Lt. Gov. Tregenza A. Roach Esq., who also serves as chairman of the Virgin Islands Banking Board, is urging Virgin Islands residents who will soon receive stimulus checks to use their local bank’s mobile app, drive-thru, walk-up or ATM banking services to deposit the checks as to avoid the inconvenience of standing in long lines to enter their bank during the COVID-19 pandemic.
Stimulus checks are made possible through the federal CARES Act. The Virgin Islands Department of Finance will begin issuing stimulus payments on Monday, May 11. These payments will be made to residents who filed their income tax return in the territory. If an individual never submitted a bank account number and bank routing number to the V.I. Bureau of Internal Revenue (BIR), the person will receive a stimulus payment through a check. Those who submitted banking information to BIR will receive a stimulus payment by direct deposit.
To qualify for a check, individuals must have an income of less than $75,000 and may receive a maximum stimulus payment of $1,200. Couples who filed jointly and have a combined income of less than $150,000 may receive a maximum of $2,400. An additional $500 per child may be awarded if the child is age 16 or younger.
“The Virgin Islands Banking Board, which regulates all banks doing business in the territory, is requesting the public’s cooperation when depositing these checks. Each bank must still comply with Gov. Albert Bryan Jr.’s executive order relating to social distancing, meaning that only 10 customers at a time will be allowed inside the bank. While the board understands the public’s need to deposit these checks as soon as possible, protection of the bank’s customers and employees from the spread of the coronavirus is also very important,” said Roach.
The lieutenant governor concluded by saying, “Again, please avoid standing in long lines to try and enter your bank to deposit your stimulus check. Use your bank’s alternative means to deposit your stimulus check, such as the bank’s mobile app, drive-thru, walk-up or ATM services. Be assured that these alternative banking services are safe and convenient. Let us all work together to ensure that we can protect ourselves and others from the coronavirus.”
For further information, contact the Division of Banking, Insurance and Financial Regulation on St. Thomas in Nisky Center, 2nd Floor at 340-774-7166 or on St. Croix at 1131 King Street in Christiansted at 340-773-6459. Also, visit the Office of the Lieutenant Governor’s website at www.ltg.gov.vi to learn more about the division’s services.
