Bank of America, stimulus check. Has anyone received their stimulus check. Log in or sign up to leave a comment. A new wave of stimulus payments is hitting people’s mailboxes. But they’re NOT coming in the form of checks. Instead, millions of Americans are now receiving pre-paid debit cards.

1. Bank Of America Stimulus
2. Bank Of America Holding Stimulus Checks

(CBS Detroit) — The $900 billion COVID relief bill, along with the $1.4 trillion spending bill to fund the government, became law Sunday evening with President Trump’s signature. Trump signed it after days of demanding changes to the stimulus package Congress passed on December 21. The development heads off a government shutdown. But the week of delay caused a lapse in unemployment benefits for approximately 12 million people.

The stimulus package includes another round of stimulus checks. Every adult with a 2019 adjusted gross income less than $75,000 should receive $600. That amount declines by five dollars for every $100 a recipient earned over $75,000. Those who earned more than $87,000 will not receive anything for themselves. Parents will also be paid $600 for each dependent child under the age of 17, with no cap on the number of children. Adult dependents, including college students and seniors, and 17-year-olds do not qualify.

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>>READ: Stimulus Package Update: Deal Reached On COVID Economic Relief

The federal government will also add an additional $300 per week in unemployment benefits to the amount doled out by the various states. The added $300 will last for 11 weeks. The Pandemic Unemployment Assistance (PUA) program, for freelance workers who don’t qualify for traditional unemployment insurance, has also been extended through mid-March. Freelancers will receive an extra $100 per week.

Aid to businesses also made it into the stimulus package. Approximately $284 billion will be available through the Paycheck Protection Program (PPP), which issues forgivable loans for small businesses to keep employees on staff. TV and radio broadcasters, as well as local newspapers and nonprofits, will be eligible for the program going forward. Some money has also reportedly been set aside for very small businesses. Another $15 billion is earmarked for the entertainment industry, such as independent movie theaters, music venues and cultural institutions. And $10 billion will go to the childcare industry, which has seen revenues plummet during the pandemic.

The stimulus package extends the eviction moratorium through the end of January. Eviction protections put in place by the U.S. Centers for Disease Control and Prevention and various states were set to expire at the end of the year. Also included is emergency renter assistance in the amount of $25 billion. Monthly benefits through the Supplemental Nutrition Assistance Program (SNAP) will be boosted by 15 percent through the end of June.

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Additional money will go toward the purchase ($20 billion) and distribution ($8 billion) of the vaccine. Another $20 billion is designated to help the states continue their testing programs.

Aid for state and local governments and business liability protections, the two initiatives which held up relief efforts for months, are not part of the package.

Bank Of America Stimulus

The stimulus package, along with the spending bill, waited a week for the President’s signature. At issue was the amount of the stimulus check — Trump was pushing for $2,000 — as well as other spending he deemed unnecessary.

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I simply want to get our great people $2000, rather than the measly $600 that is now in the bill. Also, stop the billions of dollars in “pork”.

— Donald J. Trump (@realDonaldTrump) December 26, 2020

He has promised to send an altered version of the bill to Congress in the coming days. What will happen to the altered bill is not clear. The House voted to increase the stimulus check amount on Monday, passing the CASH Act. Trump wants the Senate take up the idea as well. Though many Republicans remain firmly against it, some four Republican Senators have voiced their support. The bill is less likely to receive the necessary two-thirds majority in the Senate. A $600 stimulus check remains far more likely than a $2,000 stimulus check, even if the odds of receiving the larger amount may have improved.

Stimulus payments arriving before the new year seemingly depended on the bill being signed last week. President Trump didn’t put pen to paper until Sunday. However, the Treasury Department is still attempting to adhere to Secretary Steven Mnuchin’s previous promise of starting to put money in people’s bank accounts this week. Working out problems with the first stimulus payment means issuing the second payment should run more smoothly. How much time that saves the government remains to be seen.

A more realistic schedule would have direct deposits initiated as early as the week of January 4. Paper checks could then be mailed starting the week of January 11. The IRS must send out payments by January 15, according to the latest stimulus bill.

