The Economic Impact Payment eligibility determination, as well as the amount of money you will receive and the timeframe within which you will receive it, is the sole responsibility of the U.S. Federal Government and the Treasury Department of Puerto Rico. For information on eligibility, go to the Department of Treasury’s website here1 (available only in Spanish).

Financial institutions, including Banco Popular, have no role in the process of determining eligibility and distributing Economic Impact Payment funds. Neither do our branches, service centers and TeleBanco Popular®, have access to such eligibility and distribution information.

  • As part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the U.S. Federal Government has authorized an Economic Impact Payment, also known as a stimulus payment, for eligible beneficiaries.

  • The U.S. Federal Government is the only entity that determines who is eligible to receive this payment. The Treasury Department of Puerto Rico (Hacienda) has included information on who is eligible for the Economic Impact Payment in its portal. Click here1 to go to Hacienda’s portal (available only in Spanish).

  • Hacienda has set forth a process that you must follow to receive the Economic Impact Payment. Below is a summary of the instructions that Hacienda has provided:

    • If you are eligible and have the same bank account where you received the First Payment of $1,200, no action is required on your part.
    • If you are eligible and you do not have the same bank account where you received the First Economic Impact Payment, access Hacienda’s Unified Internal Revenue System (SURI)1 online portal, where you will find a link to the Federal Economic Impact Payment section of the portal. In this section, access the link “Update my bank account information” to update the account where you want the payment to be deposited.
    • If you are eligible and you received the First Payment by check and wish to receive the Second Payment of $600 through direct deposit, access Hacienda’s Unified Internal Revenue System (SURI)1 portal to include the account information where you want the payment to be deposited.

    For more information, access here1 the Department of Treasury’s website (available only in Spanish).

  • Hacienda is exclusively responsible for sending and depositing the Economic Impact Payment.

  • If you are eligible for this payment, you will receive it via direct deposit in the bank account where you received the First Payment. If you have changed the account, you must follow the steps detailed in question number three. The deposit will appear on your bank account statement under the description “XXTAXEIP2”. If you received the First Payment via check and you want to receive the Second Payment via direct deposit, you must follow the steps detailed in question number three.

  • If you received both the Internal Revenue Service (IRS) and Hacienda’s payment, it means it was duplicated. In this case, you must return the payment sent to you by the IRS. For more information, visit Hacienda’s portal here1 (available only in Spanish).

  • You can log in to the Mi Banco Mobile app and enable Mi Banco Alerts to receive a notification when your balance is greater than a specified amount.

  • Hacienda has stated that the Economic Impact Payment will not be offset against any outstanding tax debt, and that you will receive such payment in accordance with the process mentioned in Question #3.

  • As part of our commitment to our customers, we will postpone collecting on your current overdraft for 30 days, beginning on the day the Economic Impact Payment is deposited.

    If the day before the Economic Impact Payment is deposited, you have an overdraft in the account designated to receive such payment, you will automatically receive a provisional credit covering the overdraft for 30 calendar days, so that you may use the total deposited amount. This provisional credit will appear on your account statement with the description: Overdraft Provisional Credit, and will not consider, as part of the overdraft, any payments made via TelePago, Mi Banco, TeleBanco Popular® automated voice response system, ATMs and service representatives after 5:00 p.m. on the day prior to the deposit.

    You will receive a notification from Banco Popular with details about the provisional credit. This benefit will apply if the Economic Impact Payment is received via direct deposit.

  • After 30 calendar days, counting from the day the Economic Impact Payment is deposited, Banco Popular will revert the provisional credit granted to your deposit account. The reversal will appear in your account statement with the description: REV Overdraft Prov. Credit.

    Here are possible scenarios that could occur after the preceding 30-day grace period on your overdraft, expires:

    • Funds available in account
      • If you have money in your account on the date the provisional credit is reversed, we will use such funds to cover the outstanding overdraft amount and you will have access to the remaining available balance (if any).
    • No funds available in account
      • If there is no available balance in your account on the date the provisional credit is reversed, the overdraft you owe will remain outstanding until you cover the debt. If you do have funds, but not enough to cover the overdraft, the money that is available at that time will be used to cover the overdraft and the remaining debt will remain outstanding until you cover the total amount due.

      In the event that your account is overdrawn at the time the provisional credit is reverted (30 days after the Economic Impact Payment is deposited), the bank will not charge you non-sufficient funds (NSF) or daily overdraft fees on such amount. Nevertheless, you will have five (5) business days (excluding Saturdays, Sundays or federal holidays) to cover this overdraft. After the sixth (6th) day in which this overdraft remains outstanding, we will assess a fee of $5 per day, up to a maximum of fifteen (15) days. You can learn more about how this fee is assessed by reviewing your account disclosure, which was given to you when you opened your account, and which is also available at popular.com/en/accounts/.

      • If your account includes a reserve line of credit, the overdraft could be deducted from the balance available on your credit line, which is subject to a financing charge of 17.99% APR. For more information on the terms applicable to your line of credit, please visit popular.com/en/accounts/.
  • If you don’t have a bank account and would like to open an account at Banco Popular, click here for more information on our branch business hours and check which branches you can visit to open an account.

    For additional information about the distribution of the payment, go to Hacienda’s portal1 (available only in Spanish).

  • Beware of fraud! We have innovative solutions to prevent fraud. Although fraud incidents can occur at any time, their frequency increases during times like this, when we’re dealing with the coronavirus (COVID-19) emergency. Learn more about the tools you can activate at Mi Banco to protect your information: