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Leominster Credit Union

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Locations

Rates
  • Personal
    • Personal Banking Overview
    • Checking
    • Savings
    • CD/IRA
    • Services
    • Online Banking
    • Mobile Banking
    • LCU Debit Card
    • ATM Networks
  • Business
    • Business Banking Overview
    • Business Checking
    • Business Lending
  • Loans
    • Loan Financing Overview
    • Mortgage
    • Home Equity
    • Auto Loan
    • Personal Loan
    • Overdraft Protection
    • Credit Card
    • For Dealers Only
  • Insurance & Investments
    • Accidental Death & Dismemberment
    • Auto & Home Insurance
    • Life Insurance
    • Investment Services
  • Resources
    • Resources Overview
    • Member News and Information
    • Security Updates, News and Notifications
    • Community Support
  • System Enhancements
  • Rates
    • Rates Overview
    • Deposit
    • Loan
  • Contact Us
  • About
    • About LCU
    • 2021 Annual Report
    • Careers
    • Community Support
    • Contact LCU
    • History
    • Leadership
    • Membership Eligibility

News and Information

Annual Fall Shred-A-Thon Postponed

Posted on August 21, 2020

After much consideration, we have decided that for the health and safety of our employees and members, to postpone the Annual Fall Shred-A-Thon that was scheduled for Saturday, September 19 at the West Boylston Street, Worcester location. We apologize for any inconvenience and thank you for your understanding.

Filed Under: News and Information

Important Branch Update Regarding COVID-19

Posted on July 16, 2020

Updated: Thursday, July 16, 2020

As our reopening efforts cautiously continue, the following branch lobbies will be opening on Monday, July 20, 2020 with capacity requirements:

  • North Leominster Branch, 1316 Main St., Leominster
  • Worcester, 137 Shrewsbury St., Worcester

Please note: The above Drive-Ups are currently open.

The following branch lobbies and Drive-Ups are currently open:

  • Main Branch, 20 Adams St., Leominster
  • Clinton Branch, 159 Mechanic St., Clinton
  • Holden Branch, 715 Main St., Holden
  • West Boylston St. Branch, 910 West Boylston St., Worcester

The following branch continues to serve you through the Drive-Up:

  • Sterling Branch, 7 Main St., Sterling

Please note: The Sterling Branch will also be taking appointments, to schedule an appointment, please call, 800-649-4646.

For branch hours of operation, click here.

Mobile, Online, Telephone Banking and ATMs
We offer 24/7 Online and Mobile Banking, Automated Telephone Banking (MEL) and ATMs. We encourage all members to utilize online banking and the LCU Mobile App to check balances, make payments, transfer funds, or deposit checks. If you haven’t enrolled in Online and Mobile Banking, we encourage you to do so. Please call our Member Service Center at 800-649-4646 who will be happy to assist with the enrollment process.

Reminders:
Masks
Face masks must be worn when visiting one of our branches. We respectfully ask that when visiting one of our branch lobbies that your face mask be lowered while entering the building, for security purposes, and then can be put back on when the first social distancing floor marker is reached.

If you believe you are a victim of fraud
Continue to be alert and don’t fall prey to panic or intimidation to do anything that may compromise your personal information. For useful information regarding Coronavirus related scams, please visit the Federal Trade Commission, https://www.ftc.gov/.

If you believe your identity has been stolen and a fraudulent unemployment claim has been filed on your behalf, learn how to report the fraud and what to do to protect yourself by visiting, https://www.mass.gov/info-details/report-unemployment-benefits-fraud.

Financially impacted
If you have been financially impacted by COVID-19 and are having difficulty making a payment, please contact our Member Service Center at 800-649-4646 for additional assistance.

We will continue to take steps to keep both our members and staff safe. We thank you for your continued loyalty and look forward to servicing all of your banking needs. Please visit our website, www.leominstercu.com, for further updates, safety and security protocol and other important information.


