How Americans Can Get Their Economic Impact Payment Thru Direct Deposit
Even though the next wave of Economic Impact Payments (EIP), or stimulus checks, has not been announced yet, you can already register online to receive yours via Direct Deposit.
While there is an option to receive your funds through the mail, Direct Deposit is the fastest way to get your EIP on time. Other methods can lead to unnecessary delays.
"When the first wave of Economic Impact Payments were made in April, 120 million of those payments were made via the ACH, so through Direct Deposit....they were there when people woke up the next morning on the day the IRS said that they should be paid," said Jane Larimer, CEO & President of Nacha, in our "Tuned In to NoCo" interview. "Interestingly, 36 million check payments were still sent out, and those took a lot longer for people to receive. The fastest, easiest way for people to receive Economic Stimulus Payments is through Direct Deposit."
If you did not receive your last EIP this way, the deadline to register your banking information for Direct Deposit is November 21.
And while the idea of forgoing a physical check to go through electronic methods can sound daunting, Direct Deposit is actually the most secure way to receive your EIP.
"With direct payment over the ACH Network, that information is encrypted and it doesn't go through many hands. It actually is very secure," said Larimer. "That protects your account, your routing number, and your personal information. It's going through highly secure banking payment systems, as opposed to trusting an envelope through the mail to move your account information."
Learn more about how to register to get your EIP via Direct Deposit by listening to the full "Tuned In to NoCo" interview with Jane Larimer below.