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Third Round of Economic Impact Payments FAQs


Oakwood Bank understands the importance of these payments, and we know you might have questions. We’ve created this FAQs section to answer some of those questions. For additional information about who is eligible, payment amounts, and when to expect your payment, we recommend visiting the IRS website.

 

What do I need to know about my Economic Impact Payment?

• The IRS will distribute payments using the information that the IRS has on file for each eligible individual or family.
• For most of the recipients. Payment will be deposited directly into the same bank account that they have most recently used to receive
a tax refund or monthly Social Security payment. Others will receive paper checks or prepaid card in the mail, at the address that the IRS has
on file for that individual.
• Banks, including Oakwood Bank cannot and do not provide personal account or address information to the IRS.
• Direct Deposits are posted for open accounts on the effective date set by the Treasury.
• If you have Direct Deposit set up with the IRS, first make sure the account is active, or your payment will be automatically returned to the IRS.
• If an account is closed, Oakwood Bank is required by the IRS to return the payment. Please advise the customer to visit IRS Get My Payment website https://www.irs.gov/coronavirus/get-my-payment for status.

There is no action required to receive your payment. For most, the payment will be automatically deposited into your account.
The American Rescue Plan was signed into law on March 11, 2021. Direct deposit payments are expected to begin on March 17, 2021 and paper checks are expected to begin being mailed sometime after March 19, 2021.
If for some reason you haven’t received your payment, we recommend visiting the IRS website to check the status of your payment.


What to do if the payment is not in your account?

Visit the IRS Get My Payment page to check the status of your payment


What happens if my direct deposit went to a closed account?


• In the event that a payment is sent to a closed account, the IRS requires Oakwood Bank to reject and return the payment.

 

For additional information about who is eligible, payment amounts, and when to expect your payment, we recommend visiting the IRS website.

 

 

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Welcome Community Bank of Snyder Customers!

Since 1900, Oakwood Bank has been serving Texans.  We are committed to exceeding your expectations when it comes to serving your financial needs. That is why we have chosen to partner with Community Bank of Snyder, a well-respected fellow Texas bank. Oakwood Bank and Community Bank of Snyder became one bank on January 1, 2020 and will now merge operating systems to bring both banks under one core operating system.

This merge will take place Sept. 11, 2020 to Sept. 14, 2020

 

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