6 Steps to Get Your CARES Act Funds Fast

(StatePoint) Millions of U.S. residents will receive government stimulus payments (also known as Economic Impact Payments) under the CARES Act. Payments to eligible recipients will arrive by either direct deposit or a paper check.

Here are some helpful tips from Wells Fargo that may help you access your funds as soon as possible.

1. Determine if you qualify for a government stimulus payment. Your eligibility is determined by the federal government. To learn more about eligibility and payment amounts, visit IRS.gov/coronavirus under the “Economic Impact Payments” link.

2. Learn how you’ll receive your stimulus payment. If you filed a federal tax return in 2019 or 2018 and typically receive your tax refund through direct deposit, your government stimulus payment will likely arrive the same way. If you did not file a tax return or have not given the IRS your direct deposit account information in the last two years, you’ll likely receive a U.S. Treasury check in the mail

3. Set alerts for your government stimulus payment deposit. Use mobile and online banking to check your account balances from home so you know when the stimulus payment is deposited. Set a deposit alert on your checking or savings account to be notified once you receive a direct deposit.

4. Know where you can deposit a paper check. If you have a checking or savings account, you may be able to make a mobile deposit if your bank has a mobile app, or make a deposit at an ATM. Make sure to check your bank’s applicable daily and monthly mobile deposit limits.

5. Look before you leave. Make sure to verify if your local bank branch is open, as they may have reduced hours or services. In the case of Wells Fargo, customers can go to the Wells Fargo branch locator for the latest information on closures, hours and services by visiting wellsfargo.com/locator/. Customers can also visit Wells Fargo’s COVID-19 resources and support page for additional information at wellsfargo.com/coronavirus.

6. Beware of scams. If you receive a suspicious email or text message, don’t respond, click on links, or open attachments. Check out IRS.gov for more tips to help avoid becoming a victim of fraud.


Photo Credit: (c) fizkes / iStock via Getty Images Plus

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