A Message to Our Community About the Second Round of Stimulus Payments
On December 29th, 2020, the Internal Revenue Service and the Treasury Department began delivering a second round of Economic Impact Payments as part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 to millions of Americans who received the first round of payments last year.
Initial direct deposit payments began arriving as early as the evening of December 29th and will continue in the coming weeks. Paper checks began to be issued on Wednesday, December 30th, 2020.
The IRS emphasizes that there is no action required by eligible individuals to receive this second payment. Some customers may see the direct deposit payments as pending or as provisional payments in their accounts before the official payment date of January 4th, 2021. The IRS reminds taxpayers that the payments are automatic, and they should not contact their financial institutions or the IRS with payment timing questions. For more information, please visit the IRS Get My Payment (new tab)website.
Here are the answers to some frequently asked questions:
Who is eligible for the second Economic Impact Payment?
Generally, U.S. citizens and resident aliens who are not eligible to be claimed as a dependent on someone else’s income tax return are eligible for this second payment. Eligible individuals will automatically receive an Economic Impact Payment of up to $600 for individuals or $1,200 for married couples and up to $600 for each qualifying child. Generally, if you have adjusted gross income for 2019 up to $75,000 for individuals and up to $150,000 for married couples filing joint returns and surviving spouses, you will receive the full amount of the second payment. For filers with income above those amounts, the payment amount is reduced.
How do I find out if the IRS is sending me a payment?
You can check the status of your first and second payments by using the Get My Payment link on the Get My Payment(new tab) website. Please note our Customer Support team does not have information on the status of stimulus payments.
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.
If you used your N26 account on your latest tax filing, you don’t need to take any action. Your stimulus payment will be directly deposited, and you’ll get a real-time notification from N26 when the payment hits your account. 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. Please note that you can only deposit stimulus payments intended for you.
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. Beware 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 mobile application.
We would 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?
- 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 .
Stay safe out there.
Your Friends at N26