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Economic Impact Payment Q & A

April 20, 2020

In response to the COVID-19 pandemic and the economic shutdown, the Coronavirus Aid Relief and Economic Security (CARES) Act was created to provide fast and direct economic assistance for American workers and families, small businesses, and preserve jobs for American industries.

It is one of the largest stimulus packages issued in the nation’s history. We want to help provide answers to some of your questions about the Economic Impact Payments, also referred to by some as stimulus payments.

Unfortunately, the Credit Union does not have the information about the status of stimulus payments. For information on the status of payment, visit for their "Get My Payment" tool.

Q: Who will receive an Economic Impact Payment/stimulus check?

According to the IRS, you may be eligible to receive a Payment if you:

  • Are a U.S. citizen or U.S. resident alien;
  • Cannot be claimed as a dependent on someone else’s return;
  • Have a social security number (SSN) that is valid for employment (valid SSN); and
    • Exception: If either spouse is a member of the U.S. Armed Forces at any time during the taxable year, then only one spouse needs to have a valid SSN
  • Have adjusted gross income below an amount based on your filing status and the number of your qualifying children.

Additional information about eligibility for the Payment can be found in the Get My Payment Frequently Asked Questions.

Q: How much will my stimulus check be worth?

The IRS reports eligible individuals will receive $1,200. Two eligible individuals filing a joint return will receive $2,400. You will receive an additional $500 Payment for each qualifying child you claimed on your tax return being used to calculate your Payment who meets the following conditions:

  • The child is your son, daughter, stepchild, eligible foster child, brother, sister, stepbrother, stepsister, half-brother, half-sister, or a descendant of any of them (for example, your grandchild, niece, or nephew).
  • The child is claimed as a dependent on your tax return.
  • The child was under age 17 at the end of the taxable year.
  • The child was a U.S. citizen, U.S. national, or U.S. resident alien.
  • The child has a valid SSN or an Adoption Taxpayer Identification Number (ATIN)

Check amounts are determined by income level and other factors. Only the Treasury Department knows your amount for certain, but some tools can give you an educated guess. If you are still curious, use this calculator by Kiplinger to estimate your stimulus payment.

Q: When will I receive my stimulus check?

The Treasury Department has said that "a large majority of eligible Americans" will receive the payments by April 24.

The first stimulus payments will go to those who have already filed their 2018 or 2019 tax returns and authorized the IRS to make a direct deposit for a refund. Within that group, the agency is starting with people with the lowest incomes. Social Security recipients will also automatically receive their payments, even if they haven't filed a return.

If you filed your 2018 or 2019 tax return and it has been processed, you can check Get My Payment for the status of your economic impact payment. This site should give your payment status, payment type and whether the IRS needs more information from you, like bank account information.

Q: How will I receive my stimulus check?

If you received direct deposit of your refund based on your 2019 tax return (or 2018 tax return if you haven’t filed your 2019 tax return), the IRS has sent your Payment to the bank account provided on the most recent tax return. If you filed a Form 8888, Allocation of Refund, with your tax return to split your refund into multiple accounts, your Payment was deposited to the first bank account listed. You cannot change your account information.

If you filed your 2019 or 2018 tax return but did not receive your refund by direct deposit, your Payment will be mailed to the address we have on file even if you also receive Social Security or Railroad Retirement benefits by direct deposit. This is generally the address on your most recent tax return or as updated through the United States Postal Service (USPS).

If you did not receive your refund by direct deposit based on your 2019 tax return (or 2018 tax return if you haven’t filed your 2019 tax return), you have the opportunity to provide bank account information through the IRS Get My Payment tool before your Payment is processed. Direct deposit is the fastest way to receive your Payment.

Q: I’ll be receiving a paper copy, how can I easily deposit it into my TVFCU account?

While we have temporarily suspended lobby service, here are ways to easily deposit your check.

Use tvfcuMOBILE — Simple click on “Deposit” to make a mobile deposit.

Use tvfcuITM — Simply visit a TVFCU drive-thru or any of our in-store branches to deposit your funds through an interactive teller machine (ITM), Monday through Saturday from 7 a.m. to 7 p.m. ET. The Downtown Branch drive-thru is open Monday through Thursday from 9 a.m. to 5 p.m. and on Friday from 9 a.m. to 6 p.m. ET.

Use a night deposit box — Simply visit a branch with a night deposit box.


Downtown                        Ringgold                           Athens                   

Kimball                             Eastgate                           N. Cleveland

Hixson                              Hamilton Place                 S. Cleveland

Soddy Daisy                     Highway 58                      Ooltewah 

Q: I have more questions about my stimulus check. Where can I go for more information?

The IRS has developed several Q&As and organized them based on eligibility, requesting Economic Payment, calculating Economic Payment, Receiving Economic Payment and More About the Economic Impact Payment.

Please visit

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