Economic Impact Payments to Begin the Week of April 13, 2020
Attend a Free WesPay Webinar to Aid Your Preparations
WesPay has learned that the U.S. Treasury is expected to begin sending Direct Deposit entries for “Economic Impact Payments” (i.e., stimulus payments approved in the CARES Act) to consumers as early as the end of this week for settlement next week. New information is unfolding by the hour, and the WesPay team is arranging a briefing to provide members with information needed to prepare for this high volume of incoming payments.
Please join us for a free WesPay Town Hall on Friday, April 10 at 1pm PT.
The volume of payments distributed for settlement next week is expected to be large; in fact, this first distribution early next week is expected to be the largest distribution of these funds. In addition, the entries are expected to be delivered to RDFIs days in advance of the settlement date. The WesPay team plans to share the information we have received and discuss considerations RDFIs should be evaluating in advance of receiving these entries. Immediate action may be required by your financial institution.
We are planning an interactive session using voice, video and chat and will allow ample time for Q&A. The Payments Hotline continues to be available at 800-977-0018 or firstname.lastname@example.org for specific questions.