For direct deposit into your Trailhead account, you will need to provide:
- Our Routing Number:
- Your Member Number, found on your statement or in Online or Mobile Banking
Coronavirus (COVID-19) Support
Coronavirus (COVID-19)
In response to the outbreak and related financial impact, the $2 trillion Coronavirus Aid, Relief & Economic Securities Act (CARES ACT) was signed into law on Friday, March 27, 2020. The goal of this act is to provide financial relief for individuals, families and small businesses from the effects of the economic slowdown.
We’ll address your frequently asked questions below, targeting the benefits potentially most relevant to you.
Will I get a check?
As long as you’re a U.S. resident with a work-eligible social security number and meet the income requirements, you’ll receive payment.
How much money will I get?
If you make less than $75,000 a year (or $150,000 for married couples), you’ll receive $1,200 (or $2,400 for married couples filing jointly) — and another $500 per child under 17. Aid amounts will be based on adjusted gross income reported on 2018 tax returns, or 2019 taxes if you’ve already been filed.
Check amounts will begin to phase out for individuals whose income exceeds the $75,000 (or $150,000 for married couples) threshold. The amount is reduced by $5 for every $100 of the taxpayer’s income that exceeds the phase-out threshold, and is completely eliminated for single filers with incomes over $99,000, $146,500 for head of household filers with one child, or joint filers with incomes over $198,000 with no children.
Use this calculator to estimate how much you might receive.
When will I get my check?
If we’re being optimistic, some time around mid- to- late-April. Though historically, the time it takes for the federal government to issue stimulus checks has been closer to six weeks or more.
Will the check be sent through the mail or direct deposit?
That depends. Have you received direct deposit tax refunds in the past? If you’ve already provided your bank account information to the IRS for tax refund purposes, the payment will go straight to your bank account. If not, there’s still time to register your 2019 tax refund for direct deposit. Otherwise, you will receive your check in the mail.
Do I have to fill out anything to get the check?
You already did. The IRS will base your payment on the information listed on your 2018 tax return (or 2019 return if you’ve filed it already). As long as you’ve filed taxes within the last two years and your information is up to date, there’s no need to do anything at all.
How does this affect my 2019 tax refund?
The stimulus payment will not affect your refund for the 2019 tax year in any way.
Can I still take advantage of the extended tax deadline?
Absolutely. If you’ve decided to wait until the extended tax deadline (July 15) to submit your 2019 taxes, the IRS will reference your 2018 tax return to determine your tax stimulus eligibility and how much to send you.
Will I be taxed for this later?
No. This is not taxable income. Technically, it’s just an advanced payment of a tax credit for the 2020 tax year.
Will college students living at home get a check?
If a young adult has been claimed as a dependent on tax returns from the last two years, they will not receive a check.
Will senior citizens get checks?
Retired seniors will receive checks as long as they fall within the income parameters and are not listed as dependents on someone else’s return.
What if my check never arrives?
If you qualify for payment, you will receive a notice in the mail with information about where and when the government will send your check. Hold on to that notice. It will have information on it regarding how to contact the IRS in case your payment never arrives.
What if I moved recently?
If you’ve changed addresses since your last tax return, submit a change of address form as soon as you can. Even if you’re receiving your payment through direct deposit, the Treasury will send the payment notice to your last known address.
Some people say you should withdraw cash to protect yourself during the Coronavirus outbreak. Here are four reasons withdrawing extra cash may actually be your worst possible move right now:
- Cash is vulnerable. Credit union accounts are federally insured to $250,000, making them a gazillion times safer than keeping your money under the mattress or in your pocket. If your cash is stolen from your house, car, or wallet, you’re out of luck, whereas losses from a stolen debit or credit card often are reimbursed. Since 1935, no one has ever lost a dime in savings at Trailhead or any other federally insured credit union.
- Cash is not required. With so many secure ways to access your accounts and to pay your bills, there’s almost no reason you’ll need extra cash. The safest choice is to let your credit union keep your money safe in the vault, then pay with your convenient debit or credit card, or write a check, at the store. Plus, you can pay bills and loans online from your credit union account, or use the credit union’s mobile app to deposit checks from home.
- Cash is tempting. With restaurants, conventions, sports and entertainment centers, and other public places forced to close during the Coronavirus outbreak, you may actually need less cash at this time. Unless, of course, you’ve got it stuffed in your wallet, tempting you to spend money you would not have spent if it were secure in the bank, earning dividends.
- Cash is, well, kind of dirty. As regards your personal health, the Centers for Disease Control and Prevention recommends always washing hands thoroughly after handling cash, because you never know where it’s been. It’s a good idea to keep a few dollars on hand for parking meters, yard sales, and so on. But carrying around your personal savings will not protect you from viruses or financial hardship.
(Source: stcu.org)
Yes, your money is safe and secure at Trailhead. Your funds are insured up to $250,000 by the National Credit Union Share Insurance Fund (NCUSIF), a division of the National Credit Union Administration (NCUA). IRA accounts are insured separately up to $250,000.
There are a variety of ways to access your everyday member services, without coming into a branch:
- Withdraw Money: ATM | Cash back at Point-of-Sale
- Check Deposit: ATM | Mobile Deposit via Mobile Banking app or Online Banking
- Apply for a Loan: Website | Call 503.220.2592
- Pay a Loan: Call 503.220.2592 | Mobile Banking transfer | Online Banking transfer
- Lost or Stolen Card: Call 503.220.2592
- Apply for a Mortgage: Website | Call 503.220.2592
- Apply for a Membership: Website | Call 503.220.2592
- Ask a General Question: Call 503.220.2592 or 800.942.9408 | email [email protected] | Secure Message through Online Banking or Mobile Banking
Trailhead remains committed to serving our members during this challenging time. Please call if you need any assistance.
Many of our members may be impacted through lost wages and lost sales due to Coronavirus. If you need assistance with your loans, please reach out (call 503.220.2592 or send a secure message through Online Banking) so we can work with you on a solution. Depending on your situation, we have a couple of ways that we can help meet your needs. The options include:
- Loan modification and consolidation options
- Personal loans with flexible terms and loan amounts
- Skip Pay program with waived fee
You may have been hearing a lot about Fed rate cuts on the news and wonder how that impacts your own accounts. Theses changes impact a few things at Trailhead:
- Variable Rate Loans: We use the Wall Street Journal Prime Rate as the index on our variable rate loans (Credit Cards, Equity Option Line of Credit, Flexline Personal Line of Credit, and Floating Home Equity Line of Credit). The Journal surveys the 30 largest banks, and when three-quarters of them (23) change, the Journal changes its rate. Our variable rate loans are based on the Prime rate as published in the Wall Street Journal on the first day of the month and subject to change on the first day of the following month. Beginning May 1, 2020, you will see a big rate drop on your variable rate loans.
- Mortgage Rates: Drastic changes to the Fed rate often impacts mortgage rates. At Trailhead, we have reduced our mortgage rates for refinancing your home and for purchasing or refinancing a floating home.
- Deposit Rates: The news isn’t as great if you are a saver. Since the credit union is not able to earn as much on loan interest, we often can’t pay as much on deposits. We will be slightly reducing the rate on our Kasasa Cash checking and Kasasa Saver products for the first time. However, they continue to be among the top rates in the market.
