The IRS has announced that Wednesday, May 13, 2020, is the last day for people to input banking account information into the portal to receive stimulus payments by direct deposit. This is important because millions of consumers do not have bank accounts, and will have to wait for several weeks for their stimulus checks. These articles provide context: 14 million Americans risk major delays in their stimulus checks… and Stimulus check issues for more than 8 million Americans without a bank account.
With this in mind, the FDIC’s newly developed webpage is dedicated to helping consumers receive the economic impact payment (AKA stimulus check) electronically. The webpage links directly to the Bank On Coalition’s list of banks offering remote account opening ($0 minimum balance) with an anticipated Treasury deposit. In addition, you’ll find links to the American Bankers Association (ABA’s) and Independent Community Bankers of America (ICBA’s) list of banks offering remote account opening along with additional resources for consumers.
Once an individual opens an account, they have the ability to provide their account information to the Internal Revenue Service (IRS) portal and receive the economic impact payment(s) electronically.
The following is a list of resources and suggestions to support this effort:
- FDIC’s Receiving Economic Impact Payment Page: https://www.fdic.gov/coronavirus/economic-impact-payments/index.html – my ask: we would like to encourage adding this link on your organization’s webpage dedicated to COVID-19
- Pinned tweet: https://twitter.com/FDICgov – my ask: if you have the ability, we would like to encourage a retweet
- YouTube: https://www.youtube.com/watch?v=XdaKTinf0zY – my ask: we would like to encourage you to share this video
The FDIC recognizes we are racing against the clock to make sure your clients have the best opportunity to receive resources in a timely manner. With the necessary attention needed around this effort, your assistance is appreciated as we work together to help as many consumers as possible.