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The paperwork has been signed, your new living room is full of several cardboard boxes labeled “clothes” and “silverware” and such, and the keys to your new home are resting safely in the palm of your hand. A wave of relief washes over you as you realize the last year of house hunting, mortgage shopping, and seemingly endless stacks of paperwork is finally over and you’re ready to settle into your new residence.

Now the real work begins!

While you’re officially a home owner, this doesn’t give you permission to treat your finances more leisurely. In fact, all that advice you followed and those good financial habits you developed leading up to this point will help you as you focus on keeping your finances healthy now that you’re a home owner. At this stage, you’ve probably already calculated how much home you could afford, saved funds for your down payment, and experienced the loan application process. Now it’s time to apply that knowledge to budget as a home owner and keep that momentum going, building a solid foundation for your future.

Foundation

Build a Foundation for Your Budget

By the time you purchase a house, you should have plenty of practice budgeting. It can be tempting, after finally achieving the goal of home ownership, to take a break from worrying about your finances, but this is precisely the time when it’s more important than ever that you establish a homeowner-oriented financial plan.

Your budget should take into account all the costs that come with owning a home. This includes mortgage payments, increased expenses associated with higher utility costs, homeowner’s association or condo fees, and saving for maintenance or repairs. Those last two can be a bit of a surprise for home owners transitioning from renting to owning, where the landlord foots the bill for maintenance and repairs.

The average homeowner spends $2,000 per year for things like landscaping, housekeeping and repairs. This amount trends higher when you include larger expenses like replacing an HVAC system or repairing a roof, both of which can easily top $5,000.

You should speak with your community bank about setting up a home savings fund where you can save up for more expensive projects. Extensive repairs or renovations to your home can cost upwards of $15,000 depending on the size of the project, which leads many people to take out home equity loans to pay for home repair. However, by putting money away in a savings account, you will be able to pay cash for these services instead and avoid high interest rates and finance charges.

It can also be helpful, budget-permitting, to prioritize paying off existing debt like car loans, student loan payments, or credit card debt to free up additional funds that you can funnel into your home savings fund. Of course, you should take into account how much of your income you can devote to debt, mortgage, and saving while still leaving enough spending for food, utilities, and other necessities.

Goals

Reassess Your Long-Term Savings Goals

It can be easy to lose sight of other long-term financial goals while balancing your budget around home ownership. Mortgage payments, home repair funds, and daily living expenses are immediate and necessary, but it’s just as important to make sure your budget includes saving for retirement. No one wants to hit retirement age unable to retire due to lack of foresight!

If your employer offers a 401(k) or similar retirement account, check your monthly contribution rate to make sure it fits within your budget. Once you’re comfortable with your balance between mortgage payments, monthly bills, and other expenditures, you should consider increasing your retirement contributions to more quickly fund your nest egg.

Depending on the situation, you could have many different savings goals in mind when you sit down to plan out your budget. Things like an emergency fund for non-housing related expenses or college savings accounts for your children may also be on your list of goals. For an emergency fund, it is advisable to save at least three to six months’ worth of regular expenses in a savings account that you can quickly withdraw in the case of an emergency.

Should you find yourself struggling to set money aside for non-discretionary spending on top of your financial responsibilities as a new home owner, it can help to categorize your monthly expenses into “wants” and “needs” so you can identify spots in your budget where you might be able to tighten your belt to meet your savings goals. New Tripoli Bank’s online banking tool features a Manage My Money option that can help you organize your spending and better visualize how much you spend on certain things.

Conclusion

After the stressful experience of purchasing a home, it is as important as ever to focus on your finances and make sure you can live comfortably, with your financial future secure.

Spend some time going over your budget and make sure you include things like mortgage payments, a home savings fund, retirement savings, and an emergency fund in addition to your monthly living expenses. This provides a holistic view of your financial situation and lets you identify where you can increase your spending or where you need to decrease spending. Make sure you work out a budget that covers all your ongoing home costs as well as setting money aside for repairs and improvements. However, don’t neglect your long-term savings goals like retirement.

Buying a home can take the weight of certain financial obligations off your shoulders, but in their place can add new challenges. If you’re looking for help getting your budget in order, consider opening a savings account with New Tripoli Bank; we’re more than happy to help you reach your financial goals! With proper planning, you can prevent yourself from becoming overwhelmed or in debt. Ideally, preparing yourself financially begins before you purchase a home, but it’s never too late to start making planning a priority.

Teen Money Full Size

Former Federal Reserve Chairman Alan Greenspan once stated, "Financial education is a process that should begin at an early age and continue throughout life. This cumulative process builds the skills necessary for making critical financial decisions."

At New Tripoli Bank, we understand the importance of helping our community's youth establish a strong financial foundation where they can understand basic concepts like budgeting, simple interest, and establishing and maintaining good credit and synthesize those concepts into good financial choices.

