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Direct deposit and your stimulus check: Set up faster payment up with IRS portal

Source: cnet.com - Apr 28, 2020

The IRS mailed the first wave of paper checks on April 24 and earlier this month began depositing money into the bank accounts of nearly 90 million US residents who are eligible to receive a coronavirus economic relief payment of up to $1,200. But are you still waiting for your stimulus check? If you meet the requirements and would rather not wait for a check in the mail, instead receiving your stimulus payment straight in your bank account, the IRS says you have time to set up direct deposit for your impact money. We'll show you how to set up direct deposit with the IRS' Get My Payment app.

It may take 20 weeks for every paper check to be mailed, according to a schedule from the US House of Representatives Ways and Means Committee. You could receive your payment by a much earlier date -- if you set up by Thursday of one week, you could get your payment as soon as the following week -- by setting up direct deposit if you meet the qualifications.

Direct deposit is more convenient and secure than receiving a check in the mail, according to US Treasury Secretary Steven Mnuchin. And depositing a paper check means you either have to upload it to your account with your banking app or make a trip to the bank.

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Category: General Business