Updated: Thursday, June 25, 2020

As our cautious reopening efforts continue, the following Branch Lobbies and Drive-Ups are open:

  • Main Branch, 20 Adams St., Leominster
  • Clinton Branch, 159 Mechanic St., Clinton
  • Holden Branch, 715 Main St., Holden
  • West Boylston St. Branch, 910 West Boylston St., Worcester

The above locations continue to take appointments, please call our Member Service Center at 800-649-4646, to schedule.

The following branches continue to serve you through the Drive-Up Only:

  • North Leominster Branch, 1316 Main St., Leominster
  • Sterling Branch, 7 Main Street, Sterling
  • Worcester, 137 Shrewsbury Street, Worcester

If you believe you are a victim of fraud
Continue to be alert and don’t fall prey to panic or intimidation to do anything that may compromise your personal information. For useful information regarding Coronavirus related scams, please visit the Federal Trade Commission, https://www.ftc.gov/.

If you believe your identity has been stolen and a fraudulent unemployment claim has been filed on your behalf, learn how to report the fraud and what to do to protect yourself by visiting, https://www.mass.gov/info-details/report-unemployment-benefits-fraud.

Financially impacted
Please remember, if you have been financially impacted by COVID-19 and are having difficulty making a payment, please contact our Member Service Center at 800-649-4646 for additional assistance.

Mobile, Online, Telephone Banking and ATMs
We offer 24/7 Online and Mobile Banking, Automated Telephone Banking (MEL) and ATMs. We encourage all members to utilize online banking and the LCU Mobile App to check balances, make payments, transfer funds, or deposit checks. If you haven’t enrolled in Online and Mobile Banking, we encourage you to do so. Please call our Member Service Center at 800-649-4646 who will be happy to assist with the enrollment process.

We will continue to take steps to keep both our members and staff safe. We thank you for your continued loyalty and look forward to servicing all of your banking needs. Please visit our website, www.leominstercu.com, for further updates, safety and security protocol and other important information.


Updated: Friday, June 5, 2020

As we slowly enter the next phase of re-opening some of our branch locations on Monday, June 8, we will be limiting member capacity in order to serve you safely and securely. We will also continue to take appointments, please call our Member Service Center at 800-649-4646, to schedule.

Branch lobbies reopening and their maximum member allowance are as follows:

  • Main Branch, 20 Adams St., Leominster: 5 members
  • Clinton Branch, 159 Mechanic St., Clinton: 5 members
  • Holden Branch, 715 Main St., Holden: 4 members
  • West Boylston St. Branch, 910 West Boylston St., Worcester: 4 members

LCU continues to follow the appropriate health guidelines of social distancing, requiring masks be worn when entering our lobbies and ask that specific doorways be used when entering or exiting our buildings.

The following safety precautions have been implemented:

  • Face masks must be worn when visiting one of our branches.
  • We respectfully ask that when visiting one of our branch lobbies that your face mask be lowered while entering the building, for security purposes, and then can be put back on when the first social distancing floor marker is reached.
  • Social distance floor markers have been placed in our lobbies.
  • Hand sanitizer is available.
  • Sneeze guards/plexi-glass has been installed at each teller area.
  • Single use pens available upon request.
  • Our coin machines will not be available at this time.
  • Please do not visit a branch if you are sick or have been exposed to those who are sick.

Due to the capacity limits set in our open branches, please expect longer than normal wait times. We appreciate your patience with us.

We strongly encourage that members continue to use electronic and digital services as well as our Drive-Up locations, as an alternative to visiting a branch.

Please remember, if you have been financially impacted by COVID-19 and are having difficulty making a payment, please contact our Member Service Center at 800-649-4646 for additional assistance.

We will continue to take steps to keep both our members and staff safe. We thank you for your continued loyalty and look forward to servicing all of your banking needs. Please visit our website, Leominstercu.com, for further updates, safety and security protocol and important information before planning your visit.


Updated: Friday, May 29, 2020

As the Governor begins to slowly re-open businesses in Massachusetts, we have made the decision to keep our lobbies temporarily closed until at least June 8. We will continue to take essential appointments (Main Office, Clinton, Holden and West Boylston Street, Worcester only) and all of our Drive-Up locations will remain open for regular business hours as well as access to our 24/7 ATMs, Online and Mobile Banking.