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Those expecting additional unemployment benefits will have a wait a little longer. The payments would originate with the Federal Pandemic Unemployment Compensation (FPUC) program, which was created by the CARES Act. They ended in July. Each state handles its own unemployment system, and would need time to relaunch that program.

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Last updated Tuesday, December 29 @ 11:30 a.m.

As stimulus checks start mailing out care of the Internal Revenue Service rapidly issuing the CARES Act recovery rebate, those who do not have a bank account might be wondering just how they can cash their check. For taxpayers who did not receive the payout via direct deposit, the paper checks are currently being mailed out.

Late last month, the stimulus payments began going out from the IRS. The money is part of the CARES Act legislation, which was created to help the nation with financial struggles during the quarantine period. Stay-at-home orders have led to many people losing income, so the government issued $1,200 checks to taxpayers as a way of helping boost the economy. Additionally, married couples are receiving $2,400 payments, and parents are getting $500 for their children. If you are entitled to a check but aren't sure how, or where, to cash it, scroll down for some options.

Walmart

One of the easiest ways to cash a stimulus check without a bank is by doing it through Walmart. The store does charge a fee, ranging from $4 to $8, depending on the amount of the check. Walmart is not the only big chain that offers this option though, as places like Kroger and other grocery or big box stores do as well.

Supermarkets

Select supermarket and grocery store chains can cash large balances, including your stimulus check or tax refunds. With a cashing fee between $0 to $6, your best option is a Kroger KR family of supermarkets with a Money Services desk, across the U.S. These Kroger company brands will also cash your stimulus check for free:

• Kroger
• Fry’s
• King Sooper’s
• Smith’s
• City Market
• QFC
• Ralph’s
• Gerbes
• Bakers
• Dillons
• Pay Less
• Fred Meyer
• Pick ‘N Save
• Metro Market

You can also cash check balances up to $5,000 at the aforementioned stores, just be sure you are calling ahead if your stimulus check is larger than this amount. Additionally, as reported by Forbes, other stores might charge a check cashing fee as high as $6, while others may only cash checks less than $500.

Check Cashing Business

Another option for cashing your stimulus check is to use a check cashing business. There are many around and most likely there will be a few to choose from right in your own town. Notably, the fee at a place like this tends to be a little higher that it would be at somewhere like Walmart, which may be something to take into consideration.

PayPal

For anyone who prefers not to walk around with $1,200 in cash in their pocket, PayPal may be an option for cashing your stimulus check. The app-based financial company has a service called PayPal 'Cash Plus,' which allows users to take a photo of their check and have the money credited to their account.

With this option, there is a fee if you want the money made available to you right way. However, there is no fee if you are able to wait a 10 period of time for the money to be credited.

Bank Of America Holding Stimulus Checks

A Local Bank

Even if you don't have a bank account, it may still be possible to cash your stimulus check at one. Government checks are deemed 'safe' by most all banks, and therefore some of them may be willing to cash the stimulus checks for non-customers. However, again, there will likely be nominal fee.

Open a Checking Account

If you do not have a bank account, using your stimulus check to open one could be an option as well. With the possibility of a second stimulus package bill being regularly discussed, now might be a good time to set up a check account for any future payouts that could be sent. This way, you could potentially have your next payment sent via direct deposit.

Put it Into Savings

Similar to opening a checking out, creating a savings account might also be a helpful. For citizens who have kept working due to be an essential employee, or were otherwise able to maintain income, the $1,200 could be an opportunity to set money aside for an future situation that could arise. While this certainly is not an option for everyone, if could be a possibility for some.

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Skip a Paper Check

Finally, for anyone who has yet to get a check, it might be possible to avoid this situation entirely. Opening a checking account now could give you the chance to submit direct deposit info to the IRS before your check is sent. The IRS has a tool called 'Get My Payment' on its website. This allows taxpayers to enter their bank information, which lets the IRS send their check directly to the bank.