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Receiving IRS Economic Impact Payments

Last Updated: June 8, 2020

If you don't have a bank account, find out the quickest and most secure way to get your Economic Impact Payment.

The FDIC is committed to supporting Americans during the coronavirus (COVID-19) health crisis. You may have received an economic impact payment from the Internal Revenue Service (IRS) if you qualified. Many banks offer ways to open accounts remotely – online or through a mobile app – without going to a bank branch. As long as you have a computer or a smartphone with access to the Internet, it is easy to get started. Learn more about digital banking.

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?

A "checkless" checking account could be a good option if you are thinking about opening your first bank account. With a checkless account, you can make purchases with a debit card instead of writing checks. Like many other bank accounts, you can also access your account and pay your bills online or using a mobile app. Checkless accounts have no overdraft – if there is not enough money in your account to cover a transaction, the transaction will not go through. 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.

Other Resources

For additional resources on how to keep yourself and your money safe during these challenging times, read the Special Edition of FDIC Consumer News for COVID-19.

The FDIC’s Money Smart Alliance has over 1,300 public, private and non-profit organizations that provide financial education training using the FDIC’s Money Smart Program.

The FDIC partners with many community organizations and local networks that provide financial resources to consumers, including:

Note: FDIC is providing this information as a service and does not endorse any individual banks or organizations. Consumers should carefully review the terms and disclosures of individual accounts and organizations.