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Economic Impact Payments

Answering your FAQs about Economic Impact Payments and Eligibility

Keeping Informed: Economic Impact Payments

We know you might have questions about Economic Impact Payments (EIP) and what they mean for you, and we want to share as much as we know about the program to help keep you informed. 

We also encourage you to visit IRS.gov for the latest information about the payments, including answers to questions about eligibility, payment amounts, what to expect, when to expect it and more. We will also continue to monitor and update our resources.

What are Economic Impact Payments?

In March 2021, Congress passed and the President signed legislation the American Rescue Plan Act of 2021 that authorizes the IRS to begin issuing additional Economic Impact Payments (EIP), (also known as "stimulus" funds), to eligible individuals.

Who issues Economic Impact Payments?

The Internal Revenue Service (IRS) is responsible for issuing Economic Impact Payments. We encourage you to visit IRS.gov/coronavirus for the latest information on eligibility and individual benefit payments. 

Who qualifies for Economic Impact Payments?

We encourage you to visit IRS.gov/coronavirus for eligibility details.

Do I have to take any action to receive my payment?

According to the IRS, there is no action required by eligible individuals to receive this Economic Impact Payment. Some may see the direct deposit payments as pending or as provisional payments in their accounts before their official payment date. 

The IRS has a Get My Payment application on IRS.gov/coronavirus to check your payment status.

How do I receive my payment if I qualify?

According to the IRS, they will use the data already in their systems from your previous tax returns and the previous rounds of Economic Impact Payments to send the new stimulus. Taxpayers with direct deposit information on file will receive the payment that way. For those without current direct deposit information on file, they will receive the payment as a check or debit card in the mail. We encourage you to visit the Get My Payment application on IRS.gov/GetMyPayment to check the status of your Economic Impact Payment.

When can I expect to receive my payment?

Funds from Economic Impact Payments made through direct deposit will be available for customers to access on the effective date, as long as the account is open and there are no restrictions on the account. 

We encourage you to visit the Get My Payment application on IRS.gov/GetMyPayment to check the status of your Economic Impact Payment.

What happens if I have an overdrawn account (negative balance) when the Economic Impact Payment is deposited into my account? 

We know the Economic Impact Payment can be a lifeline for many during these unprecedented times, and we want to ensure that our customers have full access to this money. Customers whose accounts are overdrawn at the time of their Economic Impact Payment deposit will receive a temporary credit equal to that of their overdrawn balance.
 This measure will help to ensure that those most in need can access the full benefit of these payments.

How soon will my funds be available if I have an Economic Impact Payment via paper check?

For Capital One checking account customers, if you deposit your Economic Impact Payment (EIP) check into your account via branch, our mobile app (Mobile Remote Deposit Capture) or a Capital One ATM, it will typically take one business day for funds to be made available. In some scenarios, funds may take longer than one business day to be available. 

Capital One customers have a few options on how to deposit a check while banking safely during the COVID-19 pandemic.  

Are some Economic Impact Payments being distributed on prepaid debit cards?

We encourage you to visit IRS.gov for more information about Economic Impact Payments sent via prepaid debit cards.

I don't have access to a branch or way to deposit a check, what are my options?

  • You can deposit checks 24/7 without having to leave home using our remote deposit capture feature. You can make deposits simply by snapping a photo of the front and back of your signed check. Your full deposit amount will typically be available by the next business day. Hold onto your check until you see the deposit hit your account. For more information on how to set up remote deposit capture, check out this  step-by-step set-up guide.
  • Check to see if there is an ATM that accepts deposits nearby. Use our locations finder to find an updated list of open branches and ATMs. 

How do I sign up for mobile banking to access my Capital One bank account online? 

Start by downloading the Capital One Mobile app by texting MOBILE to 80101 and signing up for online banking. Set up automatic alerts to monitor activity on your account.

What can I do if I've reached my mobile check deposit limit and need to deposit my Economic Impact Payment into my account?

We are committed to making check deposits through the Capital One Mobile app as convenient as possible. We encourage customers who have reached their deposit limit, or are looking to deposit a check beyond the mobile deposit limit, to reach out so we can find a solution. Please visit our Contact page to get in touch with us.

I was not required to file taxes in 2020, am I still eligible to receive a payment?

We encourage you to visit IRS.gov for the latest information on program eligibility and individual benefit payments.

How do I know the payment arrived?

We encourage you to use Capital One online or mobile banking to check your transaction history. The payment will appear as “IRS TREAS 310” or something similar in your transaction history. You can visit the Get My Payment application on IRS.gov/GetMyPayment to check the status of your Economic Impact Payment.

Once my funds are available, how can I access and use them?

Once your Economic Impact Payment is deposited in your account, you can use it however you like.  If you have a 360 Checking account, you can use your debit card for purchases and at 70,000+ fee-free Capital One and partner ATMs nationwide.  You can also use your funds to set up online bill payments, or send money to enrolled family and friends using Zelle® in the Capital One Mobile app.

I received a call or text from someone claiming to represent Capital One related to the Coronavirus (COVID-19) situation and asking for my information to send me a stimulus check/debit card. What should I do?

These emails and phone calls are not from Capital One and customers should be mindful of phishing emails and calls concerning or taking advantage of the Coronavirus (COVID-19) situation.

Phishing is an attempt to acquire personal information, sometimes to compromise online banking accounts, by posing as a legitimate company via email or phone. 

If you believe a phone call could be phishing, hang up and, if you are concerned about your account, contact us directly.

If you believe you have received a fraudulent email that claims to be from Capital One:

  • Do not reply to the email.
  • Do not click on any of the links embedded in the email.
  • Forward the email to abuse@capitalone.com.
  • After forwarding the email to Capital One for investigation, delete it.
  • Be sure to monitor your account and call us if you notice any unusual activity.

Last Updated 3/14/2021