Lieutenant Governor 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 so 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, 2020. These payments will be made to Virgin Islanders who filed their income tax return in the Territory. If you never submitted your bank account number and bank routing number to the Virgin Islands Bureau of Internal Revenue (IRB), you will receive your Stimulus payment through a check. If you submitted your banking information to IRB, you will receive your Stimulus payment by Direct Deposit.
To qualify for a Stimulus 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 Governor Bryan’s Executive Order relating to social distancing, meaning that only ten 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 Lieutenant Governor Roach.
The Lieutenant Governor concluded by stating, “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, please 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 ltg.gov.vi to learn more about the Division’s services.