FDIC: Open a Bank Account to Get Your Stimulus Payment

Since the start of this crisis, the FDIC (Federal Deposit Insurance Corporation) has been working to develop resources that will make it easier for consumers without a bank account to find a bank that can open an account online without going into a branch. 

 

The FDIC developed a new webpage which launched last week dedicated to helping consumers get the information they need to receive economic impact payment (AKA stimulus check) electronically

 

The FDIC webpage links directly to the Bank On Coalition’s list of banks that offer remote account opening with a $0 balance in anticipation of the Treasury deposit.  

 

The webpage also links to the ABA’s list of banks that offer remote account opening all across the country (developed in response to the COVID-19 situation), along with additional resources for consumers.  

 

Once someone opens their account, they can then provide the information to the IRS to receive the payments electronically through the IRS portal

 

Where Can I Find a Bank That Can Open an Account Online?

FDIC's BankFind tool allows you to locate FDIC-insured banking institutions in your area.  In addition to websites for individual banks, a few organizations have compiled lists of banks offering accounts that can be opened online: 

How Do I Choose the Right Account for Me?

Many people who do not currently have a bank account may find that a “checkless” checking account may be a good option for a first bank account.  Find more information on how to choose a bank account.

Providing Your New Bank Account Information to the IRS

When you open an account, the bank will provide you with a routing number and an account number.  You can submit that information through the IRS portal to receive your economic impact payment if you are eligible.  You can find more information on the IRS’s website, including these Frequently Asked Questions.

Beware of Scams

If you receive unsolicited calls, emails, or other communication claiming to be from the FDIC or another federal agency in connection with COVID-19 related grants or payments in exchange for personal financial information, please do not respond.  These are scams. Find out how to report COVID-19 scams.

Watch this video from the FDIC about opening a bank account: https://youtu.be/XdaKTinf0zY

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