What Happens If My Stimulus Payment Goes to a Closed Bank Account?

Millions of Americans are struggling financially because of COVID-19, and the longer the crisis drags on, the harder it will be to recover. Thankfully, there's a bit of relief on the table already thanks to the CARES (Coronavirus Aid, Relief, and Economic Security) Act, which has already boosted unemployment benefits, provided forgivable loans to small businesses, and made stimulus payments to millions of Americans.

If your income falls below a certain threshold, you're entitled to a $1,200 stimulus payment, plus another $500 per child under the age of 17 in your household. And because those payments are already being sent out via direct deposit, a large number of recipients can already use that money to avoid falling behind on their bills.

IMAGE SOURCE: GETTY IMAGES.

Continue reading

Source Fool.com