If You Have Been Financially Impacted by COVID-19
Please remember, if you have been financially impacted by the COVID-19 and are having difficulty making a payment, please contact our Member Service Center at 800-649-4646 for additional assistance.

Mobile and Online
Mobile and Online Banking are available 24/7 to handle all your banking needs from checking balances, making payments, transferring funds, or depositing checks. If you haven’t enrolled in Online and Mobile Banking, we encourage you to do so. Please call our Member Service Center at 800-649-4646 who will be happy to assist with the enrollment process. Please visit leominstercu.com for additional convenient electronic services such as POPMoney and SecureAlerts.

Please know we are thinking of you and your families and will continue to keep you updated.


Updated: Friday, May 15, 2020

Leominster Credit Union’s top priority continues to be the health and wellness of our members and employees. As the Governor begins Phase 1 of slowly re-opening businesses in Massachusetts, we have made the decision to continue to keep our lobbies temporarily closed until at least June 1. We will continue to take essential appointments (Main Office, Clinton, Holden and West Boylston Street, Worcester only) and all of our Drive-Up locations will remain open for regular business hours as well as access to our 24/7 ATM’s, Online and Mobile Banking.

Mobile and Online
We encourage all members to utilize Online Banking and the LCU Mobile App to check balances, make payments, transfer funds, or deposit checks. If you haven’t enrolled in Online and Mobile banking, we encourage you to do so. Please call our Member Service Center at 800-649-4646 who will be happy to assist with the enrollment process.

Disinfection
We continue to take the necessary steps to serve you safely and securely. We have enhanced cleaning at our locations and our team is taking extra precautions to help keep members and the community in good health. We continue to sanitize our branches and the Drive-Up touch points such as tubes and ATM’s.

Upcoming Enhancements
To better serve our members, the following system enhancements will be performed next week:

  • Monday, May 18, from 12:00am to 6:00am as system maintenance is performed, Mobile and Online Banking, as well as ATM and Debit Card transactions, may experience intermittent disruption.
  • Wednesday, May 20, we will be upgrading our Website Server. You may experience intermittent disruption during this time. If you experience any transaction issues during this time, please visit our Drive-Up locations or call our Member Service Center, 800-649-4646, for assistance during regular business hours.

Please know we are thinking of you and your families and we thank you for your cooperation, patience and trust in Leominster Credit Union. We look forward to seeing you soon!


Updated: Monday, May 4, 2020

Mask Requirement Beginning May 6

Our branch lobbies continue to be temporarily closed. For the health and safety of our members and employees, beginning May 6, 2020, if you have an essential appointment at a branch (Main Office, Clinton, Holden and West Boylston Street, Worcester only) due to the order signed by Governor Charlie Baker, masks must be worn at all times. We thank you in advance for your cooperation.


Updated:  Friday, April 10, 2020 –

As Massachusetts continues to be impacted by the spread of COVID-19, we wanted to share with you some helpful information and reminders to make sure that we can meet your financial needs without interruption in service.

Disinfection
We continue to take the necessary steps to serve you safely and securely. We have enhanced cleaning at our locations and our team is taking extra precautions to help keep members and the community in good health. We continue to sanitize our branches and the Drive-Up touch points such as tubes, pens and ATM’s.

Mobile and Online
We encourage all members to utilize online banking and the LCU mobile app to check balances, make payments, transfer funds, or deposit checks. If you haven’t enrolled in online and mobile banking, we encourage you to do so. Please call our Member Service Center at 800-649-4646 (hours below) who will be happy to assist with the enrollment process.

For more details on our mobile banking platforms, please see links below:

  • Online Bill Pay
  • Mobile Banking
  • CardValet®
  • Popmoney

Don’t forget – for your convenience you can also open an account online.

Member Service Center Phone Number and Hours of Operation
Please call 800-649-4646 to speak with a Member Service Representative:

Monday, Tuesday, Wednesday, Friday – 8:30am to 5:00pm
Thursday- 8:30am to 6:00pm
Saturday – 9:00am to 12:00pm

Online Chat is available via our website:
Monday through Friday – 9:00am to 4:00pm
Saturday – 9:00am to 12:00pm

If You Are Financially Impacted by COVID-19
If you have been financially impacted by the coronavirus and are having difficulty making a payment, please contact our Member Service Center at 800-649-4646 for additional assistance.

