As part of the recent stimulus package, $250 checks were granted to current Social Security recipients. Those checks were scheduled for delivery in waves during May.
AllTrust Networks provides management and risk analytics software to approximately 2,000 retail stores. These stores cash payroll and government check for consumers as an alternative to traditional banks. We aggregate this data and are now sharing trend information publicly.
We took a look at the trend in check amounts of exactly $250 and the impact is obvious. Three separate blitzes have occurred, with peaks occurring on May 7, 15, and 18. Check redemptions continue to trickle in above baseline, but it appears that the mailings are complete.
Overall, the $250 stimulus accounted for 3% of check cashing transactions in May.
SSN $250 Check Redemption
Are there any other government payments you’d like to see tracked? Let us know in the comments.
Stay tuned for future posts on monthly/quarterly changes in check cashing volume and dollar amounts.
About the Author
Chuck Ullan is EVP – Strategy & Finance at AllTrust Networks. He can be reached at chuck.ullan<at>alltrustnetworks.com
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