While many Sacramentans already have received their Economic Impact Payments, also known as stimulus checks, from the federal government, some local residents don’t have a bank or credit union account, which can cause delays accessing their payment.
The IRS is scheduling payments by mailed check to those without accounts, and those checks may not arrive until as late as September. Opening an account is the best way to speed up receipt and to avoid check cashing fees and getting behind on bills. The IRS deadline for submitting banking information is Wednesday, May 13.
Bank On is a national effort that has grown to help create more safe, affordable and accessible bank accounts, even for those who may have lost their ability to open such accounts in the past due to unpaid overdraft fees, said Amy Williamson, who works for the City of Sacramento’s Office of Innovation and Economic Development.
“We understand that some people may distrust financial institutions because of negative experiences in the past,” Williamson said. “In collaboration with United Way California Capital Region, the City’s Office of Innovation and Economic Development in recent years has been working to promote Bank On-approved accounts for local residents.”
Opening an account online may be a preferred option during the COVID-19 pandemic, Williamson said. The requirements to open an account online will vary by institution. Find a Bank On-approved bank or credit union near you here.
It just takes three steps to get your payment faster: Select a bank or credit union, open an account, then enter your new account information on the IRS website. You can also check on the status of your Economic Impact Payment on the IRS “Get My Payment” website.