Coronavirus Disease 2019 (COVID-19) Updates

On March 11, 2021 new COVID-19 relief legislation was signed into law that provides for another round of stimulus payments to individuals. This relief program is similar to the first and second rounds initiated in April 2020 and January 2021.

The IRS sent direct deposit payments for credit to eligible Thomaston Savings Bank accoutholders on March 17 and March 24. For recipients who were not eligible for payment via direct deposit, payments by check and prepaid card began being processed by the IRS on March 12 and will be delivered by mail over the coming weeks. 

The IRS published a list of frequently asked questions here.

Answers to more frequently asked questions are provided below.

How do I know if I am eligible to receive a payment?

The maximum payment for an individual is $1,400. Couples filing jointly earning less than $150,000 per year will receive $2,800. Eligible families will also receive $1,400 for each dependent (children and adults).

The maximum benefits will apply to indiviudals with an income below $75,000 per their 2020 tax returns (or 2019 if that is the most recent the IRS has). Those with incomes higher than $75,000 will receive a prorated amount until the cut-off income of $87,000, if they have no depdendents. For couples, the full benefit will apply to those earning up to $150,000 and will phase out as income approaches $160,000.

The IRS does not have my direct deposit information. What can I do?

The IRS has already processed payments eligible for direct deposit. If the IRS did not have your direct deposit information on file, you should expect to receive your payment by check or prepaid card in the mail in the coming weeks.

What if I receive a paper check? How can I deposit it?

If you receive a paper check, you can use our mobile app to deposit your check. You may also deposit it at any Thomaston Savings Bank ATM, or visit a branch during normal business hours.

What happens to my direct deposit if my account is closed?

Generally, if your account is closed and you do not have another deposit account open with us, your EIP direct deposit will be returned to the U.S. Treasury. The U.S. Treasury will then mail a paper check to you.

If your account is closed and you still have another open deposit account with us, we may reroute your EIP direct deposit into the open deposit account.

What happens to my direct deposit if my account is currently overdrawn?

If your account is overdrawn at the time the payment posts to your account, the direct deposit will automatically reduce your overdrawn balance and any remaining funds will be available to you for withdrawal. If you need access to the entire amount of your payment, please call us at 855.344.1874 for assistance.

Should I be concerned about someone asking for my bank account number?

Fraudsters have been targeting COVID-19 relief programs. We encourage you to exercise caution opening emails and clicking on links, and do not provide personal information over the phone, by email, or through unfamiliar websites. Scroll down to the Avoid Scams and Protect Your Money section of this page for a list of common scams related to the COVID-19 pandemic.

What is the best way to use this money?

The way you save or spend your stimulus payment should depend on your current financial situation. As always, we are here for you so please call or visit us to talk about how we can help you make the most of this money.

Unfortunately, fraudsters are finding ways to take advantage of fears related to the coronavirus. Learn about the common scams and what you can do to protect yourself.

Common Scams

• Phishing and supply scams. Scammers impersonate health organizations and businesses to gather personal and financial information or sell fake test kits, supplies, vaccines or cures for COVID-19.
• Stimulus check or economic relief scams. There are reports that the government will help to ease the economic impact of the virus by sending money by check or direct deposit. However, the government will NOT ask for a fee to receive the funds, nor will they ask for your personal or account information.
• Charity scams. Fraudsters seek donations for illegitimate or non-existent organizations.
• Delivery of malware through “virus-tracking apps” or sensationalized news reports.
• Provider scams. Scammers impersonate doctors and hospital staff and contact victim claiming to have treated a relative or friend for COVID-19 and demand payment for treatment.
• Bank/FDIC scams: Scammers impersonate FDIC or bank employees and falsely claim that banks are limiting access to deposits or that there are security issues with bank deposits.
• Investment scams often styled as “research reports,” claiming that products or services of publicly traded companies can prevent, detect, or cure COVID-19.

10 Tips to Avoid Becoming a Victim

1. Watch out for phishing scams. Phishing scams use fraudulent emails, texts, phone calls and websites to trick users into disclosing private account or login information. Do not click on links or open any attachments or pop-up screens from sources you are not familiar with, and NEVER give your password, account number or PIN to anyone.
2. Ignore offers for a COVID-19 vaccine, cure or treatment. If there is a medical breakthrough, it wouldn’t be reported through unsolicited emails or online ads.
3. Rely on official sources for the most up-to-date information on COVID-19. Visit the Centers for Disease Control and Prevention, World Health Organization and your state’s health department websites to keep track of the latest developments.
4. Remember that the safest place for your money is in the bank—it’s physically secure and it’s federally insured. When you deposit your money at a bank, you get the comfort of knowing that your funds are secure and insured by the government. You don’t have the same level of protection when your money is outside the banking system.
5. Do some research before making a donation. Be wary of any business, charity or individual requesting COVID-19-related payments or donations in cash, by wire transfer, gift card or through the mail.
6. Keep your computers and mobile devices up to date. Having the latest security software, web browser, and operating system are the best defenses against viruses, malware and other online threats. Turn on automatic updates so you receive the newest fixes as they become available.
7. Recognize and avoid bogus website links. Cybercriminals embed malicious links to download malware onto devices or route users to bogus websites. Hover over suspicious links to view the actual URL that you are being routed to. Fraudulent links are often disguised by simple changes in the URL. For example: www.ABC-Bank.com vs ABC_Bank.com.
8. Change your security settings to enable multi-factor authentication for accounts that support it. Multi-factor authentication—or MFA—is a second step to verify who you are, like a text with a code.
9. Before you make any investments, remember that there is a high potential for fraud right now. You should be wary of any company claiming the ability to prevent, detect or cure coronavirus. For information on how to avoid investment fraud, visit the U.S. Securities and Exchange Commission website.
10. Help others by reporting coronavirus scams. Visit the FBI's Internet Crime Complaint Center at www.ic3.gov to report suspected or confirmed scams. You can also stay up-to-date on the latest scams by visiting the FTC’s coronavirus page at ftc.gov/coronavirus.

Source: American Bankers Association