Together, we are facing an unprecedented and challenging time, and we have yet to see what the full impact of the COVID-19 pandemic will have on our local economy. We know that in the current environment, we have customers who are impacted, some more drastically than others. We are committed to working with you however we can.
On this page, you will find:
- What should I do if I need support paying my loan at Main Street Bank?
- What if I am waiting for my economic impact payment from the government?
- Who is receiving these payments?
- Where will these payments be sent?
- What if I did not file a federal 2018 or 2019 federal income tax return?
- I received an Economic Impact Payment (EIP) Card; how do I use it?
- How do I protect my accounts against fraud?
- What if I have my business accounts at Main Street Bank?
- What resources are there to help individuals and families through this time?
What should I do if I need support paying my loan at Main Street Bank?
Retail loan customers with mortgages and consumer loans have our support if they are challenged with making payments due to COVID-19. Some of the steps we are taking to provide relief to our borrowers:
- Providing payment deferral accommodations, such as allowing borrowers to defer up to 3 months of payments
- Waiving assessments of late fees during a payment accommodation
- Suspending new delinquency status reporting to credit bureaus during the deferral period
If you or someone you know is struggling during this time, please reach out to us. We are here to help.
Retail banking customers can call 508-460-4167, or email firstname.lastname@example.org.
What if I am waiting for my economic impact payment from the government?
The Treasury Department and the Internal Revenue Service announced that distribution of economic impact payments will begin in the next three weeks following March 30, 2020, and will be distributed automatically, with no action required for most people. However, some seniors and others who typically do not file returns will need to submit a simple tax return to receive the stimulus payment. For more information about this payment, visit Internal Revenue Service (IRS) Economic Impact Payments: What You Need to Know.
Who will be receiving these payments?
The IRS outlines the following criteria for economic impact payments; U.S. residents will receive the Economic Impact Payment of $1,200 for individual or head of household filers, and $2,400 for married filing jointly if they are not a dependent of another taxpayer and have a work eligible Social Security number with adjusted gross income up to:
- $75,000 for individuals
- $112,500 for head of household filers and
- $150,000 for married couples filing joint returns
Taxpayers will receive a reduced payment if their AGI is between:
- $75,000 and $99,000 if their filing status was single or married filing separately
- $112,500 and $136,500 for head of household
- $150,000 and $198,000 if their filing status was married filing jointly
The amount of the reduced payment will be based upon the taxpayers specific adjusted gross income.
Eligible retirees and recipients of Social Security, Railroad Retirement, disability or veterans’ benefits as well as taxpayers who do not make enough money to normally have to file a tax return will receive a payment. This also includes those who have no income, as well as those whose income comes entirely from certain benefit programs, such as Supplemental Security Income benefits.
Retirees who receive either Social Security retirement or Railroad Retirement benefits will also receive payments automatically.
Where will these payments be sent?
The IRS will calculate and automatically send the economic impact payment to those eligible. For people who have already filed their 2019 tax returns, the IRS will use this information to calculate the payment amount. For those who have not yet filed their return for 2019, the IRS will use information from their 2018 tax filing to calculate the payment. The economic impact payment will be deposited directly into the same banking account reflected on the return filed.
If the IRS does not have your direct deposit information, in the coming weeks, Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail.
If the account you referenced on your 2019 or 2018 tax returns is no longer open, financial institutions will be working with the New England Automated Clearing House (NEACH) to determine the correct course of action to get your funds to you as quickly as possible.
What if I did not file a federal 2018 or 2019 federal income tax return?
If you don’t file taxes, use the “Non-Filers: Enter Your Payment Info Here” application to provide simple information so you can get your payment.
You should use this application if:
- You did not file a 2018 or 2019 federal income tax return because your gross income was under $12,200 ($24,400 for married couples). This includes people who had no income. Or
- You weren’t required to file a 2018 or 2019 federal income tax return for other reasons
If you receive these benefits, we already have your information and you will receive $1,200. Do not use this application if you receive:
- Social Security retirement, disability (SSDI), or survivor benefits
- Railroad Retirement and Survivor Benefits
Special note: People in these groups who have qualifying children under age 17 can use this application to claim the $500 payment per child.
Main Street Bank’s routing number is 211370752. To find your bank account number, you can review your bank statement or find it on your physical checks.
I received an Economic Impact Payment (EIP) Card; how do I use it?
Some payments may be sent on a prepaid debit card known as The Economic Impact Payment Card. The Economic Impact Payment Card is sponsored by the Treasury Department’s Bureau of the Fiscal Service, managed by Money Network Financial, LLC and issued by Treasury’s financial agent, MetaBank®, N.A.
The EIP Cards can be used to make purchases where VISA® cards are accepted, in stores and online. You can also transfer the funds from your EIP Card to an existing bank account online at EIPCard.com or using the Money Network Mobile App. You will need the Routing and Account number for your bank account. To transfer funds:
- Call 1.800.240.8100 (TTY: 1.800.241.9100) to activate your Card.
- Register for online or mobile app access by going to EIPCard.com or the Money Network Mobile App and click on “Register”. Follow the steps to create your User ID and Password. Be sure to have your EIP Card handy.
- Select Move Money Out and follow the steps to set up your ACH transfer. Transfers should post to your bank account in 1-2 business days.
- Main Street Bank’s routing number is 211370752. To find your bank account number, you can review your bank statement or find it on your physical checks.
ACH Transfer to Domestic Bank Limits Apply: $2,500 per transaction, $2,500 per day, $5,000 per month. Please see your Cardholder Agreement online at EIPCard.com for more information.
For more information about how to use your EIP Card, please visit the EIP Card website FAQs.
How do I protect my accounts against fraud?
As always, we strongly encourage you to monitor your bank accounts on a regular basis; ideally, at least once per day. Main Street Bank offers several tools to help you do this, through online and mobile banking and email and text alerts.
We also always encourage you to be cautious when opening emails and visiting websites. You should always be mindful when clicking on links from sources you don’t know or opening and clicking within emails sent from people or organizations you are not familiar with. Scammers have already tried to take advantage of the current economic and public health environment, and you should be critical of all information you receive from unknown sources. Learn more about what to look out for from the Federal Trade Commission Consumer Information or the Federal Communications Commission.
What if I have my business accounts at Main Street Bank?
We are offering additional support and resources to our business banking customers.
What resources are there to help individuals and families through this time?
We understand this is a challenging time for all our customers and neighbors, and offer you support by sharing the following reputable resources to help you manage your finances and get through this period.
RESOURCES FOR INDIVIDUALS AND FAMILIES