According to the Council for Economic Education's 2020 Survey of the States, only 21 states in the U.S. require high school students to take a course in personal finance in order to graduate. While this is an improvement since the CEE's first survey in 1998, there remains a sizeable financial education knowledge gap.

New Tripoli Bank believes that financial capability education improves the financial health outlook for our youth and prepares them for unexpected financial situations. It is important that young adults know what to expect from significant life milestones like paying for college, purchasing a home, opening a business, or building a nest egg. To that end, New Tripoli Bank works in association with Cemark to provide financial literacy resources to local schools around the Lehigh Valley.

For Financial Literacy Month, New Tripoli Bank wants to offer the following tips to students and their parents on how to shore up money management skills and prepare for the post-graduate workforce:

Having the knowledge about how to best manage your money is just the start. When young adults practice proper money management techniques early, they're more inclined to make effective financial decisions throughout life. The sooner your children start to grasp these concepts, the more apt they'll be for a better financial future.

Thanks to the American Rescue Plan Act of 2021 signed into law by President Biden on March 11, 2021, millions of Americans will be receiving another check from the federal government to help with economic difficulties caused by the pandemic.

As always when it comes to these big pieces of legislation, there are sure to be plenty of questions. How much will you get? When will the payment arrive? How do you get the money into your account? Please take the time to read through this FAQ so you know what to expect.

Am I eligible to receive an Economic Impact Payment? How much will I get?

Individuals earning $75,000 or less will receive a new payment of $1,400, as will heads of households earning up to $112,500. Couples earning $150,000 or less will get $2,800. Payments to those earning more than those amounts will decrease and cut off completely for individuals earning more than $80,000, couples earning more than $160,000, and single parents making more than $120,000. Qualifying parents of children will receive an extra $1,400 per child. That means a married couple with two dependent children may receive $5,600. Also, for this round, dependents now include 17-year-olds, as well as college students, older adults and children of all ages with certain disabilities who are claimed on tax returns.

The payments will be based on information from a taxpayer’s 2019 return, or their 2020 return if it has already been filed.

Will my financial institution know when I am scheduled to receive my Economic Impact Payment?

No, those payments are issued by the IRS, not your financial institution. You can visit the https://www.irs.gov/coronavirus/get-my-payment for more details, including the status of the payment and a link to many frequently asked questions.

How will I receive my payment?

The IRS will automatically issue your payment via direct deposit to the bank account it has on file based on the information you provided on your tax return. Electronically generated direct deposits are typically the first to go out.

If the IRS does not have direct deposit information, you will be mailed either a paper check or a debit card to your address on file with the IRS. You won’t be able to choose between a paper check or debit card. In fact, some people who received a check in an earlier round of payments could receive a debit card this time, and vice versa. The IRS says to carefully check your mail, so you don’t accidentally throw out the check or debit card. Paper checks will arrive in a white envelope with the U.S. Department of the Treasury seal on the upper left side. The debit cards will arrive in a white envelope that prominently displays the U.S. Department of the Treasury seal, and the envelope will also state “Not a bill or an advertisement. Important information about your Economic Impact Payment.”

It will likely be several days to weeks for mailed paper checks or debit cards to arrive.


The IRS will send you a paper notice in the mail within a few weeks after any payment is sent. It will include information about what form the payment was made and where it was sent.

If you received your payment by mail in the first two rounds, it is recommended that you include your direct deposit bank account information on your 2020 tax return if you are expecting a refund. It is also recommended to file your return as quickly as possible. While there is no guarantee, this could lead to you receiving your next economic impact payment electronically.

What if I’m on Social Security and don’t need to file a tax return?

Your payment will be deposited directly to the bank account where you automatically receive your Social Security payment. A check will be mailed to you if you normally receive a paper check for your Social Security payment.

Someone I know already got their payment, why don’t I have mine yet?

Not all payments will go out at once. During the first two rounds, electronic payments were the first to be made, but they were staggered and were not all released at the same time. Checks and debit cards were the next to be sent and they are dependent on regular mail delivery. The whole process is likely to take several weeks.

How will I know when my federally-issued electronic payment arrives?

You can check your bank account at any time of the day or night, using our mobile banking app or online banking. You can also set up an alert via our mobile app or your online banking account that will notify you via text or email as soon as a direct deposit has been made.

How can I deposit my check if I receive it by mail?

The quickest and most convenient option for depositing your check is Mobile Deposit.  Simply use your smartphone or tablet and our mobile banking app to make a deposit any time.

Other deposit options include visiting a branch or using an ATM that accepts deposits.

How does the debit card work?

If you receive the Visa debit card, which is managed by Money Network Financial LLC and has the name MetaBank on the back, you can visit www.EIPcard.com for information about how to activate and use it, or view the debit card FAQ. Before using the card, you will need to activate it, set a PIN, and sign the back. You’ll be able to use the card for in-store, online, and phone payments, and can get cash at an ATM. However, please be aware that there is a charge for using this debit card at a New Tripoli Bank ATM.

