CARES Act announcement.
How do I find my N26 account information?
Your account information and routing number are available by tapping the “My Account” icon on the top right corner of the N26 app.
How much money will you get from the stimulus?
The amount you’ll receive from the stimulus is dependent on several factors. For more information on how much you can expect, please visit the IRS Economic Impact Payment Information Center(new tab).
When do you get the stimulus payment?
Please note our Customer Support team does not have information on the status of stimulus payments. Check the IRS website(new tab) for the most accurate and up-to-date information.
The Treasury Department and IRS started distributing stimulus payments on April 9, 2020. Check the Get My Payment portal(new tab) to track the status of your payment.
Social Security recipients can get stimulus payments automatically with no filing necessary. If you don’t usually file a tax return, we recommend checking the IRS Economic Impact Payment Information Center(new tab) to see if you need to send in information to get your payment.
The IRS can calculate and deposit your stimulus payment through December 31, 2020 if you don’t currently have tax or relevant income information on file.
We would also like to take a moment to let you know that we're taking all the necessary steps to make sure our customer service capabilities remain uninterrupted and ready to support in these uncertain times. Please rest assured your N26 account - along with all of our products and features - will continue to function normally. We are working with our Customer Support teams to make sure we have coverage to answer your questions. Please be aware, due to unusually high call and chat volume, you may experience longer than usual wait times. In order to get the information you need as quickly as possible, please take advantage of our Support Center, which has a host of resources that provide answers to your most commonly asked questions, such as these:
- How do I add money to my N26 account?(new tab)
- Direct Deposit(new tab)
- How do I find my account number?(new tab)
- Transfer from External Bank(new tab)
- What is MoneyBeam?(new tab)
- What are Spaces?(new tab)
- How can I keep track of my daily spending?(new tab)
In the meantime, we’re working hard to make sure we support you as the situation develops. Please take time to focus on yourself and your family’s health and well-being.
We’re wishing you all the best. Stay safe out there.
Your Friends at N26