With President Donald Trump’s approval of the latest COVID-19 relief bill, one bank official says stimulus checks should soon be available in customer bank accounts.
“The ACH (Automated Clearing House), or the electronic checks, have shown up in the ACH warehouses and should be available to the customers after New Years Day,” Joe Fanning, Bank of the Flint Hills senior vice president, said. “We look forward to when the physical checks are distributed, we just don’t have that date set yet.”
Larie Schoap, ESB Financial vice president, says that while some people may have access to stimulus money within the next week, others may have to wait.
“As you remember from the first go around, it came in stages,” Schoap said.
Those who set up direct deposit when doing their taxes will likely be among the first people to receive stimulus payments, while those receiving paper checks will likely have to wait a little longer.
It is possible that some people could receive a notification about the arrival of the payment if they have online banking.
“If they have online banking or different services and they had alerts set up for different notifications, they would receive a notification that that came in,” Fanning said.
Fanning urges patience among those who use online banking as an influx of customers checking their accounts for the arrival of the payment could slow down online services and systems.
The latest COVID-19 stimulus package will give $600 to individuals who meet certain income thresholds.
Eligible couples will receive $1200 and eligible families will receive an extra $600 for each child.