What happens if I don’t receive my Economic Impact Payment?                                                                                        

The IRS says “if you filed taxes using an online tax-preparation service or software, it’s possible that your payment will be sent to a temporary bank account that has since been closed. Tax preparers customarily set up such so-called Refund Transfer accounts so they can deduct authorized fees before passing the balance along to the recipient and closing the account.

If your payment is sent to a closed account, the financial institution is required by law to ‘bounce’ the funds back to the IRS. If this happens (or if you receive no payment or the wrong amount for other reasons), your only recourse may be to claim a Recovery Rebate Credit when you file your 2020 taxes.”

My bank account information has changed or was incorrect, what can I do?

According to the IRS, your payment information can’t be changed at this time. It says that “If you don’t get a payment and you’re eligible to receive one, you can claim the Recovery Rebate Credit on your 2020 tax return.”

What happens if the post office was unable to deliver my payment?

If your payment is not deliverable or is returned to the IRS for other reasons, you will need to claim the Recovery Rebate Credit when you file your 2020 tax return. Be sure to include your current address on your return so the IRS can update your information.

What if my address was changed or is wrong?

If your payment can’t be delivered to you for any reason and is returned to the IRS, you’ll need to claim the Recovery Rebate Credit on your 2020 return.

What is the Recovery Rebate Credit?

The credit is the money you receive in Economic Impact Payments. If you do not receive the amount you are entitled to, you can apply to receive those funds when you file your 2020 tax return. You can visit the IRS website for more information about the Recovery Rebate Credit.

Is the money I receive taxable?

No. The IRS says this money is not income, so you won’t owe federal taxes on it; it won’t affect any expected federal income tax refund; and it won’t affect your income when it comes to determining eligibility for federal assistance or benefit programs. Some states may consider this as taxable income; check with your tax preparer or your state tax department for more information.

Should I be worried about Economic Impact Payment scams?

Scams are always a concern when money is involved, so you should be on the lookout. Some possible scams include:

In general, you should be aware that federal agencies won’t ask you to pay anything up front to get your payment, and they won’t call, email, text, or reach out to you via social media to request your bank account or Social Security number, or to verify personal information.

Debt 2

Between credit cards, student loans, and mortgages, there are a variety of different types of debt out there. Part of tackling your debt obligations is knowing which of your debts to prioritize first. By prioritizing your debt, you can create a step-by-step plan that helps you get rid of the bad and expensive types of debt fast, while at the same time reducing what you owe in interest.

Here are some tips to help take control of your debt:

Start with high-interest credit cards. Minimum payments on most consumer credit cards are typically low, but only paying this amount will make it take longer to pay off the balance and cost you more. You should tackle your credit cards in the order of their interest rate, starting with the highest.

Spend as much as you can comfortably afford each month on paying down the highest interest rate card and stick with the minimum payments on the others. When that card’s balance reaches zero, focus on the next-highest interest rate and so on. While it can be daunting at first, you’ll find it easier to tackle your debt in this order as each card requires less monetary investment.

Pay off your most expensive student loans. Private student loans typically carry higher interest rates than government loans. If your private loan’s interest rate is above 8%, you should pay that down next, especially if you’re not eligible to claim the student loan interest as a tax deduction on your income taxes.

Keep up with your regular payments on lower interest debt. Mortgages, car loans, and government student loans generally have lower interest rates and many offer tax benefits, but don’t forget about them! You can continue to make the minimum monthly payment obligations on these types of loans while you’re focusing on your higher interest debts.

As a guideline, many advisors suggest that your overall debt shouldn’t exceed 36% of your gross income. Managing your finances well helps you free up money from debt payments, enabling you to put away savings for good use. These include an emergency fund, unplanned expenses, and most importantly your retirement.

If you’re looking for help managing your debt, there are plenty of tools available to New Tripoli Bank customers that will help you improve your financial wellness. With a checking or savings account, you are automatically enrolled in online banking where you can set up automatic bill payments to keep all your credit card and loan obligations all in one place. You can name each payment based on the interest rate which will allow you to easily track which ones you should pay down first.

New Tripoli Bank online banking also has the Manage My Money tool to help you track income and spending in one easy place. The tool automatically sorts your transactions into different categories such as gifts, entertainment, or insurance, so you can see how much you have available for debt payments and where you can afford to cut back to help get your finances in order.

Winter Laptop 2

When the holiday season rolls around, it’s normal to want to splurge on gifts for friends and loved ones. The holidays can be an exciting time full of advertisements for the hottest new toy and deals aplenty at all your favorite stores.

However, one of the best gifts you can give yourself when the decorations start going up is the peace of mind that comes with a financial health checkup! It may not be the most exciting present under the tree, but taking the time to ensure your goals, savings, and accounts are all in order will ensure you’ll be financially prepared after the ball drops on New Year’s!

