Californians Without a Bank Account Encouraged to Explore Options in Advance of Stimulus Check Disbursement
SACRAMENTO, Calif. – Eligible Californians are expected to soon be receiving federal stimulus benefits, as part of the coronavirus economic relief package passed recently by Congress. Known as economic impact payments, it is estimated that this relief will bring $25 to $30 billion in funds to Californians who are struggling during these challenging times brought about by the COVID-19 pandemic.
While the goal will be to disburse payments directly to qualifying individuals and households via direct deposit, it is expected that some will be disbursed via paper checks. According to the IRS website, for those where the IRS does not have direct deposit information, the “Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail.”
California’s banking community understands that not everyone expected to receive a physical check will currently have an account through a traditional relationship with a financial institution.
For Californians that currently do not have an existing banking relationship, we encourage you to explore and research affordable checking accounts. Many financial institutions have options for consumers to open accounts online. Californians that are eligible to receive an economic impact payment and that have their banking information on file with the IRS should receive those payments sooner and avoid the need to find a location to cash a paper check.
Our banks are here to be a resource to all Californians who are experiencing financial difficulties during these challenging times.