Let’s Pay the Stimulus in Digital Dollars

The federal government is poised to send checks to Americans within weeks as part of a stimulus package to address the economic fallout from the spread of COVID-19. But lawmakers have said nothing about what the millions of people without bank accounts will do with these checks once they receive them.

The answer: They will visit check-cashing outlets and similar financial businesses, where turning the checks into cash will cost them up to 3.5% of face value — money that they could otherwise use to meet pressing needs.