Wednesday, April 8, 2020

Trades Urge Treasury to Maximize the Use of Direct Deposit for Stimulus Payments

In an April 3 letter, 8 financial industry organizations urged the Treasury Department to maximize the use of electronic disbursement methods when issuing the stimulus payments to individuals.

The trade groups strongly argued against the use of paper checks, highlighting potential issues with speed of delivery and high potential for loss or fraud.

The financial industry trade groups signing the letter were American Bankers Association, Bank Policy Institute, The Clearing House, Consumer Bankers Association, Credit Union National Association, Independent Community Bankers of America, NACHA, and National Association of Federally Insured Credit Unions.

Read the letter.

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