May 28, 2020
Community News Latest News | Coronavirus | Bangor Metro | Jail Inmates | Today's Paper

Maine consumers should avoid paying high fees to cash stimulus checks

Community Author: Jen Burke
Post Date:
Updated:

WESTBROOK – The Maine Credit Union League encourages consumers not to pay high fees to cash their stimulus checks. Mainers who are already a member, can simply go to their credit union to cash or deposit their check. For consumers who are not currently credit union members, the League hopes you will take this opportunity to become a member. Avoiding high check cashing fees is one of many benefits to credit union membership.

 

“We want to help Mainers avoid having to pay exorbitant fees to check cashing services,” said Todd Mason, president/CEO of the Maine Credit Union League. “Many people are struggling financially and we want consumers to maximize the benefits they have coming to them.”

 

Most Americans will receive their stimulus funds via a direct deposit to their bank or credit union account if they included direct deposit information on their 2018 or 2019 federal income tax forms. For those filers who did not provide direct deposit information, the Internal Revenue Service (IRS) will begin mailing paper checks as early as April 24. The IRS is expected to mail approximately 5 million paper checks each week — a schedule that could last several months.

 

“We don’t want to see anyone get taken advantage of,” said Mason. “If you don’t have a relationship with a credit union, use this moment as an opportunity to create one. There’s no better time than now to become a member. Maine’s credit unions are here to help now and long into the future.”

 

To help Mainers track when they will receive their stimulus payments, the IRS has developed an online tool. Any individual who is eligible for a stimulus payment can track the timing of that payment on this site.

 

The Maine Credit Union League is a nonprofit, professional trade association that exists to serve Maine’s credit unions. Founded in 1938, the League’s mission is to help credit unions succeed and improve the financial lives of their members. As the trade association for Maine’s credit unions, the League provides advocacy, education, and other resources designed to assist credit unions in meeting the needs of their membership. For more information, visit mainecul.org.