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What can I do to be ready for my CARES Act economic impact payment?

The CARES Act (Coronavirus Aid, Relief, and Economic Security Act) has been approved by Congress. One of the most-awaited features are the economic impact payments, in which a majority of Americans will automatically receive a payment of up to $1,200 for individuals, $2,400 for married couples and up to $500 for each qualifying child. Social Security recipients and railroad retirees are eligible as well.

Most people will not need to take any action to receive their payment. If you filed your 2018 or 2019 tax return and linked an account for your tax refund, the IRS will calculate and automatically direct deposit your payment into the account you provided on your tax return. If you receive Social Security benefits, via direct deposit, your payment will automatically go to that associated account, even if you didn’t file a tax return.

If you’ve already filed your taxes but did not provide direct deposit information to the IRS, or if you want to change your direct deposit information, you will be able to provide your Commerce Bank account information online to a secure portal on IRS.gov. This will allow you to receive your payment immediately instead of waiting for a check in the mail.

  • To have your economic impact check deposited into your Commerce checking account, use our routing number, 101000019, and your account number. Find your account number.
  • You can also choose to direct deposit your check onto your Commerce Bank mySpending Card®. This allows you to make contactless payments with the deposited funds using your card or digital wallet. Here’s how:
    • Sign into your mySpending Card® account, then select “fund my card” and choose “direct deposit” to bring up your card’s routing and account numbers.
    • Enter those numbers in the IRS portal or in the refund section of your 1040 tax form and select “checking” as your refund type.
    • If entering on your tax form, be sure the name on your card matches the name on your tax form exactly.
    • DO NOT use your card number on the form or portal.

If the IRS does not have your direct deposit information, a check will be mailed to the address they have on file. You can deposit this into your account quickly and easily using our mobile app or ATM.

Be on the lookout for phishing scams tied to economic impact payments. Scammers may:

  • Emphasize the words "Stimulus Check" or "Stimulus Payment." The official term is “economic impact payment.
  • Ask you to sign over your economic impact payment check to them.
  • Ask by phone, email, text or social media for verification of personal and/or banking information saying that the information is needed to receive or speed up your economic impact payment.
  • Suggest that they can get you a tax refund or economic impact payment faster by working on your behalf. This scam could be conducted by social media or even in person.
  • Mail you a bogus check, perhaps in an odd amount, then tell you to call a number or verify information online in order to cash it.

The IRS will never call, text, mail, message you on social media, or email you to verify your bank account information so you can get your refund faster. Do not open any suspicious texts or emails, or click any attachments or links, and do not provide any of your direct deposit or banking information if asked.

For the latest information on economic impact payments, including how to check your payment status, visit https://www.irs.gov/coronavirus/economic-impact-payments.