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PayPal, fintech companies supply coronavirus relief check cash out options
How to spend coronavirus stimulus check if you’re struggling financially
Financial expert Chris Hogan says as Americans begin to receive their coronavirus relief checks, we should be in ‘conserve mode’ and avoid ‘any unnecessary spending.’
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Financial tech companies say they are helping Americans outside the traditional banking system get their coronavirus-related stimulus money via direct deposit.
E-commerce payment giant PayPal is one of several companies, including Cash App, Simple and Chime, that is notifying customers that it offers routing and account numbers, which are needed to accept stimulus checks by direct deposit, according to a recent company press release.
HOW TO GET YOUR CORONAVIRUS STIMULUS CHECK
“For the 25% of Americans outside of the financial system (FDIC Survey) digital payment [systems] like PayPal provide the ability to participate in the digital economy, while also avoiding costly fees,” Tom Hunter, a global consumer communications representative at PayPal told FOX Business. “In the current environment, we know that fast, easy, safe and secure access to stimulus payments is of high importance to people. By electing to receive the payment through PayPal, recipients can avoid going to a physical check-cashing location, or even missing a paper check if they are sheltering in place at a different address to their registered address.”
He added that customers who use PayPal to receive their deposit can spend their stimulus funds wherever PayPal is accepted immediately, withdraw to a bank account or hold the balance for future use.
The IRS is rolling out a “Get My Payment” tool Friday, allowing individuals who are eligible for the $1,200 stimulus to enter their banking information and check the status of their payment.