Here’s how you can make sure your finances are in order for the New Year:

Check Your Account Balances

Before you can budget, you have to know how much money you have to work with! Take a moment and look back at your most recent bank statements so you know where you stand and make a point to check your bank statements every month as you enter 2021. Take note of how much money you’re spending versus how much you’re bringing in and make sure you’re actually adding to your savings!

Identify Your Weak Spots

We all have financial weak spots that can be pain points when it comes to saving for the future. As we mentioned in the previous section, take a look at your spending versus your income and separate your expenditures into groups of wants and needs. See if anything in your “wants” pile is something you could cut back on, like dining out or spending money on video games. The best thing you can do for your financial health is to set incremental, achievable goals for yourself. Every journey begins with a first step, after all.

Review Your 2020 Spending

Were you tracking spending in 2020? If so, good for you! Whether or not you’ve been paying attention to your spending throughout the year, the end of the year is a great time to look back and analyze how you did. Take some time to add up your purchases in different categories, whether it’s entertainment, groceries, or bills. You may discover some areas where you spent way more than you thought! Don’t beat yourself up over spending too much on yourself; just use it as a learning experience to set realistic goals for yourself in 2021. (And if you weren’t tracking your spending this last year, get started now!)

Winter Laptop 3

Set Some Goals For The Future

Is there a big purchase you’ve been meaning to save for but you keep getting distracted? Maybe you’re looking to save for college, a car, or even your first house? Or maybe you’re simply looking to cut back on spending and maybe add to your financial literacy. Grab a pen and paper and write down your top three financial aspirations, then make a plan for achieving them.

 If you need help, don’t hesitate to reach out to the friendly representatives at New Tripoli Bank. Our universal tellers and loan officers are here to help you reach your future financial goals and bring with them years of experience helping people with their money.

New Tripoli Bank’s Manage My Money tool can help you track your income and spending in one easy place. If you have a checking or savings account with New Tripoli Bank, all you need to do to start is sign up for online banking and log in to set up your Manage My Money tool. You will see your transactions automatically classified into different categories such as gifts, entertainment, or insurance, allowing you to easily organize your budget into wants and needs. It also displays your total spending and income and automatically calculates the difference, so you can easily identify your financial weak spots and track your 2021 progress at a glance. You can set spending limits in each category as well as setting savings goals that our online banking platform will track for you.

If you put these steps into practice in the coming year, you’re sure to find the gift of better financial health waiting for you next holiday season! Happy holidays!

Creating and sticking to a budget can be stressful even in the best of circumstances and right now most of us aren’t living in the best circumstances. The effect of COVID-19 on the economy has forced many Americans to take a close look at their budget in order to reassess their spending and make some tough decisions about their monthly spending.

If you have previous experience creating a household budget, this is nothing new to you. But for those of us who are new homeowners, renters, or college students creating their budget for the first time, the added uncertainty of 2020 can seem like a monumental hurdle toward financial security.

The Zero-Based Budget

There are many effective strategies for planning a budget, each of which has its own strength and weakness. However, in times like these, when money can be tight, one of the best methods to ensure that every dollar and cent is accounted for is something called zero-based budgeting.

The goal of a zero-based budget is to make it so the difference between your monthly income and your expenditures each month equals zero. Once you’ve accounted for every dollar, you can choose to maintain the same levels of expense in each category of your budget or change it up from month-to-month as your needs change. Because you have every dollar accounted for, you will know how much you are able to spend each month and won’t overspend a dime.

It’s one thing to explain a zero-based budget, but let’s take a look at an example budget for someone making $3,000 a month.

Zero-based budget example
Full table will be inserted in place of this table on the website

Starting Your Own Zero-Based Budget

Before you implement a zero-based budgeting plan, you should prepare a few things to ensure you stay realistic with your expectations.

There are plenty of budgeting apps that can help you categorize and track your monthly spending, including New Tripoli Bank’s mobile app which has a money management tool that automatically categorizes spending from your ATM/debit card into categories and allows you to set monthly targets.

Once you have all of this information prepared, you may be wondering how much to allocate to each category in order to create a “balanced” budget. While every person’s budget is going to be different, a very common rule of thumb to effective budgeting is the 50/30/20 rule.

With this approach, you should take the categories you have previously established and group them into “needs,” “wants,” and “debt/saving.” For example, we all need food to live and we need to pay our rent, so groceries and clothing would go into “needs,” but we also want to keep ourselves entertained and we want to eat out some time, so entertainment and eating out would go into “wants.”

You won’t always be able to follow the 50/30/20 rule, but if you’re unsure where to start with your budget, it’s a good baseline and you can adjust each category up or down depending on your personal needs.

Why Zero-Based Budgeting?

At the top of this article we mentioned the impact of COVID-19 causing many of us to have to re-examine how we spend our money each month. One of the benefits of zero-based budgeting is knowing exactly how much money is flowing in and out of your account each month, which can prevent you from spending money you don’t have.

