Update 4/15/20: The new IRS web portal to submit your bank information to receive your economic impact stimulus payment via direct deposit is now live. If you are not required to file taxes, you can enter your Current account and routing number, to receive your payment via direct deposit to Current and receive it up to two days faster than a traditional bank.
If you file taxes but the IRS does not have direct deposit information on file for you, you can enter your Current account and routing number to receive your payment via direct deposit to Current and receive it up to two days faster.
All account and routing numbers are accessible by tapping into the balance on the home screen of your Current app.
Please note we are crediting ALL member accounts immediately with stimulus payments as soon as we receive the information from the Federal Reserve. If you have not received yours yet, it is because we have not received it. For questions about your eligibility and when your payment was sent, please contact the IRS.
Update 4/10/20: We have received the first government stimulus payments and are crediting ALL transactions to ALL of our members immediately, starting today, which means you can receive your money up to five days faster than with a traditional bank. We will continue to credit all accounts with stimulus transactions immediately as soon as we receive them over the coming weeks and months, so please continue to check your account balance in the app and know if you have not yet been credited, it is because we have not yet received your payment from the federal government.
In addition, the IRS has released a web portal for anyone who is not required to file a 2019 tax return, so you can enter your Current account and routing number to receive your stimulus payment via direct deposit to Current and receive it up to two days faster.
Update 4/9/20: The IRS is expected to start distributing the stimulus checks via direct deposit as early as the week of April 13 with the first group of people receiving them those who have filed their tax returns and have direct deposit information already on file with the IRS. If the IRS has your Current account on file for direct deposit, they will send the information directly to us and there is nothing for you to do. We will credit your account as soon as we receive it, which can be up to two days faster than a traditional bank.
The IRS is also urging anyone who has not yet filed their 2019 tax returns to do so online as soon as possible with your direct deposit information so you can receive your stimulus check via direct deposit to the same account. If you file your tax returns now, be sure to use your Current account and routing numbers for your direct deposit information, which you can find by tapping into your balance on the home screen of the app. You'll then be able to receive both your tax refund and stimulus payment up two days faster via direct deposit to Current.
The web-based portal for updating your direct deposit information with the IRS is not yet live. We will post updates when it is. To receive your stimulus check as quickly as possible we recommend filing your tax returns now with your Current account information.
March 27, 2020: You have heard the federal government is issuing stimulus checks to individuals who are experiencing economic setbacks as a result of the COVID-19 pandemic and also extending unemployment benefits. You will receive your stimulus payment (and any unemployment checks) up to two days faster if they are sent to your Current premium account via direct deposit vs. a traditional bank account.
If you're wondering how exactly you can receive your money faster and if you qualify, we are here to help with answers to your questions.
How do I get my stimulus money faster?
If you're eligible to receive a stimulus payment, your money will be sent via direct deposit to the bank account the IRS has on file for you. So if you filed your 2019 tax return with your Current account, you will automatically receive your money via direct deposit to your Current account. We will credit your account as soon as we receive the funds from the Federal Reserve, the same as we would with your regular paycheck, which can be up to two days faster than a traditional bank account. There is no other action you need to make. The IRS will automatically calculate your eligibility and send your payment to Current.
What if the IRS does not have my Current information for direct deposit?
The Treasury is setting up a web-based portal in the next few weeks so you can sign up to receive your stimulus payment via direct deposit to your Current account regardless if you have filed your tax return yet. Enter your Current account and routing numbers to direct your payment to your Current account and you can receive it up two days faster.
You can find your account and routing numbers by tapping into your account balance on the home screen of your app.
In addition, you can also file your 2019 tax return now if you have not already and sign up for both your tax refund and your stimulus payments to be sent via direct deposit to Current using your account and routing numbers to receive them both up to two days faster.
The Treasury announced that distribution of payments will begin in the next three week. If you can't locate your payment, you can contact the IRS.
How do I get my unemployment payments faster?
The government also announced the expansion of unemployment benefits. The new bill includes an additional 13 weeks and up to four months enhancement of benefits. Freelancers and contractors are also eligible to receive unemployment benefits. If you're filing for unemployment, sign up to receive your money via direct deposit to your Current account. This is also a government paycheck so we credit the funds as soon as we receive the information from the Federal Reserve, which can also be up to two days faster than a traditional bank account with a Current premium account. Enter your Current account and routing numbers on your forms, which you can find by tapping into your account balance on your home screen.
How do I know if I am eligible for a refund or will get extended unemployment benefits?
The federal government announced single U.S. residents earning a gross income of $75,000 per year or less (based on your most recent tax return) will receive the full amount of $1,200. For each child under age 16, there will be additional $500 in payments.
Married couples (without children) earning $150,000 or less will receive $2,400 total. From there, payments will decrease and individuals earning over $99,000 or married people earning a combined $198,000 will not receive any payments.
The IRS will automatically calculate your eligibility and payments based on your most recent tax return (2019 or 2018). If you don't normally file a tax return, you will have to submit a simple form to receive your stimulus payment but will not owe any taxes.
Eligibility for unemployment has been expanded to include self-employed individuals and part-time employees. The full amount you can expect to receive depends on the state you live in but eligible workers can get an extra $600 per week from the federal government in addition to what they receive from their state.
Don't have a Current account? Download our app in the App Store or Google Play and sign up in just two minutes to receive your payments up to two days faster.