As you know, the CARES Act includes a provision for supplying relief monies to qualifying individuals and families. Most recipients will secure their payments electronically from the IRS, which will use the bank account information on file from the recipient’s last tax return.
Unbanked recipients will wait for paper checks, which can be lost or stolen. The FDIC encourages everyone to use insured bank accounts.
The FDIC has developed resources that will make it easier for unbanked consumers to open a bank account online so that they too may receive their payments securely and timely. To that end, we have launched a webpage entitled Receiving IRS Economic Impact Payments aimed at helping consumers get the information they need to open a bank account and receive their relief monies electronically.
The FDIC webpage includes a link to a special Bank On webpage that includes a list of banks with certified accounts that offer remote account opening online or through a mobile device. ABA and ICBA links connect consumers to lists of banks that offer remote account opening all across the country. The webpage offers additional resources including how to submit account information to the IRS through the IRS Economic Impact Payments Portal so that payments may be deposited electronically to the recipient’s account.
Here is how you can help:
- Add the Receiving IRS Economic Impact Payments link to your webpage
- Add the FDIC Video – How to Open a Bank Account to your webpage and share via social media
- Share the FDIC Official Twitter Channel – Retweets are appreciated
These articles underscore the urgency of reaching unbanked consumers as quickly as possible:
- 14 million Americans risk major delays in their stimulus checks
- Stimulus check issues for more than 8 million Americans without a bank account
We want to hear from you about your efforts and ideas. If you are able to take any of the above steps or are taking other steps on your own to help spread the word about the above subject, please let me know at [email protected]. We would love to know you are in this with us!
We are racing the clock on this but it is worth the effort. Thank you in advance for your support and outreach. Also, if you have coalitions or data bases where you can spread this message, please feel free to do so!
Community Affairs Specialist, FDIC