By providing bank-account information, people can get their stimulus payments faster, through direct deposits instead of paper checks, which may take weeks or months to arrive
The Treasury Department has already issued the first round of payments via direct deposit, sending money to more than 80 million households that had bank-account information on file from their 2018 or 2019 tax returns. That money is starting to show up in bank accounts this week.
The payments are going only to people with Social Security numbers, and people over 16 who are dependents of others aren’t eligible. Social Security recipients will receive their payments the same way they receive benefits, generally via direct deposit, and they don’t need to file tax returns if not already required to do so. The administration is exploring ways to get the money to people who already get Supplemental Security Income or veterans benefits from the government without issuing paper checks.
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