Options For Economic Impact Payments

Monday, April 13, 2020   |   View in browser

Options for Economic Impact Payments

As the federal government begins issuing stimulus payments, we would like to encourage everyone to establish a relationship with a bank or credit union in order to avoid the steep fees charged by check cashing and payday loan businesses. You will also receive your federal stimulus check faster if you have direct deposit account at a bank or credit union.  

Two options for receiving federal stimulus funds:

Option 1 - Direct Deposit

1. Open an account at a local credit union or bank 
2. On April 17th, enter your new direct deposit account number here: Economic Impact Payments
3. Receive stimulus payment faster (direct deposits are already occurring)

Option 2 - Physical Check

1. Wait for paper check to arrive in mail (undetermined amount of time)
2. Take check and required identification sources (see table below) to Byline Bank.  As a courtesy, Byline is not charging fees for non-customers to cash these checks. 

If you don't already have one, now is an excellent time to set up an account. Please see suggestions below.

First Northern Credit Union

Any prospective members can complete their membership opening through the  Evanston location at 1705 Sherman Avenue.  Contact David Tognarelli at 312-429-6421 or DTognarelli@fncu.org or Yadi Vargas at 847-332-0240 ext 298 or YVargas@fncu.org. The membership application can be found here: First Northern Credit Union membership application

Learn as much as you can about financial security and wellness through the City’s partnership with First Northern Credit Union at The City of Evanston’s financial wellness website.

Evanston Community Bank - Wintrust 

To open an account at Evanton Community Bank, please visit: 
https://www.bankevanston.com/personal/banking-and-borrowing/checking.html

Byline Bank

Byline Bank is allowing non-customers to cash their stimulus checks for free.  Here are the things people should know:

• No fee for cashing stimulus checks.   
• Two forms of personal identification is required from the payee(s) cashing the stimulus check (see list of accepted ID’s below).
• Checks can be cashed in person at any Byline Bank branch currently offering lobby or walk-up services.  The Evanston branches currently offering lobby or walk-up services are located at 820 Church Street and 824 Emerson Street.  Other lobby or walk-up locations can be found here: https://www.bylinebank.com/covid19/branch-updates/.
• Checks will not be cashed to non-customers via drive-up.  
• Byline Bank locations offering lobby services are currently “by appointment only” but there will not be an appointment required to cash stimulus checks.   
• The payee of the check must be physically present for the check to be cashed.    
• If the check is made payable to more than one party, all parties must be present for the check to be cashed

Two forms of identification are required from the payee(s) of the check.  Either one Primary and one Secondary ID or two Primary ID’s will be accepted.