If sudden unemployment or a reduction in work hours has you feeling like you’ve lost control of your finances, sitting down and organizing a zero-based budget spreadsheet can go a long way toward helping you regain that feeling of control by knowing where your money is going and where you can afford to cut costs.

The downside of zero-based budgeting is the amount of time it can take to maintain. Effective budgeting in this way requires you to hold yourself accountable and consistently monitor your spending so you know when you’re approaching your monthly limits.

Zero-based budgeting can also be hard for those of us with irregular income or variable expenses. If your job requires you to travel during certain times of the year more than others, then certain categories in your budget are going to vary wildly from month to month. If you’re a freelancer or contractor with a fluctuating schedule, you won’t always know how much money you have coming in from month to month which can make it harder to plan in this way.

However, if you have a steady income and can plan a few months in advance for big expenses such as holidays or weddings, then zero-based budgeting is a very useful budgeting tool whether you’re new to managing your money or looking for a strategy to regain control of your finances.

While following quarantine and social-distancing recommendations or requirements can help stop the spread of COVID-19, if you don't take proper precautions, your mental well-being could also suffer. Use the following tips to help maintain good mental health while you discover living with a new normal.

Keep a Routine

One of the best things that you can do to preserve your mental well-being is to stick to a routine. For example, if you're used to going to the gym before work, try to wake up early and get an at-home workout in before you go to work or start working at home.

Maintaining as much normalcy as possible with your daily routine can help keep your mood as lifted as possible and prevent boredom and distress from taking over.

If you have children who will be at home now, then creating a routine for them is also important. Implement a structured schedule for them, whether they are practicing virtual learning with their schools or if they are just at home, so they know what your expectations are. Try to limit screen time as much as possible and incorporate learning activities throughout the day.

Get a Good Night's Sleep

This goes hand-in-hand with sticking to a routine. While you're at home, it can be easy to go to bed or sleep in later than you typically would. Breaking your normal sleep pattern can have negative effects on your overall mental well-being, so try to stick to your usual sleep schedule.

Spend Time Outside

Unless health officials give explicit instructions to stay home no matter what, try to get outside periodically throughout the day. This could involve going out in your backyard or taking a walk around the block, but it shouldn't include going to a busy park or other areas where groups of people may be.

Being outside also helps to promote higher levels of vitamin D, which the body makes when skin is directly exposed to the sun. Many people are deficient in vitamin D, so exercising outside can be a great way to correct that.

Leverage the Power of Technology

When in quarantine or self-isolation, feeling lonely is common. Fortunately, advancements in technology have made it easy to connect with others without having to be in physical contact with or in close proximity to them. The Substance Abuse and Mental Health Services Administration (SAMHSA) recommends using technology to reach out to loved ones to reduce feelings of loneliness and anxiety, and to supplement your social life while you're quarantining or social distancing. If you're feeling down, use video-calling technology or social media to get in touch with friends and family.

Don't Obsess over the News

It can be easy to become overwhelmed by watching the news and reviewing the updates of the COVID‑19 situation. While it's important to be informed, you should not obsess over the news. For example, instead of monitoring the news all day from home, consider checking for updates once in the morning and once at night.

Practice Positivity and Gratitude

Taking five minutes a day to write down the things you're grateful for has been proven to lower stress levels and can help you change your mindset from negative to positive. While you're quarantining or social distancing, it's important to build time into your routine to practice positivity or express gratitude, to improve your mindset and boost your mood.

Conclusion

Your mental well-being plays a huge role in your physical health and well-being, and it should be prioritized.

These six suggestions can help you maintain your mental well-being during a quarantine, but shouldn't be considered medical advice.

If you have concerns about your mental well-being while you're in quarantine, please contact your mental health professional or use the Substance Abuse and Mental Health Services Administration's national helpline by calling (800) 662-HELP (800-622-4357)

On March 27, 2020, the president signed into law the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). This $2 trillion aid package will provide financial aid to families and businesses impacted by the coronavirus, or COVID-19, pandemic.

The CARES Act provides direct government payments to eligible Americans to offset the economic impact of the virus. The Treasury Department and the IRS have announced that distribution of these Economic Impact Payments (EIRs) will begin in April 2020. For most people, no action will be required. Official IRS information about the coronavirus pandemic and EIPs can be found on the IRS Coronavirus Tax Relief page.

When will I receive my payment?

If you are eligible (more on that below), you may expect to receive your payment as soon as the middle of April, according to the Treasury Department.

How will I know if I am eligible? How large a payment will I receive?

The IRS is responsible for determining eligibility for Economic Impact Payments.

U.S. residents will receive Economic Impact Payments of up to $1,200 for individual or head of household tax filers, and up to $2,400 for married couples filing jointly. Parents also receive $500 for each qualifying child. Filers with adjusted gross income below the thresholds specified below will receive a full payment.

Taxpayers will receive a reduced payment if their adjusted gross income is between:

Taxpayers above the maximum thresholds indicated above will receive no payment.

