The Internal Revenue Service says it has already disbursed more than $242 billion in stimulus funds for the third round of pandemic relief, part of the American Rescue Act signed into law earlier this month, CNBC reports.
Those who did not receive a payment last week should keep an eye on their bank accounts, as the IRS is slated to issue another round of payments that are expected to clear Wednesday, March 24, 2021, according to a press release issued by the IRS. The most recent batch of payments began processing on Friday. Some people may see the funds deposited earlier, possibly marked as a pending deposit, the release says.
Who Will Get Direct Deposit?
If you qualify for the payment, you should look for your stimulus to arrive via direct deposit if:
- You have your bank account info on file with the IRS to receive past tax refunds or
- You used the IRS nonfiler tool to set up bank account information to receive your first stimulus payment last year or
- You receive federal benefits such as Social Security, Supplemental Security Income (SSI) or Veterans Affairs via direct deposit
If you do not have your bank information on file with the IRS, the agency recommends that you file your 2020 tax returns as soon as possible to claim your payment, CNBC reports. The tax deadline for filing and paying taxes has been extended to May 17, 2021 but filing sooner could help expedite your stimulus payment. The IRS stated it expects to issue payments on a weekly basis moving forward.
What Happens If You Don’t Qualify for Direct Deposit?
Those who do not receive a direct deposit should watch their mail for either a paper check issued by the United States Treasury or a debit card, which is called an Economic Impact Payment card, within the next few weeks, the press release said.
Look for a plain white envelope from the U.S. Department of the Treasury. The United States Treasury check will read Economic Impact Payment in the memo field. Likewise, the EIP debit card will also come in a plain white envelope but will bear the seal of the U.S. Department of the Treasury. This Visa debit has the bank name, MetaBank, N.A. on the back. None of the prior cards, nor this one, are reloadable.
Recipients can use the card to take out cash from an in-network ATM, transfer funds to a personal bank account, and request a replacement card at no charge if theirs is lost or stolen, the press release says, instructing debit card recipients to visit EIPCard.com for more information.
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