Resources for Individuals and Families

The Internal Revenue Service (IRS) has begun distributing Economic Impact Payments electronically to eligible individuals for whom they have bank account information on file from past tax filings or other payments.

Some electronic payments received by Charles River Bank are directed to customer accounts that have been closed or are inactive. In normal circumstances, we would automatically return these payments to the IRS as undeliverable. Because this would delay receipt of payment significantly, we are doing our best to connect with customers to determine if there is another eligible account at the Bank we can use to deposit the payment. Unfortunately, if we cannot make this determination by the regulatory return deadlines, we will be forced to return the payment to the IRS.

What can you do to ensure timely payment from the IRS?

• If you have received an IRS payment in the past Review your last tax return to determine if the account on record is still active and open. If the account is no longer active, reach out to the IRS to update your Direct Deposit (coming mid-April).
• If you haven’t filed in the past Use the form on the IRS website to enter your payment information. 

Unfortunately, scammers are looking for new and creative ways to steal your identity, and your stimulus payment. Remember, there is only one way to get your payment, and that is directly from the IRS, either electronically or by US Mail. Follow the links below for important information on how to identify, and avoid, Coronavirus-related scams:

• Scammers are using COVID-19 messages to scam people
  Source: Federal Trade Commission
• Avoiding SSA scams during COVID-19
  Source: Federal Trade Commission
• This Mistake Could Cost You Your Stimulus Check
  Source: The Motley Fool
• Advisory on Imposter Scams Related to Coronavirus Disease 2019 (COVID-19)
  Source: Financial Crimes Enforcement Network (FinCEN)