Payment calculations will be based on taxpayers' 2019 returns or on their 2018 returns if they have not yet filed for 2019. (The 2019 filing and payment deadline has been delayed from April 15 until July 15.)

To qualify for a payment, an individual must have a work-eligible Social Security number and must not be claimed as a dependent by another taxpayer in the current tax year. Lower-income individuals who are not subject to income tax will also receive payments.

For complete eligibility information, please visit the IRS website.

Will college students be eligible to receive a payment?

A college student who is claimed as a dependent on the tax return of a parent is not be eligible for a payment, though a financially independent student would be. For complete eligibility information, please visit the IRS website.

How will I receive my payment? Will it be sent as a paper check or electronically?

Most individuals will receive their payment electronically. This is faster and safer than mass distribution of paper checks.

If you filed taxes in 2018 or 2019 and provided on your tax return your bank routing and account number for payments or refunds, and this information has not changed, the IRS has the information it needs to send your payment electronically, with no action required on your part.

If you are a Social Security recipient, the IRS will use the direct deposit information held by the Social Security Administration. If the direct deposit information you have provided in the past is for a bank-issued, prepaid debit card, you will receive your funds on that card account.

If the IRS does not have your information on file and you are not a Social Security recipient, a check will be mailed to you. Check payments will be distributed weeks or possibly months after the direct deposits are sent. For additional information, please visit the IRS website.

To receive payment more quickly, we strongly recommend you file a 2019 tax return and provide direct deposit information.

If you do not typically file a tax return because you are not required to do so (for example, you may have low income or receive veterans disability compensation, a pension, or survivor benefits from the Department of Veterans Affairs), the IRS has created an online portal, called “Non-Filers: Enter Payment Info,” for the provision of direct deposit information. Visit this link to do so.

I file a tax return every year, but the IRS does not have my current information on file. Can I receive my payment electronically?

Yes. The IRS is planning to create a new, online portal called “Get My Payment” where people can obtain details about their payment and provide direct deposit information if the IRS does not already have it. At this time, the IRS online portal is under development. For updated information, please visit the IRS website.

The IRS has extended the tax-filing deadline this year from April 15 to July 15. If you file your 2019 taxes as soon as possible with your bank routing and account number on the form, the IRS may be able to use that information to send you an electronic payment.

What if I am typically not required to file a tax return?

Social Security recipients who have not been required to file tax returns will not be required to do so to receive their payments. People who typically do not file a tax return and are not Social Security beneficiaries will need to provide their information to the IRS at the website referenced in Question 4 above, “Non-Filers: Enter Payment Info.”

What is a bank routing and account number?

Bank routing and account numbers are used to direct payments to the right bank account at the right financial institution. If you have a checking account at a financial institution, the information is on the paper check. The bank routing number is on the lower left-hand side of the check and tells Treasury the correct bank to send the payment. Your individual account number is to the right of the routing number. That tells the bank to credit your specific account. Bank-issued reloadable prepaid debit card accounts have the same numbers, but the way they are provided to you will vary.

check.jpg

How do I find my bank routing and account number if I don't have checks?

Log in to your bank account online or through your bank's mobile app. Bank routing and account numbers may be located in different places, depending on your bank. If you can't find it easily, search “bank routing” within the app or website. If you still can't find the information or can't log on, call your bank for more information. Please remember banks will not provide your account number over the phone in order to safeguard your account from fraudsters.

New Tripoli Bank's routing number is 031312796. If you are having trouble finding your account number, you can contact the bank toll-free at (888) 298-8821.

If I have a reloadable prepaid card with a bank, can I direct the payment to that account?

Yes, follow the same instructions to gather the routing and bank account numbers to provide via the IRS online portal.

If I have a bank account, can I still receive a paper check?

Yes, but be aware that your payment will be slower than an electronic transfer. Paper checks may be sent out weeks after the electronic checks are sent. Many customers will prefer depositing the check through remote deposit capture. If your bank offers this service, you can take a picture of your check through your bank's smartphone app to make the deposit from the comfort and safety of your home the same day the check arrives in the mail. Alternatively, you can make the deposit at your bank's ATM. If you want to deposit the check in person, you may be required to visit a bank drive-through location because many bank branches are temporarily closed or offering restricted hours due to the pandemic. Check your bank's website for hours of operation.

New Tripoli Bank's hours of operation can be found here.

I don't have a bank account, but I want to receive my money faster. What can I do?

Some banks will open accounts for customers online without requiring an in-person visit to a bank branch. Search online for banks that offer digital account opening. Please check with the bank to understand all of the terms and conditions of opening an account online. Another option is a bank-issued reloadable prepaid card, which may be used to accept a direct deposit. These cards are available at retailers that partner with a bank. Please make sure that the card is “reloadable” in order to receive a direct deposit payment. After opening the account, you will be provided with a bank routing and account number to provide to the IRS.

What should I do to prevent fraudsters from accessing my funds?

