Beware of fraud as paper stimulus checks hit the mail

treasury check
treasury check

If you are still waiting for your Economic Impact Payment, a paper check could be in the mail. It’s estimated that 101 million payments will be made by paper check unless the government receives direct deposit information before the check is sent. A website called “Get My Payment” is available for you to check the status of your Economic Impact Payment, where you can also enter payment information to change the delivery from a paper check to direct deposit.

Paper checks are scheduled to be issued at 5 million per week, starting with the lowest income individuals and families. It is estimated that it will take 20 weeks for all of the payments to be sent.

While you may be eager to receive your check, you should also be on the lookout for fraud. To help fight potential fraud, the Secret Service and Treasury Department have teamed up to warn Americans about counterfeit U.S. Treasury checks that could be circulating. There are certain security features to look for to ensure the paper check you receive is real.

Another fraud tactic that is being used is someone asking you to deposit their check into your bank account in exchange for cash. By depositing the check into your account, you become liable if the funds do not clear. 

Be sure you are using the verified IRS website if you have any questions about your Economic Impact Payment. Do not respond to emails or phone calls claiming to be from the IRS. The IRS will mail a letter to the address of the payment recipient 15 days after the payment is made. If you receive that letter, but did not receive your payment, you should report it to the IRS.