As part of The CARES Act, passed by the federal government in March, Economic Impact Payments (EIP) are being distributed automatically to eligible taxpayers over the next several weeks. Many consumers have started receiving their payments as direct deposits into their checking accounts and others will receive paper checks in May. To check the status of your payment, click here.
If you need additional information not provided below, we encourage you to visit IRS.gov.
Economic Impact Payments FAQs
Am I eligible to receive an Economic Impact Payment?
Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Single filers with income exceeding $99,000 and $198,000 for joint filers are not eligible. Social Security recipients and railroad retirees who are otherwise not required to file a tax return are also eligible and will not be required to file a return.
Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples and up to $500 for each qualifying child.
When will I receive my Economic Impact Payment?
Economic Impact Payments are arriving from the IRS in waves over the next several weeks and are being directly deposited for those who provided their bank account information while filing their taxes in 2018 or 2019 or through other federal programs. South State does not know when your payment will arrive until we receive a payment for you from the IRS. To check the status of your payment, click here.
The IRS says my Economic Impact Payment has been sent. When will it appear in my account?
Funds directly deposited into your account will be available on the morning of the effective date of the deposit.
My Economic Impact Payment went into the wrong account. What do I do?
You can easily make transfers from South State accounts via our Online or Mobile Banking. If the funds were deposited into an account at another financial institution that offers a transfer service, you can transfer the funds to your South State account as long as you have your South State account number and routing number. If you do not have this information, please contact Customer Care at (800) 277-2175.
My Economic Impact Payment went into a closed account. What do I do?
If the South State Bank account is closed, South State will attempt to deposit the payment into an account that is open that matches your information exactly. If there are no open accounts at the Bank, the deposit will be rejected and returned to the IRS, and the IRS will issue your payment to the address the IRS has on file for you. If the “Get My Payment” IRS web portal indicates your payment has been processed, you cannot change your bank account information.
The IRS website shows that they deposited my funds into an account for which I am not the owner. What do I do?
You will need to contact the IRS to discuss your options. Visit their Help Center here.
How should I deposit my paper check?
We encourage you to use the South State Mobile Banking App to deposit your check. If you are not currently enrolled in Mobile Banking, click here to enroll and download our mobile app to use the mobile deposit feature. Please note that funds deposited through Mobile Deposits will generally be available for withdrawal 1-3 business days from the day of the deposit. While our lobbies remain closed, you may also deposit checks through South State drive-thru service and ATMs that accept check deposits.
Where can I find more information?
If you have additional questions related to Economic Impact Payments, please visit IRS.gov.
What if I need to access my full economic impact payment?
For assistance with accessing your payment, please call our Customer Care Center at (800) 277-2175.
The IRS urges taxpayers to be on the lookout for scam artists trying to use the economic impact payments as cover for schemes to steal personal information and money. Remember, the IRS will not call, text you, email you or contact you on social media asking for personal or bank account information – even related to the economic impact payments. Also, watch out for emails with attachments or links claiming to have special information about economic impact payments or refunds.