New York inflation refund checks are finally landing in mailboxes across the state, and if you’re anything like us, you want that money to hit your back account expeditiously. Unfortunately, the rollout hasn’t been entirely smooth. First came scammers spreading fake information to steal your money–and now, another headache: depositing your check might not be as easy as you’d think.
Though the paper checks are totally legitimate–they’re being mailed out to millions of New Yorkers from the New York State Tax Department–depending on where you do your banking, policies differ on how you can cash it.
KeyBank, for example, confirmed to NewsChannel 9 that customers can deposit their inflation refund checks directly through the bank’s mobile app.
Chase Bank, on the other hand, says it won’t accept these checks through mobile deposit–nor can customers cash these checks in person. Instead, those with Chase Bank must deposit their inflation stimulus checks at a Chase branch or a Chase ATM.
Though this policy is just a means of looking out for you–a spokesperson for Chase told NewsChannel 9 that it’s meant to protect its customers’ security, being programs like this have historically been targets for fraud–it of course can be be inconvenient. Ethan Wade, a financial advisor with Brighton Securities, told Yahoo! News:
While it’s an inconvenience, I do believe the institutions are doing it as an effort to protect their customer ultimately, and to make sure the person that is making the deposit is the person it’s intended for. That the check is for the right address, the right home, and not a scammer trying to get access to any of their customer’s information
Regardless, if you’re one of the eight million New Yorkers receiving the inflation relief stimulus check, the good news is it’s on its way to you (if you haven’t received yours yet here’s why that may be). The bad news, however, is that cashing it may require a trip to your local bank.
Susan Pedo, Director of Public Information at the New York State Department of Taxation and Finance, stated:
It has sent and is sending paper checks and whatever your bank’s policy is for deposit should be followed for those.
Still, with how expensive it is to live in New York City, we’ll do whatever it takes to get that money into our accounts–even if it is only $400 at most.
If you have any questions or concerns, visit the Department of Taxation and Finance website.