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What You Need to Know About the Third Round of Economic Impact Payemts (EIPS) a.k.a. Stimulus Payments

The American Rescue Plan of 2021 was signed into law on March 11, 2021. Consumers will begin receiving Economic Impact Payments (EIPs) — also referred to as stimulus payments — on Wednesday, March 17. Here are the basic details on what the plan entails:

Will I receive a payment?

In general, you are eligible for a payment if you are a U.S. citizen or U.S. resident alien, you were not claimed as a dependent of another taxpayer, and you have a Social Security number valid for employment.

How much will the payment be?

The payments are up to $1,400 for individuals, $2,800 for couples, and an additional $1,400 for each dependent regardless of age. The Internal Revenue Service (IRS) will, in general, use your 2020 tax return if you have already filed or your 2019 tax return if you have not yet filed for 2020. If your adjusted gross income is $75,000 or less ($112,500 for individuals filing as head of household or $150,000 for couples filing jointly), you will receive the full payment amount. The payments will be lower for those with higher incomes, and taxpayers will NOT receive a third-round EIP if their adjusted gross income is more than $80,000 for an individual ($120,0000 if filing as head of household or $160,000 for couples filing jointly).

How will I receive the payment?

Many consumers will receive their payments via direct deposit, however some will receive a paper check or prepaid debit card in the mail. To avoid fees on a prepaid debit card, transfer the balance to your bank account via eipcard.com or use an in-network ATM.

When will I receive the payment?

You can check the status of your payment at www.irs.gov/coronavirus/get-my-payment. The IRS sent an initial wave of EIPs, which is scheduled to be made available in consumers’ bank accounts on March 17.

What happens if my account balance is negative?

Banks have varying policies on how payments will be handled on accounts with negative balances. If you have a negative balance on the bank account the IRS has on file for your tax returns, please refer to your bank for their specific policy.

What do I do if I do not receive my full payment?

If you didn’t receive the full amount you were entitled to (due to the birth of a child in 2020, for example), you can claim it when you file your 2021 taxes.

For more information, please visit www.irs.gov/coronavirus/economic-impact-payments.

BWD In The News

In the recent CESA5 Youth Apprentice, Third Edition publication, our very own Katelyn Zajicek was featured.

Anastasia celebrated five years with the bank on March 14th! Anastasia is the Business Development Officer at our Portage location. She has done a wonderful job of promoting Bank of Wisconsin Dells and Community Bank of Portage with her commitment to numerous service organizations, all while developing new business relationships for the bank. Happy anniversary, Anastasia! Keep up the good work.

Why is it important to dispose of electronic devices safely?

In addition to effectively securing sensitive information on electronic devices, it is important to follow best practices for electronic device disposal. Computers, smartphones, and cameras allow you to keep a great deal of information at your fingertips, but when you dispose of, donate, or recycle a device you may inadvertently disclose sensitive information which could be exploited by cyber criminals.

What are some effective methods for removing data from your device?

There are a variety of methods for permanently erasing data from your devices (also called sanitizing). Because methods of sanitization vary according to device, it is important to use the method that applies to that particular device.

Methods for sanitization include:

  • Backing up data. Saving your data to another device or a second location (e.g., an external hard drive or the cloud) can help you recover your data if your device is stolen. .
  • Deleting data. Removing data from your device can be one method of sanitization. When you delete files from a device—although the files may appear to have been removed—data remains on the media even after a delete or format command is executed.
    • Computers. Use a disk cleaning software designed to permanently remove the data stored on a computer hard drive to prevent the possibility of recovery.
    • Smartphones and tablets. Ensure that all data is removed from your device by performing a “hard reset.” This will return the device to its original factory settings.
    • Digital cameras, media players, and gaming consoles. Perform a standard factory reset (i.e., a hard reset) and physically remove the hard drive or memory card.
    • Office equipment (e.g., copiers, printers, fax machines, multifunction devices). Remove any memory cards from the equipment. Perform a full manufacture reset to restore the equipment to its factory default.
  • Overwriting. Another method of sanitization is to delete sensitive information and write new binary data over it. Using random data instead of easily identifiable patterns makes it harder for attackers to discover the original information underneath.
    • Cipher.exe is a built-in command-line tool in Microsoft Windows operating systems that can be used to encrypt or decrypt data on New Technology File System drives. This tool also securely deletes data by overwriting it.
    • Clearing is a level of media sanitation that does not allow information to be retrieved by data, disk, or file recovery utilities.
  • Destroying. Physical destruction of a device is the ultimate way to prevent others from retrieving your information. Specialized services are available that will disintegrate, burn, melt, or pulverize your computer drive and other devices. These sanitization methods are designed to completely destroy the media and are typically carried out at an outsourced metal destruction or licensed incineration facility.
    • Magnetic media degaussers. Degaussers expose devices to strong magnetic fields that remove the data that is magnetically stored on traditional magnetic media.
    • Solid-state destruction. The destruction of all data storage chip memory by crushing, shredding, or disintegration is called solid-state destruction.
    • CD and DVD destruction. Many office and home paper shredders can shred CDs and DVDs (be sure to check that the shredder you are using can shred CDs and DVDs before attempting this method).

For more information, see the NIST Special Publication 800-88 Guidelines for Media Sanitization

Protect Important Paper Documents To Keep Safe From Identity Theft

Are your paper documents safe from prying eyes that can lead to identity theft? Take a quick look around your house and you’ll get an idea of how easy it can be for someone to steal information about you. Here are some things to consider.

Read More

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Bank of Wisconsin Dells
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Wisconsin Dells, WI 53965