Stimulus Checks Hitting Bank Accounts

Friday, May 9th 2008, 10:18 pm
By: News On 6

Another round of stimulus checks hit bank accounts on Friday. Its part of President Bush's $168 billion plan to stimulate the economy. The News On 6's Ashli Sims reports stores are slashing prices to get people to spend the cash.

It's supposed to be a shot in the arm for the economy, but when the rebate checks are coming is stimulating quite a bit of anxiety.

"Next week, yeah fingers crossed," said Gwen Hamilton.

"I should get it today," said Jane Harrell.

For some the cash was deposited and already withdrawn.

"Spent it at the store and paid some bills," said Dortha Baze.

Retailers are hoping the rebate checks will get consumers out of a spending slump. Grocery stores like Reasor's are offering a $25 bonus for every $300 spent to get shoppers to spend instead of save.

Sears is also trying to sweeten the deal, claiming you can stretch your stimulus check 10% further with a gift card.

The potential for savings has some looking towards big-ticket items.

"Probably a computer," said Hamilton. "My son is going into the ninth grade so he will definitely need one."

Some retailers are just advertising deep discounts to lure you into the store, but some folks aren't taking the bait.

"I'm not gonna go out and make a big major purchase with mine, no," said Harrell.

Harrell has an eye on gas prices.

"I commute back and forth to Oologah every day so gas is an issue for me. So, I'm just gonna try to hang on to as much of it as I can," said Harrell.

As the checks and the savings continue to roll out, some are saying the stimulus may actually be working.

"I think it was a great idea. We needed a boost. Hopefully it will give us another kick. If you listen to the reports things are turning around," said Lee Paden.

Stimulus checks are still being direct deposited and you should have the money by next week. Paper checks will also start going out on May 16th.