There are ways you can sign up for a bank account. You can set up your account in-person at a bank or credit union branch. You can also open a bank account online through one of these banking providers:

• Self Help Federal Credit Union
• Consumers Federal Credit Union
• NASA Federal Credit Union
• Alliant Credit Union
• Simple Online Bank
• Ally Online Bank

If you don’t have a bank account, a paper check will be sent to the address you listed on your tax return.

Direct deposit is the quickest and safest way to get payments. Alternatives to receiving a paper check are opening a bank account or using a prepaid debit card. Once you get a card, you may need to contact the company directly to find the account and routing numbers needed for direct deposit. To find a bank, you can view this list of accounts offered by financial institutions that meet national standards. You can also use payment apps like CashApp, Venmo, or PayPal.

Yes, you can open a new bank account, even if you have had a bank account closed due to an overdraft or deficient balance. However, if the financial institution that closed your account is reporting your deficient balance and account closure to other banks (which some do), it may affect your ability to open a bank account with another financial institution.

No. You must use a banking account that is under your name. Different names on the tax return and bank account will trigger a reject of the deposit, causing the IRS to send you a paper check which will delay the delivery of your payment.

Shelters and other service providers, such as health care clinics and drop-in day centers, may allow you to use their address for tax purposes.

Other agencies that offer homeless prevention services like a Community Action Agency or Salvation Army are also options. If you are not staying in a shelter or cannot find a service provider nearby, you can also use a trusted relative’s or friend’s address. The IRS will deliver checks to P.O. boxes

No, with the exception of overdue child support payments. (In California, an executive order will require any overdue child support payments to be paid to the custodial family rather than the state. Each state can decide whether this money will be garnished for overdue child support payments.)

The IRS will attempt to deliver your payment to the account information provided on your tax return. Some RALs and RACs are issued through debit cards. If the card is still active, you will receive your payment on the card. If the account or card is no longer active, the deposit will be rejected, and the IRS will send a paper check to the address on the tax return.

You can check Get My Payment for updates on your payment delivery. If you see that the payment has been directly deposited into an account that you don’t have access to, contact the tax preparer who filed your return. If you are unable to reach them, contact your local Low Income Tax Clinic or Taxpayer Advocate Service (TAS) office for help.

If you file your taxes and have not filed your 2019 taxes, you should file as soon as possible with your new name. Make sure your name is updated with the Social Security Administration. 

If your check is written out to you under your previous legal name, you should still be able to deposit your check. However, you may need to speak with your bank and show your legal paperwork documenting your court ordered name change and old and new ID. It helps to remind tellers that this is the same process for people who change their name after marriage and may have a different name printed on their checks.

Because this is a payment directly to you, you can use the funds that you receive in whatever manner you choose. The money is yours to use for whatever you need to use it for. Since each person’s financial situation and needs are different, there is no one-size-fits recommendation for what you should do with your money once it arrives.

If you are still earning a full income, and you are able to fully afford your expenses using that income alone, the payment may be surplus to your needs. If so, you may want to consider:

• donating your stimulus check to a COVID-19 relief effort to provide assistance to others less fortunate. 
• saving that money for later, in case your financial situation changes. If you do not have any emergency savings (or enough emergency savings to cover 2-3 months of expenses) you may want to start one now, just in case.
• If you have a financial advisor, you may want to consult with them around how best to save, invest, or donate your CARES Act benefits so you can make the maximum personal or community financial impact with your payment.

But knowing what to use your stimulus payment for can be more difficult if you are not earning a full-time income at present, and also if you have experienced or anticipate difficulty affording all of your rent, utilities, necessities, and credit obligations out of your income.

Using your CARES Act Payment for maximum impact:

• Make a monthly spending plan: Includes all of your income and expenses (including your CARES Act payment)–so you know how much money you have, and what expenses you need money for. There are many ways you can create your spending plan: You can find many worksheets and templates online to make a spending plan, you can use an online budgeting tool (such as Mint, YNAB, or your financial institution’s budgeting tool), or you can even make your own excel spreadsheet. Add up your total expenses and subtract them from your income total. If your total income is less than your current total expenses, this means that you cannot afford all of your expenses out of the current amount of income. In order to afford your monthly total expenses that exceed current income, you may have to rely on savings or credit to afford those expenses–if those sources are available. But, if you do not have savings or credit available to cover those costs, you may not be able to afford those expenses in the future, and may have to make changes in your income or spending in order to make all of your expenses affordable.
• Prioritize your Current Payments: Write down the total amount of your income at the top of a page. Then, start listing your expenses, from most important to least important, and write the cost for each next to the related expense. Subtract the cost of each expense from your total income. When you reach 0 income, draw a line under that expense. Continue listing your expenses and the cost for each. This exercise will allow you to see what expenses you can afford, and what expenses are unaffordable. In order to afford any expenses below the line, either the total income must increase or the amount of expenses above the line must decrease. Once you know which of your expenses are affordable and which are unaffordable, you may be able to make extra room in your budget by economizing–i.e. reducing costs by eliminating extra spending on non-essentials.  IMPORTANT NOTE: When choosing to prioritize payments, make sure to prioritize those costs that are essential to supporting your well-being, such as:
  • Food, 
  • Medical supplies, 
  • Shelter, and 
  • Utilities. 
  • Your loan repayment and other payments to your collectors or creditors (except your mortgage) are less important than your health and well being.
• Strategize & Think Ahead: Consider your employment situation. Is it likely to improve or to worsen in the future? Will you be able to afford your current expenses out of your income in the future without the extra income provided by the CARES Act payment?
• Get Help if You Need It: Financial planning can be stressful at the best of times, and it can be particularly stressful when your financial future is uncertain or difficult. But there are many nonprofits that offer financial and credit counseling that offer FREE one-on-one assistance to individuals to help them create budgets and plans to manage their difficult to manage financial situations or debts. Some groups you might want to look at to find counseling include:
  • The National Reinvestment Coalition – https://ncrc.org/ -Offers a variety of resource for consumers, including housing and budget counseling.
  • The National Foundation of Credit Counselors –  https://www.nfcc.org/ -Offers a variety of services for consumers including, housing, credit, and budget counseling.

Consider donating to organizations and mutual aid efforts that support LGBTQ people who are completely or partially left out of government relief efforts (The CARES Act allows individuals to deduct up to $300 for charity donations made in 2019 from their income even if not filing an itemized 2020 tax return).

Those groups include:

• LGBTQ Nonprofits:
  • LGBTQ Funding Resources in the COVID-19 Response
• Undocumented people:
  • National Day Laborer Organizing Network (NDLON) Immigrant Worker Safety Net Fund
  • COVID-19 EMERGENCY FUND FOR LGBTQIA+ IMMIGRANTS
• Sex Work Mutual Aid Funds

Here are some LGBTQ-specific resource lists and documents that have been produced for individuals to use during the COVID-19 Crisis:

• National LGBTQ Anti-Poverty Action Network COVID-19 Resource List – (https://docs.google.com/document/d/1PrgYyGSh2otp97SrHhs1a3KqdiW-1yoUfAzwuzCN9fE/edit?usp=sharing)