Millions are out of work across the U.S. and the number continues to claim. To help lessen the blow to the economy, Congress quickly passed a $2.2 trillion stimulus bill and those funds are now starting to arrive.
Before those checks starting hitting bank accounts, scammers were already out in full force trying to steal your share and your personal information. Tap or click here to see the signs you need to be watching for.
While most Americans qualify for around $1,200, one Indiana man’s visit to an ATM earlier this week indicated a slightly higher number. Instead of seeing the amount he was expecting, there was a seven-figure surprise.
From rags to riches and back again
Charles Calvin, a volunteer firefighter, withdrew $200 from his checking account on Monday. But when he took a look at the printed receipt, it showed a balance of over $8 million in his account. That’s about 4,800 times the $1,700 amount he was expecting to show up. Score.
Not believing his eyes, Calvin ran his card over and over again and each time got the same result — an available balance of $8.2 million! Clearly a mistake had been made, but how?
Calvin called his bank the next morning to find out what was going on and sadly, the $8 million was gone. The banker explained that the $1,700 stimulus was actually deposited into his checking account, but there was no trace of the extra millions Calvin had seen the day before.
“It kind of sucks. You go from being a millionaire one second then back to being broke again,” Calvin told WGN. “But hey, once you’re poor you don’t have anywhere else to go but up.”
While the $8 million disappeared without a trace, at least his positive attitude didn’t.
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How to track your stimulus check
While you shouldn’t expect to find millions of dollars in your bank account from the stimulus funds, most Americans can expect to receive something. If you have direct deposit set up with the IRS, again, you may see the money in your account this week.
For those who haven’t received tax refunds through direct deposit before, you will be able to give the IRS your banking information to expedite payment. The agency has a new secure portal expected to go live on IRS.gov this week where you can enter your banking details.
You’ll be able to use the same portal to track your stimulus payment, along with the date it’s scheduled to be disbursed. Checks delivered by mail will take much longer than direct deposit payments, but you will be able to see when your check is mailed.
Those without a bank account to deposit the check will have a new option thanks to PayPal and Square, the company behind Cash App. For the first time, the IRS is letting people receive checks directly into their online accounts.
For PayPal, you’ll need to sign up for a PayPal Cash card. Once you have it, call the phone number on the back of the card to get access to your account and routing number. You can use this for the direct deposit information the IRS needs.
For Cash App, you also need a Cash App payment card (Cash Card). Once you have it, tap the Banking tab on the bottom left of the Cash App home screen. You can use this routing number and account for direct deposit information the IRS needs.
This portal is supposed to go live by April 17. You can visit the landing page for the portal by tapping or clicking here. From there, click the Get My Payment link when it’s available.
There is also a way for those not required to file taxes to give the IRS the information needed to receive a stimulus payment. Tap or click here to find out how. But you need to act fast because scammers have a way to steal your stimulus right out from under you.
That’s it, you’re now set up to track your stimulus check. Not so difficult, right? You won’t end up a millionaire, but at least it’s something.
The information contained in this article is for educational and informational purposes only and is not intended as health or medical advice. Always consult a physician or other qualified health provider regarding any questions you may have regarding a medical condition, advice, or health objectives.