LAST DATE FOR DIRECT DEPOSIT OF STIMULUS PAYMENTS WEDNESDAY, MAY 13, 2020
Washington (CNN). People who haven't yet received a stimulus payment from the federal government face a Wednesday deadline to get direct deposit -- otherwise, they'll have to wait for a paper check.
The Internal Revenue Service says individuals have until noon on Wednesday to submit bank account information for direct deposit. People who are owed money but whose bank account details aren't on file will eventually get a check in the mail, but it could take weeks.
"Time is running out for a chance to get these payments several weeks earlier through direct deposit," IRS Commissioner Chuck Rettig said in a statement Friday.
More than 85% of people who are eligible for stimulus money have already gotten the cash. About 130 million payments were made as of last week. Many of those people didn't have to update their bank account information because the IRS already had it on file from a 2018 or 2019 tax return.