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Stimulus checks are starting to hit bank accounts

Posted at 4:11 PM, Mar 12, 2021
and last updated 2021-03-12 19:53:32-05

A number of Americans reported late Friday that the third round of government stimulus checks were posted in their bank accounts, just one day after President Joe Biden signed the $1.9 trillion American Relief Plan into law. Biden said on Thursday that some Americans would begin receiving deposits as soon this weekend.

The IRS said that starting on Monday, people can check the status of their stimulus payment by going to the "Get My Payment" site on the IRS website.

Although the first batch of payments went out on Friday, the IRS said it could take weeks for some to receive their payment. “Even though the tax season is in full swing, IRS employees again worked around the clock to quickly deliver help to millions of Americans struggling to cope with this historic pandemic,” said IRS Commissioner Chuck Rettig. “The payments will be delivered automatically to taxpayers even as the IRS continues delivering regular tax refunds. We urge people to visit for the latest details on the stimulus payments, other new tax law provisions and tax season updates.”

For some, the deposits posted directly to the account. For others, the deposit shows as a pending transaction scheduled to be released on Wednesday.

Americans making up to $75,000 a year will get a direct payment of $1,400 (couples making up to $150,000 a year will get $2,800). Heads of households making up to $112,500 annually also will receive the full $1,400.

Those making $75,000 to $80,000 ($150,000 to $160,000 for couples) will get a prorated check. Those making over $80,000 ($160,000 for couples) will not receive a check.

The IRS will use “adjusted gross income” to determine income eligibility for payments.

For the vast majority of Americans, the checks will come automatically, either via direct deposit or through a check or debit card in the mail. Some Americans who may not have been previously eligible, such as young adults, may need to submit their information to the IRS, although such details are unavailable at this time.

Those who filed 2019 or 2020 taxes, receive Social Security retirement, survivor or disability benefits (SSDI), Railroad Retirement benefits, Supplemental Security Income (SSI) or Veterans Affairs benefit, or received a previous stimulus check will be automatically included in this round of stimulus if they meet income requirements.

The IRS says that for those who received the first two stimulus checks but didn't receive a payment via direct deposit, they will generally receive a check or, in some instances, a prepaid debit card (referred to as an “EIP Card). A payment will not be added to an existing EIP card mailed for the first or second round of stimulus payments.