Neobank Current Claims to be First Fintech to Receive Government Stimulus Payments, Distributes Money to Accounts

As the most recent stimulus package dealing with COVID-driven economic damage became law, funds are being distributed across the country.

Earlier this evening, the US Treasury Department and the Internal Revenue Service commenced delivering the second round of Economic Impact Payments to millions of Americans as part of the implementation of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021.  The government agencies said the initial direct deposit payments may begin arriving as early as tonight for some and will continue into next week.  Paper checks will begin to be mailed tomorrow, Wednesday, December 30.

Current, a neobank, says it is the first Fintech to receive the stimulus payments before 9 p.m. ET on Tuesday, less than three hours after the Department of Treasury announced the funds were being issued, and is making all funds fully available to all members immediately, as part of its mission to improve financial outcomes.

Stuart Sopp, Current CEO and founder, said in a blog post:

“We’re proud to once again be the first fintech in the country to credit the stimulus funds, especially at a time when many Americans are hurting for cash more than ever. We will be making all funds fully available to all members immediately. Nearly two thirds of the stimulus funds were spent within five days in April, mostly on life’s essentials, and we expect our members to spend the money in a similar way.”

When the first round of stimulus payments was issued in April with passage of the CARES Act, Current says it was the first Fintech in the country to credit the payments, which was five days faster than traditional banks. Current reports that it credited all member accounts immediately. Certainly faster than checks in the mail.

 

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