ATM Networks: SUM/MoneyPass
Leominster Credit Union is a member of the SUM and MoneyPass surcharge free ATM networks. This means LCU debit card members have access to thousands of surcharge-free ATMs around the country. A list of surcharge free ATMs can be found at SUM-atm.com and MoneyPass.com or by downloading the respective mobile apps at the App Store or GooglePlay. For more information on surcharge free ATMs at LCU visit leominstercu.com/personal-banking/atm-networks/.

Drive-Up
All our Drive-Up locations will remain open during regular business hours.

Branch Appointments
Our lobby locations are temporarily closed. If you need to schedule an essential appointment at a branch (Main Office, Clinton, Holden and West Boylston Street, Worcester only) please contact our Member Service Center at 800-649-4646 for help with arrangements.

Automated Telephone Banking/Member Express Line (MEL)
From your phone, you can check account balances, checks paid, interest earned, account transfers and more. Call 800-649-4646 and listen for the prompt for MEL.

Filing for Unemployment during COVID-19
For more information and answers to frequently asked questions about filing for unemployment during the COVID-19 emergency, please visit mass.gov/info-details/employee-unemployment-faq-covid-19.

Questions regarding Stimulus Checks
Based on the current information available on the IRS.gov website, here are some facts about stimulus payments from their site as of April 7, 2020.

Fraud/Scammers
As always, times of uncertainty bring out scammers. Be alert and don’t fall prey to panic or intimidation to do anything that may compromise your personal information. For useful information regarding Coronavirus related scams, please visit the Federal Trade Commission, ftc.gov.

Additional Information about COVID-19
For additional information about COVID-19, please visit:

  • Center for Disease Control and Prevention: cdc.gov
  • World Health Organization: who.int
  • Commonwealth of Massachusetts: mass.gov
  • Your local health department website

For more information, please visit our website or call 800-649-4646. As always, we thank you for your cooperation, patience and trust in Leominster Credit Union.


Updated: Monday, March 23, 2020

Leominster Credit Union is well prepared to help you without interruption in service and as an essential business, we will remain open to serve you. Our highest priority continues to be the health and well-being of our members and our staff. By temporarily limiting branch access to drive-thru service, we reduce the risk for virus exposure, yet remain available to meet the financial needs of our members. If you need to make an appointment (Main Office, Clinton, Holden, West Boylston Street), please contact our Member Service Center at 800-649-4646. Please remember that we offer 24/7 Online and Mobile Banking, Automated Telephone Banking (MEL) and ATMs.

As we continue to monitor COVID-19, we will provide updates to this page as needed.

Please see below for more detailed information.

 

Temporary Branch Lobby Closings
For the health and safety of our members and employees, our branch lobby locations will temporarily close, effective Wednesday, March 18, 2020. If you have an appointment or need to schedule one (Main Office, Clinton, Holden & West Boylston Street only), please call 800-649-4646 for assistance. We apologize for any inconvenience this may cause and we thank you for your understanding.

 

Drive-Up
All our Drive-Up locations will remain open during regular business hours.

 

Your Funds are Safe
As a member of Leominster Credit Union, every dollar you deposit is safe, secure, and 100% insured. All deposits are fully insured by a combined insurance coverage of the NCUA, up to $250,000, and the MSIC covers the rest.

 

Mobile, Online, Telephone Banking and ATMs
Please remember that we offer 24/7 Online and Mobile Banking, Automated Telephone Banking (MEL) and ATMs. We encourage all members to utilize online banking and the LCU mobile app to check balances, make payments, transfer funds, or deposit checks. If you haven’t enrolled in online and mobile banking, we encourage you to do so. Please call our Member Service Center at 800-649-4646 who will be happy to assist with the enrollment process.

 

Branch Appointments
If you have an appointment scheduled at a branch location or need to schedule one, please contact our Member Service Center at 800-649-4646 for help with arrangements.

