The Federal Deposit Insurance Corporation is pushing to get more than 14 million Americans bank accounts so they can get stimulus checks faster.
The Federal Deposit Insurance Corporation is making a push to get some 14.1 million Americans bank accounts so they can get stimulus checks faster.
The IRS has paid out $157.9 billion in 88 million stimulus checks, representing just over half of all money due to be sent out, and most have been deposited electronically into people’s bank accounts using account information that the agency has on file for taxpayers. Roughly 6.5% of U.S. households — made up of 14.1 million adults and 6.4 million children — were unbanked as of 2017, the last time the FDIC conducted a study on America’s unbanked.
Unlike traditional banks such as Citibank CITI, +9.09%, Chase JPM, +4.31%, and others, the FDIC doesn’t insure money deposited into these accounts. That is especially important when it comes to fraud, which has been on the rise amid the coronavirus pandemic. Naomi Camper, the ABA’s chief policy officer, said consumers should have the option of receiving their stimulus checks more quickly through the two apps. However, she considers these short-term solutions. “Long-term banking goes beyond setting up a payment bank account.”
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