A large amount of funds will be disbursed in the coming weeks to qualifying individuals. Accordingly, there is a risk for fraud of various types. The IRS has announced various ways individuals can be on guard against fraudulent activities. Click here to read the notice from the IRS.

It is important to remember that banks or the federal government will never contact you by telephone, text or email asking for your account information. Do not provide any banking information to anyone claiming to be “registering you for your relief payment.” This is a red flag.

For security reasons, the IRS plans to mail letters about Economic Impact Payments to taxpayers' last known address within 15 days after the payment is paid. The letter will provide information on how the payment was made and how to report any failure to receive the payment. If you are unsure you are receiving a legitimate letter, the IRS urges you to visit IRS.gov to protect yourself against fraudsters.

What should I do if I receive an unsolicited email or text appearing to be from the IRS?

Those who receive unsolicited emails, text messages or social media contacts attempting to gather information that appear to be from either the IRS or an organization closely linked to the IRS, such as the Electronic Federal Tax Payment System (EFTPS), should forward them to phishing@irs.gov. Taxpayers are encouraged not to engage potential fraudsters online or on the phone. Learn more about reporting suspected scams by going to the Report Phishing and Online Scams page on IRS.gov.

What Is Social Distancing?

Social distancing is a way to keep people from interacting closely or frequently enough to spread an infectious disease. Schools and other gathering places such as movie theaters may close, and sports events and religious services may be cancelled.

What Is Quarantine?

Quarantine separates and restricts the movement of people who have been exposed to a contagious disease to see if they become sick. It lasts long enough to ensure the person has not contracted an infectious disease.

What Is Isolation?

Isolation prevents the spread of an infectious disease by separating people who are sick from those who are not. It lasts as long as the disease is contagious.

What to Expect: Typical Reactions

Everyone reacts differently to stressful situations, such as an infectious disease outbreak, that require social distancing, quarantine, or isolation. People may feel:

Anxiety, worry, or fear related to:

If you or a loved one experience any of these reactions over a period of two to four weeks or longer, contact your health care provider or one of the resources at the end of this article.

Ways to Support Yourself during Social Distancing, Quarantine, and Isolation

Understand the Risk

Consider the real risk of harm to yourself and others around you. The public perception of risk during a situation such as an infectious disease outbreak is often inaccurate. Media coverage may create the impression that people are in immediate danger when really the risk for infection may be very low. Take steps to get the facts:

Centers for Disease Control and Prevention
1600 Clifton Road
Atlanta, GA 30329-4027
1 (800) 232-4636
http://www.cdc.gov

World Health Organization
Regional Office for the Americas of the World Health Organization
525 23rd Street
NW Washington, DC 20037
(202) 974-3000
http://www.who.int/en

Be Your Own Advocate

Speaking out about your needs is particularly important if you are in quarantine, since you may not be in a hospital or other facility where your basic needs are met. Ensure you have what you need to feel safe, secure, and comfortable.

Educate Yourself

Health care providers and health authorities should provide information on the disease, its diagnosis, and treatment.

Work With Your Employer to Reduce Financial Stress

If you’re unable to work during this time, you may experience stress related to your job status or financial situation.

Connect With Others

Reaching out to people you trust is one of the best ways to reduce anxiety, depression, loneliness, and boredom during social distancing, quarantine, and isolation. You can:

Talk to Your Doctor

If you are in a medical facility, you may have access to health care providers who can answer your questions. However, if you are quarantined at home and you’re worried about physical symptoms you or your loved ones may be experiencing, call your doctor or other health care provider.

Use Practical Ways to Cope and Relax

After Social Distancing, Quarantine, or Isolation

You may experience mixed emotions, including a sense of relief. If you were isolated because you had the illness, you may feel sadness or anger because friends and loved ones may have unfounded fears of contracting the disease from contact with you, even though you have been determined not to be contagious.

The best way to end this common fear is to learn about the disease and the actual risk to others. Sharing this information will often calm fears in others and allow you to reconnect with them.

If you or your loved ones experience symptoms of extreme stress—such as trouble sleeping, problems with eating too much or too little, inability to carry out routine daily activities, or using drugs or alcohol to cope—speak to a health care provider or call one of the hotlines listed to the right for a referral.

If you are feeling overwhelmed with emotions such as sadness, depression, anxiety, or feel like you want to harm yourself or someone else, call 911 or the National Suicide Prevention Lifeline at 1 (800) 273- 8255.

