Digital Challenger Bank Current Says US Government Stimulus Payments Received 5 Days Sooner than Anticipated

Digital Bank Current says it has received the first government stimulus payments five days faster than anticipated.

Current told Crowdfund Insider:

“Current started receiving government stimulus payments today for individuals and families and we are crediting all transactions to all our members immediately. We’re delivering these transactions up to five days faster than traditional banks because we believe in delivering all our members their money as quickly as possible.”

Yesterday, in a blog post Current said they will continue to credit all accounts with stimulus transactions immediately as soon as they receive them over the coming weeks and months. Current also noted that the US Internal Revenue Service has set up a web portal for people that do not need to file a 2019 tax return.

Under the COVID-19 driven stimulus package, Individuals with an adjusted gross income of $75,000 or less or married couples filing jointly with an income of $150,000 or less will receive the full payment of $1,200 ($2,400 total for a married couple). In addition, qualified individuals can receive an additional $500 per child. If you earn more than that the amount diminishes. If your gross income is over $99,000 a year or you are a couple filing jointly earn over $198,000 you do not receive a stimulus check.

Current is a U.S. challenger bank that strives to provide financial services to individuals “who have been overlooked by the traditional banking industry.”

Last year, Current raised $20 million in a Series B funding round just as it topped 500,000 users.

 

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