MBA Press Release

Contact:
Mindy Lehman, Senior Vice President of Government Relations & Communications 
443-758-4043/  [email protected]

Annapolis, Maryland, December 30, 2020 – Maryland Bankers Association Urges Marylanders to be Diligent against Federal Economic Impact Payment Scams.

The federal government is expected to send 150 million Economic Impact Payments (EIP) to eligible Americans over the next few days and weeks. Maryland banks and the banking industry are working closely with the Treasury Department and IRS to help eligible people receive their EIP payments quickly, securely and safely during the COVID-19 emergency.

The fastest, safest, and most secure way to get money to eligible individuals and families is through direct deposit to either a bank account or a reloadable prepaid debit card. To facilitate this process, the IRS has developed tools that allow individuals to provide the necessary information to get an electronic payment. It is also important that consumers be aware of potential scams related to the Economic Impact Payments. The IRS previously issued the following statement about EIP fraud listing various ways individuals can be on guard against these types of bad activities. See the notice.

The IRS is expected to calculate and automatically send the early rounds of economic impact payments via direct deposit, to be available to eligible recipients as early as this week. The IRS already has direct deposit information for millions of individuals and families who have elected to receive their tax refunds this way and who elected to receive previous EIP payments this way.

For those who filed tax returns but are not sure whether the IRS has their bank information or wish to update it, the IRS developed an online portal, so eligible recipients can check the status of their information and their payment. Per yesterday’s Treasury announcement,

“Later this week, you may check the status of your payment at IRS.gov/GetMyPayment.
For more information about Economic Impact Payments, please visit IRS.gov/EIP.”

The IRS may also need to send thousands of checks to consumers across the State despite the challenges this will pose in light social distancing orders and modified in-person, bank branch business hours. In addition, the government has fixed capacity limitations for the number of checks it mails, so some recipients may need to wait for a few weeks for theirs to be mailed.

To facilitate and expedite this process, the Maryland Bankers Association (MBA) strongly encourages bank customers to deposit their checks using their bank’s secure mobile app or ATM. To help speed delivery of their payment, consumers without a bank account can also consider opening an account online, purchasing a reloadable debit card (not a gift card) issued by a bank to gain access to their funds, or receiving their payment on an existing government benefit card.

MBA’s SVP of Government Relations and Communications Mindy Lehman encourages individuals and families to utilize the IRS tools and to be aware of the payment for which they may be eligible. “The Economic Impact Payments will provide some critical relief for eligible individuals and families during the COVID-19 emergency. It is important that Marylanders take steps to help make sure they receive the payments as quickly and safely as possible. Further, scammers are actively launching scams related to the payments. Being aware and diligent has never been more important.”

It is important to remember that neither banks nor the federal government will contact you by telephone, text or email asking for your account information. Do not provide any banking information to anyone claiming to be registering you for your relief payment.

Founded in 1896, the Maryland Bankers Association (MBA) is the only Maryland-based trade group representing banks in the state. MBA's member banks employ about 28,266 banking professionals in nearly 1,490 branch offices across the state.