80 Million Americans have already received their stimulus check via direct deposit. 99% of Americans will receive in the coming weeks. However, you can get your money faster if you choose elect for the direct deposit method in your bank account versus a paper check.
How do You Get Your Money?
The IRS will automatically send you the money that you are owed based off your 2019 tax return, but if you haven’t filed one yet, they will base it on your 2018 return. They will mail you a check from the address that your return was filed from.
How do You Get Direct Deposit?
If you are already receiving your refunds via Direct Deposit from the IRS, there is nothing for you to do as they will automatically send the money to that account.
However, you can sign up through the IRS portal as they have a special Stimulus sign up form where they work directly with the IRS to update their system so that you can get your money through ACH instead of paper check.
When Will I Receive My Money?
Checks and ACH distributions have already started, so depending on how you are setup with the IRS, you could see the refund hit your account as early as the end of the week. Paper checks will most likely take a few extra weeks to process.
Other Stimulus Checks Available
Not only is the IRS distributing Stimulus checks, but your auto insurance is most likely giving back because you are driving less and offering money back. You can check out the details of that here.