It’s more important than ever to keep your guard up
by Paul Brandus
Here’s some good news during these bad times: The federal government is beginning to send out checks to tens of millions of Americans—part of the massive $2.2 trillion Coronavirus Aid, Relief and Economic Security Act (CARES Act) that Congress recently passed and President Trump signed into law.
Where’s yours? Well, if you’re on Social Security and it’s deposited Into your bank each month, that’s how you’ll get paid. But some 12 million Americans, the Federal Reserve estimates, don’t have a bank account—not checking, not savings. These folks (not necessarily of Social Security age), will get checks too, but it’ll take longer and since they don’t have a bank account, they run the risk of getting gouged at a check-cashing joint or some other bottom-dweller in the U.S. financial system.