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COVID-19 and Your Money COVID-19 Response

3 Things You Need to Know

April 1, 2020 | Courtesy of Wisconsin Bankers Association, Consumer Column.

So, you heard you’re getting a $1,200 check from the government. Hurray! … Wait? How is this going to work, exactly?

How to Get Your Economic Impact Payment

Now that the CARES Act is law, information—and misinformation—is flying around about when, how, and who will receive economic impact payments from the IRS and Treasury Department. Here’s a rundown of the essentials, straight from the source:

Scammers Are at It Again

Bad actors are always out there to take advantage of a crisis. Use the following tips to help protect yourself and your loved ones from becoming a victim:

If you have any questions, contact your bank directly using the phone number you have on file for them, not a number given to you by a potential scammer.

Your Money is Safe in the Bank

If you have scared friends and/or relatives, remind them that the safest place for their cash is in an insured bank or credit union, not under the mattress. Even during “Safer At Home” restrictions, your money will always be available to you. Wisconsin’s banks pay for deposit insurance to keep your cash safe. Many institutions also have robust online and/or mobile systems that allow you to access your funds remotely, and many branches remain open for drive-through service, including First State Bank.

The biggest takeaway for consumers during this challenging time: whether you are a small business owner, furloughed worker, or worried parent trying to homeschool and pay a mortgage at the same time, your bank is ready to step up and help. Reach out and let your banker know what you need.

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