(updated April 1, 2021)
Stimulus payments may be disbursed by the IRS or the State of California, by direct deposit using the bank account information you provided in your most recent tax filing. Alternately, a check or a pre-paid debit card may be mailed using the mailing address on your most recent tax filing. Similarly, if you receive Social Security or other government-funded benefits by direct deposit, your stimulus payment will be sent to the same bank account as your retirement or pension payments. Consult the issuing agency to find out more information about your anticipated amount, if any.
Provident Bank has made the decision to amend our overdraft practices to provide you full access to your stimulus payments, in their entirety, for customers who deposit their Economic Impact Payment into a Provident Bank deposit account via a check or direct deposit.
If at the time your stimulus payment is deposited (via Direct Deposit from the issuing agency or EIP Stimulus check) your account has a negative current balance1, we will allow you to go overdrawn up to the amount you were overdrawn prior to the deposit, to allow you full access to your stimulus payment. This includes paying overdrafts and not charging you an insufficient funds fee. “Overdraft” generally means there is not enough available balance in your account to pay for the transaction. For more information regarding our Overdraft Practices, please refer to our Deposit Account Agreement and Disclosure.
Once your current account balance1 is the same amount as it was prior to the stimulus payment being deposited, your account will be subject to our normal overdraft practices, which means items presented against insufficient funds may or may not be paid and normal overdraft fees will apply, as indicated in our Schedule of Fees.
|Current account balance1 before stimulus payment deposit||-$100|
|Stimulus payment deposit||+$1,400|
|Current account balance1 after stimulus payment deposit||+$1,300|
|Amount we will authorize debits to be paid (ACH, checks, in-person withdrawals) and not charge an insufficient funds fee.||-$100|
If your account remains overdrawn for 44 days it will be closed and we may report information about your account to a nationwide specialty consumer reporting agency.
1 For definition of Current Account Balance please refer to our Deposit Account Agreement and Disclosure.