2021 Economic Impact Payment

2021 Economic Impact Payment

How to access benefits and how we can help.

The American Rescue Plan Act of 2021, signed into law on March 11, 2021, allows for additional stimulus payments to those who qualify. According to the IRS, the first batch of payments will be sent by direct deposit, which some recipients started receiving as early as March 12. Additional batches of payments will be sent in the coming weeks by direct deposit and through the mail as a check or debit card. See the guide below for details.

The best way to determine if you are eligible to receive a payment, and if so when, is to visit the IRS “Get My Payment” portal where the IRS will post key information related to Economic Impact Payments and Frequently Asked Questions.

We will continue to update this page with timely information as it becomes available.

American Rescue Plan

Benefits for individuals What you can do and how we can help

Direct payment to tax payers

Tax credits in the form of checks or direct deposit in the amount of:
  • The maximum payment is $1,400 per individual for adults and any dependents claimed on a tax return.
  • Those with incomes higher than $75,000 will receive a prorated amount until the cut-off for any payment at all for those earning more than $80,000, if they have no dependents.
  • Head of Household filers with incomes higher than $112,500 will receive a prorated amount until the cut-off for any payment at all for Head of Household filers earning more than $120,000.
  • For joint filers, the full benefit will apply to those earning up to $150,000 and will taper off as their income approaches $160,000.

The IRS will calculate and automatically send payments to those taxpayers who are eligible to receive them.

No action is needed for qualified individuals to receive this benefit. If you have a German American Bank account on file with the IRS (for direct deposit of tax refunds or Social Security benefits), you will likely receive your payment electronically.

You can monitor your account to see if you received the payment electronically by using our Mobile Banking App or Online Banking. German American Online and Mobile Banking users with deposit alerts activated will be immediately notified of the deposit. If you are not an Online or Mobile Banking user, you can enroll today by using the following links: Online Banking  |  Mobile Banking

If you do not have an account with the IRS, you will most likely receive a paper check or debit card. Watch your mail carefully. You can deposit the check at our offices or in the convenience of your own home using Mobile Check Deposit available through the German American mobile app.

Avoid stimulus funds scams

When it comes to your stimulus funds, be on the lookout for scammers. Do not fall for phone calls, texts, emails or websites that ask for personal or financial information in order to receive the Federal payment.