 

If You Are Financially Impacted by COVID-19
If you have been financially impacted by the coronavirus and are having difficulty making a payment, please contact our Member Service Center at 800-649-4646 for additional assistance.

 

Fraud/Scammers
As always, times of uncertainty bring out scammers. Be alert and don’t fall prey to panic or intimidation to do anything that may compromise your personal information. For useful information regarding Coronavirus related scams, please visit the Federal Trade Commission, https://www.ftc.gov/.

 

Additional Information about COVID-19
For additional information about COVID-19, please visit

  • Center for Disease Control and Prevention: https://www.cdc.gov/
  • World Health Organization: https://www.who.int/
  • Commonwealth of Massachusetts: https://www.mass.gov/
  • Your local health department website

 

Thank you for your cooperation, patience and trust in Leominster Credit Union. Please know we are thinking of you and your families and will support you through these challenging times.


Updated: Monday, March 16, 2020

Important Health Alert regarding COVID-19

Leominster Credit Union (LCU) is taking the necessary steps to serve you safely and securely. Out of an abundance of caution and in accordance with our own internal protocol, we respectfully ask everyone to adhere to the following:

Please refrain from visiting our branches if you or a member of your household:

  • Have been diagnosed with COVID-19 (either a presumptive positive diagnosis by local doctors or a diagnosis confirmed by the CDC)
  • Have been in close contact with a person diagnosed with COVID-19
  • Have been at a facility where any person has been diagnosed with COVID-19
  • Have been in any of the following locations in the past 14 days:◦China
    • Hong Kong
    • Iran
    • Italy
    • Japan
    • South Korea

We encourage all members to utilize online banking and the LCU mobile app to check balances, make payments, transfer funds, or deposit checks. Visit leominstercu.com for additional updates.

We thank you in advance for understanding.


Updated: Friday, March 13, 2020

A message to our valued members about COVID-19

As Massachusetts continues to be impacted by the spread of COVID-19, please be advised that Leominster Credit Union (LCU) is taking the necessary steps to serve you safely and securely. Operations will continue and we are here to serve your financial needs. As this situation is evolving rapidly, our main priority is the health, safety, and well-being of our staff and members.

In addition to our in-branch services please remember that we offer 24/7 Online and Mobile Banking, Automated Telephone Banking and ATMs. We encourage all members to utilize Online Banking and the LCU Mobile App to check balances, make payments, transfer funds, or deposit checks. If you haven’t enrolled in Online and Mobile banking, we encourage you to do so. Call our Member Service Center at 800-649-4646 who will be happy to assist with the enrollment process. Leominster Credit Union is well prepared to help you without interruption in service.

We have enhanced cleaning at our locations and our team will be taking extra precautions to help keep members and the community in good health. We will continue to monitor the situation closely and evaluate additional measures to support our members and community as needs arise. Please continue to check your emails from us and visit our website for regular updates. For additional information about COVID-19, you can find the latest report from the CDC at https://www.cdc.gov/ or your local health department website.

Thank you for your cooperation, patience and trust in Leominster Credit Union. Please know we are thinking of you and your families and will support you through these challenging times.

Filed Under: News and Information

Leominster Credit Union Holds Election of Officers to the Board of Directors

Posted on July 2, 2020

Leominster Credit Union held their annual Election of Board Officers for 2020-2021 at their April meeting.

Giulio G. Greco, Chairman of the Board. Greco has previously served as Chairman from 1994-1998 and again from 2008-2011. Greco was presented the Volunteer of the Year Award from The Cooperative Credit Union Association (CCUA) during the Awards of Excellence held at the 2019 Annual Convention. Greco has served on the Board since 1978.

Michael J. Sauvageau, Vice Chair. Sauvageau has been on the Board since 2007 and most recently held the position of Chairman from 2016-2020. Sauvageau serves on LCU’s Executive, Audit and Compensation Committees.

Nancy L. Graves, Treasurer. Graves serves on the Executive, Credit, Investment, and Advisory Committees. She has served on the LCU Board of Directors since 2004.

