What the CARES Act Means for You
CARES Act Consumer Benefits
COVID-19 Stimulus Payments
Americans have started to receive economic impact payments from the government’s $2.2 trillion stimulus package. Many will receive this as a direct deposit into their account.
Who is eligible?
According to the IRS, individual tax filers with adjusted gross income up to $75,000 and up to $150,000 for married couples filing joint returns will receive the full payment.
More specific information regarding taxpayer eligibility is provided here by the IRS. All information is based on your most recently filed tax return.
How will I get my payment?
The IRS has launched a Get My Payment portal for Americans to check the status of their stimulus checks. The site lets users check when and how to expect the stimulus funds. In addition, if you don’t have direct deposit, you can provide your account information online.
You can also set up Online and Mobile Banking alerts to be automatically notified when you receive your payment.
Getting Your Check in Your Citadel Account
Don’t have an Online Banking account?
- Enroll Today
- Download our Mobile App (with Mobile Deposit Capture for checks) - Download for Apple. Download for Android.
You can also call us to determine if your check was deposited (800) 666-0191.
Receiving a Paper Check?
You can simply sign the back of your check, and deposit a few ways:
- Use the Mobile Deposit feature through the Citadel Mobile App
- Deposit your check at a Citadel branch using our 24/7 drive-through ATMs
Key Provisions for Retirement Accounts
Extended IRA Contribution Due Date
Through the CARES Act, the deadline for making 2019 IRA Contributions has been extended to July 15, 2020 instead of April 15.
Required Minimum Distributions
Required Minimum Distributions (RMDs) from an IRA for 2020 have been waived. If you have an RMD already scheduled from Citadel for 2020, we will continue to process as usual, unless you ask us to suspend it.
Coronavirus Related Distributions
In addition, there are Coronavirus Related Distributions (CRDs) that you may find helpful if you are experiencing a financial hardship due to COVID-19. Those who qualify may take up to $100,000 from their IRA or other qualified employer retirement plan without paying the 10% early distribution penalty.
While the distribution is taxable, you can include the distribution in your tax return equally over 3 years or you have the option to repay the distribution within a 3-year period.
A CRD is defined as a distribution made on or after January 1, 2020, and before December 31, 2020, taken for one of the following reasons:
✓ You, your spouse, or dependent has been diagnosed with the coronavirus.
✓ You’ve experienced adverse financial consequences as a result of being quarantined, furloughed or laid off, or your work hours have been reduced.
✓ You’re unable to work because of a lack of childcare.
✓ You’ve had to close or reduce the hours of a business as a result of the virus.
✓ You’ve been financially impacted by other factors determined by the treasury secretary.
If you need specific information regarding your IRA with Citadel, please call us (800) 666-0191.
Learn more about what Citadel is doing in response to COVID-19.Learn More
Find an ATM or Branch Near You
Want to check the status of your stimulus payment?Visit the IRS Portal
CARES Act Consumer Benefits Frequently Asked Questions
To enroll in Account Alerts and receive notifications of your Direct Deposit activity, simply log in to Online and Mobile Banking and select 'Account Alerts' from the Accounts menu. If you are new to Account Alerts, you will need to accept the terms and conditions and follow the screens to create your default alert settings. Once this this is complete, follow the steps below.
Select the 'Add New Alerts' button and choose the alert you would like to set up. For monitoring Direct Deposit activity, we recommend the following Alerts:
- Direct Deposit Received Alert - Receive an alert whenever a Direct Deposit is made to your account.
- Pending ACH Transaction Alert - Be notified whenever a new ACH Transaction (Automatic Withdrawal or Direct Deposit) is placed on your account as pending.
Once you've selected your alert, confirm the default alert delivery settings and select continue. That's it! You will then be taken back to the Account Alerts main page where you can view all the alerts you have set up for your account.
You can easily review the Electronic Funds Transfer (EFT) account number you should use for any direct deposit activity. Simply follow these steps in Online and Mobile Banking:
- Once you’ve logged in, click into the account for which you would like to review the EFT account number.
- Once you are in the account history view, select the ‘Details’ tab, next to ‘Transactions’.
- On this tab you will see, ‘ACH (EFT) Account Number’.
- Copy that account number to pass along to any organization that will be sending electronic funds to your account, including direct deposit from the IRS.
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