According to a recent IRS statement, midday May 13, 2020 is the deadline to update bank account number to get the stimulus money via direct deposit.
The IRS launched the “Get My Payment app” on April 15 to assist Americans in receiving stimulus payments as quickly as possible.
It has been said that receiving stimulus checks in the mail could take several weeks, if not months longer, although the IRS started to mail paper checks out the week of April 20.
You can enter new bank information using Get My Payment app if your direct deposit account isn’t already on file, and if your stimulus payment hasn’t already been processed.
This is very important not only to get your stimulus check as quickly as possible but to also be in line for what may be the second round of stimulus money.
The Get My Payment app also allows you to check on the status of your stimulus payments and confirms whether the money is arriving via direct deposit or paper check.
What if you are unbanked
If you currently don’t have a bank account but want to get your stimulus via direct deposit – you can open an online bank account.
Online banking is pretty much the same as in-person banking. Online banking gives you immediate access to a bank routing number and a checking account number that can be used by the IRS for direct deposit.
Here are three online banks that provide immediate account numbers once approved:
BBVA offers an online checking account that does not use ChexSystems; however, BBVA utilizes EWS to screen customers. Customers enjoy Free ATMs at 64,000 AllPoint® Networks and BBVA ATMs where you can make check or cash deposits. Online banking is made easy with mobile check deposits, bill payment, money transfer tools, and account alerts — all directly from your smartphone, computer or tablet.
Plus, online customers get access to a dedicated team of professionals available via phone, email, and text. There is a $25 minimum deposit required to open the account that can be funded with a debit or credit card.
- Apply with only $25 opening deposit
- No Monthly Service Fee
- Complimentary Online Banking and Mobile Banking, Bill Pay and Online Statements
- No ATM withdrawal fees at any BBVA or Allpoint® ATM (64,000 Free ATMs Nationwide)
- BBVA USA, Member FDIC
Chime spending account is free with no monthly fees, no overdraft fees, and no minimum balance requirements, and it does not take your ChexSystems or EWS information into consideration.
Account management is made simple with daily balance updates, instant transaction alerts, and automated bill paying, where the bank creates and mails a check at no extra cost.
- No monthly or overdraft fees
- No minimum balance requirements
- Daily balance updates
- Instant transaction alerts
- Get paid 2 days early with direct deposit setup
- Visa debit card
With the SoFi Money Cash Management Account you can make deposits, write checks, utilize electronic bill pay and transfer money. There are no monthly fees or overdraft fees. Plus, you earn a competitive 0.20% APY on all deposits. The sign up process can take less than 60 seconds. Any U.S. citizen at least 18-years old can open a SoFi Money account.
The SoFi Money Cash Management Account is offered by SoFi Securities LLC, a FINRA registered broker dealer. There is no deposit requirement to open a SoFi cash management account, but you can earn a $75 cash bonus if you sign up for SoFi Money® and make two direct deposits of at least $500 each.
SoFi Cash Management Account Features
- No account fees
- Unlimited reimbursed ATM fees
- High-yield interest rate
- Access to SoFi member benefits like career coaching and financial advising
- Automated bill pay
- Easy P2P payments at no cost
- Freeze debit card on-the-go
- FDIC-insured deposits up to $1.5MM through the SoFi Money sweep program with partner banks.