When completed, the Economic Impact Payment program will distribute 150 million payments. Eighty million people who received their 2018 or 2019 tax refund by direct deposit will receive direct deposits. The rest will primarily be paid using paper bank checks. As of May 6, 2020, there was $1.87 trillion worth of Federal Reserve notes in circulation, which accounts for 5%-10% of all U.S. currency in circulation, with the remaining 90% sitting in financial institutions or electronic accounts. Just under half of the stimulus payments are sent via paper check, which incurs additional cost to the government and recipients (especially the unbanked, who will face exorbitant fees). This alone shows how misaligned the current banking infrastructure is in the U.S. with the reality of how money circulates today.