The schedule for when people will receive their economic stimulus check has been out for a little while, and has been publicized by several blogs and media outlets. There is a distinct disparity between when you will receive your check by direct deposit versus paper check, as seen in this table from the Internal Revenue Service website:

Stimulus Payment Schedule – Tax Returns Processed by April 15 Economic stimulus payments will be issued according to the last two-digits of the main filer’s Social Security number. People who use direct deposit also will be among the first to receive the payments starting May 2. Paper checks will be put in the mail starting May 16. DIRECT DEPOSIT Last two SSN digits: Payment will be transmitted: 00 through 20 May 2 21 through 75 May 9 76 through 99 May 16 PAPER CHECK Last two SSN digits: Payments will be mailed by: 00 through 09 May 16 10 through 18 May 23 19 through 25 May 30 26 through 38 June 6 39 through 51 June 13 52 through 63 June 20 64 through 75 June 27 76 through 87 July 4 88 through 99 July 11

So if you use direct deposit to receive your tax refund, the IRS will use that information to also direct deposit your stimulus check, much earlier in many cases than you would receive your check by mail. For example, I am the main filer on our tax return, and using my social security number, we will receive our payment via direct deposit around May 9th. If I had to wait for the paper check, we would not receive it until mid-June. My dad has an irrational fear of direct deposit, so instead of getting his stimulus check around May 16th via direct deposit, he’ll be getting his in July.

But! What if you owed taxes this year, and therefore aren’t getting a refund? Are you doomed to receive your paper check much later? Not if you haven’t filed yet! (Which I would guess is a large percentage of people who owe money – when i owe, I wait until April to send the IRS the money). If you haven’t filed your return yet, and would like to receive your stimulus check by direct deposit, take a moment to fill out the direct deposit portion of your tax return. Again, from the IRS website:

Q. If I’m not expecting a refund, should I still fill out the direct deposit line on my return so I can get my stimulus payment direct deposited? A. Yes. Even if you aren’t due a refund on your tax return, filling out the bank routing information will allow for your stimulus payment to be direct deposited.

So fill out the direct deposit information and get your economic stimulus check sooner! What you do with that check once you get it is another discussion entirely…

And as a note, from the same IRS website page, if you choose to get a Refund Anticipation Loan from your tax preparer, even if you select direct deposit as your method of receiving your refund, you’ll get a paper check for the stimulus check. Another reason why Refund Anticipation Loans are bad! Don’t do it!

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