How do I set up Direct Deposit to receive the economic impact payment in my account with PayPal?
With Congress’s passage of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, eligible tax payers and benefit recipients, including Social Security or Railroad Retirement recipients, will be receiving economic impact payments (a.k.a. stimulus checks) from the IRS in the coming weeks.
To use the Direct Deposit feature, you need to have a PayPal Cash Plus account.
You can sign up for Direct Deposit in two ways:
- Sign up for Direct Deposit on its own. You'll receive a routing and account number.
- Sign up for a free PayPal Cash Card and you’ll also be enrolled in Direct Deposit. and receive a routing and account number.
If you already have a PayPal Cash Card, you can find your Direct Deposit information in your Settings. Simply provide the account and routing number to the IRS to receive the economic impact payment directly into your account with PayPal. Once the payment is sent, it normally takes 3-5 days to show up in your account.
Where can I learn more about economic impact payments?
For the latest news about economic impact payments and how to submit your Direct Deposit information to the IRS, please check the IRS website regularly.
What if the economic impact payment I received is in the wrong amount?
You must contact the IRS directly if you think you may have received a different amount.
If you already set up Direct Deposit to send your latest tax return to your PayPal Cash Plus account, and your account hasn't been limited, you don't need to take any action. The economic impact payment will be transferred to your account the same way. Refer to the IRS website for more details.