Everything You Need to Know About COVID-19 Stimulus Checks
While these times are unprecedented and circumstances are far from ideal, financial help is on the way.
4 min read
We know it’s been a challenging few weeks. While these times are unprecedented and circumstances are far from ideal, financial help is on the way. The U.S. COVID-19 stimulus package is now rolling out to help you adapt while business is still far from usual.
We know the ins-and-outs of economic stimulus can be confusing. Below we’ll break down the relief options coming your way under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, and how your N26 account will help make the most of your stimulus payment with speed and reliable support.
What is a stimulus check?
The CARES Act stimulus will put around $2 trillion into the U.S. economy impacted by the COVID-19 outbreak, with benefits for state and local governments, businesses, public health, education, and households across the country.
This includes a one-time stimulus payment going directly to people like you to cover necessary expenses during the crisis, officially referred to as “economic impact payments,” which we’ll be talking about more below. Rest easier knowing you’ll get that money in your pocket with the speedy, reliable support you deserve while using your N26 account.
Who is eligible for a stimulus payment?
Most adults with a Social Security number will receive a payment, but there are some restrictions on who qualifies, including your income level.
Economic impact payments will go to all qualifying Americans, regardless of employment status. If you lost work from the coronavirus outbreak, you can get both the one-time stimulus check and unemployment payments deposited in your N26 account under the CARES Act.
How can you deposit your stimulus payment into your N26 account?
Here’s some good news: Receiving your stimulus payment won’t require any long lines, trips to the bank, or checking your mailbox — all to say, you can continue your safe social distancing measures without worrying that you will miss out on your stimulus check.
To make payments as easy as possible, the IRS will send out economic impact payments via direct deposit to the bank account on your latest tax filing or to a different bank account, if you so choose or you didn’t previously receive a tax refund electronically to your bank account in the past.
If you used your N26 account on your latest tax filing, you don’t need to take any action. Your stimulus check will be direct deposited, and you’ll get a real-time notification from N26 when the payment hits your account.
If you haven’t filed your 2019 taxes yet, you can do so now and include your N26 account information for direct deposit of your stimulus check.
If you want to add or change your direct deposit information, you can tell the IRS which bank account you want the payment in through their online Get My Payment portal, coming to the IRS website mid-April. In the Get My Payment portal, enter your N26 account and routing number so that you can receive your payment sooner vs. having to wait for the check to come in the mail.
Make sure your mailing address is up to date. The IRS will be sending a letter after they’ve deposited your stimulus payment, so also check that your current mailing address is up to date in their online portal.
The IRS will not collect direct deposit information via phone, text, mail-in, or email. Take caution of fraudulent contact about your stimulus payment, already reported following the CARES Act announcement.
How do I find my N26 account information?
Your account information and routing number are available by tapping the “My Account” icon on the top right corner of the N26 app.
How much money will you get from the stimulus?
The amount you’ll receive from the stimulus is dependent on several factors. For more information on how much you can expect, please visit the IRS Economic Impact Payment Information Center.
When do you get the stimulus check?
The Treasury Department and Internal Revenue Service (IRS) started distributing stimulus checks on April 9.
Social Security recipients can get payments automatically with no filing necessary, but if you don’t usually file a tax return, we recommend checking the IRS coronavirus portal to see if you need to send in some basic information this year to get your check.
The IRS can calculate and deposit your coronavirus relief payment through December 31, 2020 if you don’t have tax or relevant income information on file when stimulus payments start.
With N26, you can feel confident the support you deserve from the coronavirus stimulus will arrive as quickly as possible, keeping you in control of your money in a world filled with uncertainty.
Here are just a few ways N26 can help you manage your money during these unprecedented times:
Use Spaces to budget for upcoming expenses like rent, utilities, groceries, or whatever you need.
Easily add money to your N26 account by linking an existing external bank account or debit card.
Better understand your spending habits and identify opportunities to save by reviewing your account's auto-generated spending statistics.
Keep yourself level-headed while social distancing by exploring our Perks partners, like Headspace to meditate or Babbel to learn a new language.
The N26 account is offered by Axos Bank®, Member FDIC. N26 Inc. is a service provider of Axos Bank. All deposit accounts of the same ownership and/or vesting held at Axos Bank are combined and insured under the same FDIC Certificate 35546. All deposit accounts through Axos Bank brands are not separately insured by the FDIC from other deposit accounts held with the same ownership and/or vesting at Axos Bank. The N26 Visa® Debit Card is issued by Axos Bank pursuant to a license by Visa U.S.A. Inc. The N26 Visa Debit Card may be used everywhere Visa debit cards are accepted.
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