Joyce A. LaFleur, Assistant Treasurer. LaFleur serves on the Executive, Audit, Investment, and Advisory Committees. LaFleur has served on the Board since 2007.

Joseph V. Quintal, Clerk. Quintal serves on Executive, Audit, Compensation, Investment and Advisory Committees. Quintal has served on the Board since 2006.

Joining the officers on the 2020-2021 Board of Directors are, Amedeo E. Bilotta, Bruce J. Bollivar, Robert J. DelleChiaie, Joyce G. Leger, Henry C. Kulik, Jr., and Richard A. Sheppard.

 

Front Row (L-R): Guilio G. Greco, Chairman of the Board; Michael J. Sauvageau, Vice Chairman.
Back Row (L-R) Joyce A. LaFleur, Assistant Treasurer; Nancy L. Graves, Treasurer; Joseph V. Quintal, Clerk

Filed Under: News and Information

Joseph J. Normant Joins Leominster Credit Union

Posted on May 8, 2020

Leominster Credit Union (LCU) announces Joseph J. Normant has joined their team as Senior Vice President, Chief Financial Officer. Normant will oversee LCU’s Finance Department including Accounting and Treasury as well as Audit and Compliance. Normant will report to John O’Brien, President and CEO, and will participate as a member of the Senior Management Team.

“We are excited to have Joe join our team,” said John O’Brien, President & CEO. “He is a versatile leader that not only brings a collaborative style, but he is dedicated to continue to help maximize our financial performance to support our members, community and employees.”

In his new role, Normant brings a strong results-driven background with a collaborative team-building approach and excels in financial operations and reporting, expense control, operational efficiencies, and data management. Prior to joining LCU, Normant was the CFO at Main Street Bank in Marlborough.

Normant succeeds Gary Abrams who retired on May 1 after serving as the credit union’s EVP, Chief Financial Officer for the past 15 years. Abrams was an integral part of the Leominster Credit Union team and over the past few months helped to facilitate this transition.

“We want to take this opportunity to thank Gary for his dedication and the extensive knowledge that he brought to Leominster Credit Union. He was a great teammate and was instrumental in the growth and success of LCU. We will miss his leadership, commitment and sense of humor,” stated John O’Brien.

Joseph J. Normant, SVP, Chief Financial Officer

Filed Under: News and Information

Annual Spring Shred-A-Thon postponed

Posted on April 17, 2020

The Annual Spring Shred-A-Thon originally scheduled for May 2, at LCU Headquarters has been postponed. Once rescheduled, we will post the date here and on Facebook. We look forward to seeing you.

Filed Under: News and Information

CARES Act – Stimulus Plan

Posted on April 11, 2020

Update:  April 24, 2020 11:30 am – The IRS/Treasury will be sending an Electronic Payment file to Leominster Credit Union (LCU) and other financial institutions for the next round of stimulus payments issued. Information from the Treasury indicates that payments will be received on April 29, 2020. If you have checked your payment status and your payment has been sent to a now closed account, or an account on which the account number has changed, the deposit will be automatically rejected and the IRS will issue a paper check to the address they have on file. This is generally the address on your most recent tax return or as updated through the United States Postal Service (USPS). You do not need to call the IRS to change your payment method or update your address at this time.

______________________________________________________________________________________________

Update: April 21, 2020 – Beginning Saturday April 18th, 2020 The U.S. Department of the Treasury’s Bureau of the Fiscal Service started printing and mailing economic impact payment checks. The initial checks will have a pay date of April 24, 2020, and weekly thereafter. Checks will be mailed daily, starting on Saturday, April 18, 2020, and continue until all checks are delivered. Estimated check volume is approximately 5 to 7 million checks per week.

The Treasury check, for economic impact payments, will have identifying text in the memo field stating “Economic Impact Payment” on the first line and the President’s name on the second line. The checks will be signed by a Fiscal Service disbursing official.

For more information on the U.S. Treasury Check Security features, Click here or for the Fiscal Service Treasury Check Verification Application (TCVA), Click here:

______________________________________________________________________________________________

Stimulus Payments Explained – (The latest information regarding this can be found at IRS.gov. )

One of the components of the recently passed CARE Act stimulus plan is the distribution of stimulus checks. It is anticipated that stimulus checks could start to be sent out beginning early to mid-April. The following information is information from the IRS.gov website.

