Direct deposit and your coronavirus stimulus check: How to set it up and what to know

Taxpayers who qualify for a coronavirus stimulus check of up to $1,200 will begin receiving the payment straight to your bank this week — if you have direct deposit set up. If you don’t currently have an electronic funds transfer in place with the government through last year’s taxes, the IRS plans to open an online web app within days to help you get your stimulus relief payment faster.

If you don’t don’t have direct deposit set up, your check will come in the mail, which could take longer. (Here’s what we know about tracking your IRS stimulus money.) Some CNET readers say their banks will post the payment to their accounts on April 15.

If you’re one of the eight in 10 taxpayers who already receive their tax refunds through direct deposit, you don’t need to do anything at all. That’s the bank account information that the IRS will use. But if you’re in that 20% who gets their refunds by mail — or not at all — the IRS told us that it will set up an online portal by April 17 to get your 2020 coronavirus relief payment transferred electronically to your bank account.

To help you get ready to set up direct deposit, here’s what you need to get your stimulus check sent to your bank account. We’ll update the story as soon as we have more information.

What will the IRS need from me to set up direct deposit?

You’ll want to have at hand your bank account’s routing and account numbers. You have several ways to find this banking information.

Banking website: Your bank’s website may show your routing and account numbers. For Bank of America, for example, log into your account, select the account you want to use and then tap the Information & Services tab to see the numbers you need.

Banking app: If your bank has an app, it may show you your account and routing numbers. In the Bank of America’s BofA app, for example, tap the account you want to use and then scroll to the bottom of the app window to see your clearly labeled account and routing numbers.

Printed check: At the bottom of your check you most likely will see three sets of numbers: The first set of nine numbers is your routing number. The second set of 8 to 12 numbers is your account number. The third set — which you don’t use to set up direct deposit — is the check number.

It’s not too late to include your banking information with your tax returns, if you haven’t filed yet

The IRS said if you’ve not filed a tax return for 2018 or 2019 yet, you should file as soon as you can and include your direct deposit banking information on the return. Here’s what to know about coronavirus and your taxes.

When will the check go out

The IRS told CNET that the first checks will go out April 13, with the online tool going live by April 17. Fox News reported that those who filed taxes in 2018 or 2019 and set up direct deposit with the IRS will receive their refunds by April 15.

While you’re waiting for your check to arrive, here’s how to avoid being scammed. And after you receive it, here are some ideas for how to spend your stimulus check. If you’re still struggling after getting the check, here’s how to get financial help to pay your bills.