Helpful Resources Hotlines

Substance Abuse and Mental Health Services Administration’s (SAMHSA) Disaster Distress Helpline
Toll-Free: 1 (800) 985-5990 (English and español)
SMS: Text TalkWithUs to 66746
SMS (español): “Hablanos” al 66746
TTY: 1 (800) 846-8517
Website (English): http://www.disasterdistress.samhsa.gov
Website (español): https://www.samhsa.gov/find-help/disaster-distress-helpline/espanol

SAMHSA’s National Helpline
Toll-Free: 1 (800) 662-HELP (24/7/365 Treatment Referral Information Service in English and español)
Website: http://www.samhsa.gov/find-help/national-helpline

National Suicide Prevention Lifeline
Toll-Free (English): 1 (800) 273-8255
Toll-Free (español): 1 (888) 628-9454
TTY: 1 (800) 799-4889
Website (English): http://www.suicidepreventionlifeline.org
Website (español): http://www.suicidepreventionlifeline.org/gethelp/spanish.aspx

Treatment Locator
Behavioral Health Treatment Services Locator Website: http://findtreatment.samhsa.gov/locator/home

For help finding treatment call 1 (800) 662-4357 or visit https://findtreatment.gov/

SAMHSA Disaster Technical Assistance Center
Toll-Free: 1 (800) 308-3515
Email:
Website: http://www.samhsa.gov/dtac

Updated 3/23/2020

What is coronavirus disease 2019 (COVID-19)?

Coronavirus disease 2019 (COVID-19) is a respiratory illness that can spread from person to person. The virus that causes COVID-19 is a novel coronavirus that was first identified during an investigation into an outbreak in Wuhan, China.

How many cases of COVID-19 have been reported in the U.S.?

The first case of COVID-19 in the United States was reported on January 21, 2020. The current count of cases of COVID-19 in the United States is available on CDC’s webpage at https://www.cdc.gov/coronavirus/2019-ncov/cases-in-us.html

How does COVID-19 spread?

Person-to-person spread

The virus is thought to spread mainly from person-to-person.

These droplets can land in the mouths or noses of people who are nearby or possibly be inhaled into the lungs.

Can someone spread the virus without being sick?

Spread from contact with contaminated surfaces or objects

It may be possible that a person can get COVID-19 by touching a surface or object that has the virus on it and then touching their own mouth, nose, or possibly their eyes, but this is not thought to be the main way the virus spreads.

How easily the virus spreads

How easily a virus spreads from person-to-person can vary. Some viruses are highly contagious (spread easily), like measles, while other viruses do not spread as easily. Another factor is whether the spread is sustained, spreading continually without stopping.

The virus that causes COVID-19 seems to be spreading easily and sustainably in the community (“community spread”) in some affected geographic areas.

What are the symptoms of COVID-19?

Reported illnesses have ranged from mild symptoms to severe illness and death for confirmed coronavirus disease 2019 (COVID-19) cases.

These symptoms may appear 2-14 days after exposure (based on the incubation period of MERS-CoV viruses).

If you develop emergency warning signs for COVID-19 get medical attention immediately. Emergency warning signs include*:

*This list is not all inclusive. Please consult your medical provider for any other symptoms that are severe or concerning.

What are severe complications from this virus?

Some patients have pneumonia in both lungs, multi-organ failure and in some cases death.

What should I do if I recently traveled from an area with ongoing spread of COVID-19?

If you have traveled from an affected area, there may be restrictions on your movements for up to 2 weeks. If you develop symptoms during that period (fever, cough, trouble breathing), seek medical advice. Call the office of your health care provider before you go, and tell them about your travel and your symptoms. They will give you instructions on how to get care without exposing other people to your illness. While sick, avoid contact with people, don’t go out and delay any travel to reduce the possibility of spreading illness to others.

Is there a vaccine?

There is currently no vaccine to protect against COVID-19. The best way to prevent infection is to take everyday preventive actions, like avoiding close contact with people who are sick and washing your hands often.

Is there a treatment?

There is no specific antiviral treatment for COVID-19. People with COVID-19 can seek medical care to help relieve symptoms.

What to do if you are sick with coronavirus disease 2019 (COVID-19)

If you are sick with COVID-19 or suspect you are infected with the virus that causes COVID-19, follow the steps below to help prevent the disease from spreading to people in your home and community.

Stay home except to get medical care

Separate yourself from other people and animals in your home

Call ahead before visiting your doctor

If you have a medical appointment, call your doctor’s office or emergency department, and tell them you have or may have COVID-19. This will help the office protect themselves and other patients.

Wear a facemask

Cover coughs and sneezes

Avoid sharing personal household items

Clean your hands often

Avoid close contact

Clean and disinfect

To disinfect:
Most common EPA-registered household disinfectants will work. Use disinfectants appropriate for the surface.

Options include:

Monitor your symptoms

If you develop emergency warning signs for COVID-19 get medical attention immediately. Emergency warning signs include*:

*This list is not all inclusive. Please consult your medical provider for any other symptoms that are severe or concerning.

Call 911 if you have a medical emergency: If you have a medical emergency and need to call 911, notify the operator that you have or think you might have, COVID-19. If possible, put on a facemask before medical help arrives.

Discontinuing home isolation

In all cases, follow the guidance of your healthcare provider and local health department. The decision to stop home isolation should be made in consultation with your healthcare provider and state and local health departments. Local decisions depend on local circumstances.

More information is available here.

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