Payment platform Square is suggesting its users to directly deposit Coronavirus stimulus payment through their Cash App. It offers easier and faster access to funds. A pop up is appearing on the app guiding the user on how to directly get the deposit without waiting for a paper checking.
Like a normal bank account, this feature user can get an account number and route directly through Cash App. This way users can receive direct deposits. Square had first released this feature in back 2018.
Users need to sign up on Cash App first. They will have to then apply for the cash card. This way they can set up a routing and account number. Then users need to submit their information to the Internal Revenue Service.
IRS is releasing a tool on 17th April. Through this, users can update their new account info for direct deposit if they haven’t filed an income tax return in 2018 or 2019.
People need help immediately. The technology exists to get money to most people today (even to those without bank accounts). Square and many of our peers can get it done. US government: let us help. https://t.co/mVrpOpbp0b
— jack (@jack) March 26, 2020
US Congress granted the Coronavirus Aid, Relief, and Economic Security Act, a $2 trillion stimulus package aimed toward providing monetary relief to residents who are under financial crisis.