As new information surrounding the federal stimulus payments is available, the I.R.S. website is posting regular updates and is a great resource, IRS.gov. Based on the current information available, here are some facts about stimulus payments as of April 7, 2020.

When will checks arrive?

If you’ve filed taxes electronically and the IRS has your direct deposit info, you could receive their payments as early as April 13 – 17. Note this is an estimate.

Stimulus payments will be directly deposited to the account the IRS has on file for a household based on the account to which the last Refund Check was deposited. If there is no account on file, the IRS will send a check to the home address.  Distribution of printed checks may take up to 20 weeks anticipating starting around May 4, 2020. Note this is an estimate.

The House Ways and Means Committee memo says that check distribution could work like this (reference: Forbes)

  • Week of April 13, 2020: 60 million checks distributed through direct deposit
  • Week of May 4, 2020: The IRS will start sending paper stimulus checks.
  • Each week thereafter: Approximately 5 million paper checks will be issued each week.

Who is eligible for the economic impact payment?

Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment.

For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds.

Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible. Social Security recipients and railroad retirees who are otherwise not required to file a tax return are also eligible and will not be required to file a return.

Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples and up to $500 for each qualifying child.

What amount will be paid?

  • Single taxpayers making $75,000 or less, will get $1,200.
  • $500 will be paid in addition for every qualifying child age 16 or under.
  • Married couples with no children earning $150,000 or less will receive a total of $2,400.

You can look up your anticipated check amount on this calculator. (Reference CNN)

 How stimulus funds will be received

Stimulus payments will be directly deposited to the account the IRS has on file for a household based on the account to which the last Refund Check was deposited. If there is no account on file, the IRS will send a check to the home address. If you receive a check by mail, it can be safely deposited to your Leominster Credit Union Account through the Mobile Deposit/Mobile Banking.

 Payment recipients:  Watch for an IRS Letter

For security reasons, the IRS plans to mail a letter about the economic impact payment to the taxpayer’s 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 a taxpayer is unsure they’re receiving a legitimate letter, the IRS urges taxpayers to visit IRS.gov first to protect against scam artists.

 Where can I get more information?

The IRS will post all key information on IRS.gov/coronavirus as soon as it becomes available.

The IRS has a reduced staff in many of its offices but remains committed to helping eligible individuals receive their payments expeditiously. Check for updated information on IRS.gov/coronavirus rather than calling IRS assistors who are helping process 2019 returns.

Important:  Avoid Scams related to economic payments – COVID-19

The IRS urges taxpayers to be on the lookout for scam artists trying to use the economic impact payments as cover for schemes to steal personal information and money. Remember, the IRS will not call, text you, email you or contact you on social media asking for personal or bank account information – even related to the economic impact payments. Also, watch out for emails with attachments or links claiming to have special information about economic impact payments or refunds.

The IRS reminds taxpayers that scammers may:

  • Emphasize the words “Stimulus Check” or “Stimulus Payment.” The official term is economic impact payment.
  • Ask the taxpayer to sign over their economic impact payment check to them.
  • Ask by phone, email, text or social media for verification of personal and/or banking information saying that the information is needed to receive or speed up their economic impact payment.
  • Suggest that they can get a tax refund or economic impact payment faster by working on the taxpayer’s behalf. This scam could be conducted by social media or even in person.
  • Mail the taxpayer a bogus check, perhaps in an odd amount, then tell the taxpayer to call a number or verify information online in order to cash it.

Reporting Coronavirus-related or other phishing attempts

Those who receive unsolicited emails, text messages or social media attempts 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 it to phishing@irs.gov.

Taxpayers are encouraged not to engage potential scammers online or on the phone. Learn more about reporting suspected scams by going to the Report Phishing and Online Scams page on IRS.gov.

Official IRS information about the COVID-19 pandemic and economic impact payments can be found on the Coronavirus Tax Relief page on IRS.gov. The page is updated quickly when new information is available.

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