New Round of Stimulus Checks Out Wednesday – What If You’re Still Waiting On Yours?

Stack of 100 dollar bills with illustrative coronavirus stimulus payment check to show the virus stimulus payment to Americans.
BackyardProduction / Getty Images/iStockphoto

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.

See: If You Get a Stimulus Check, What Will You Do With It? Take Our Poll
Find: A Fourth Stimulus Check Might Be on the Way

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

Save for Your Future

See: Calculating Your Stimulus Check: How Much (if Any) Will You Get?
Find: Here’s Why Your Stimulus Check Might Still Be Pending

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.

Save for Your Future

See: Biden Just Signed the Stimulus – and It’s Giving Millions of Parents a Monthly Allowance
Find: Those $1,400 Stimulus Checks Are Costing Taxpayers $15,000 Per Household 

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.

More from GOBankingRates

About the Author

Dawn Allcot is a full-time freelance writer and content marketing specialist who geeks out about finance, e-commerce, technology, and real estate. Her lengthy list of publishing credits include Bankrate, Lending Tree, and Chase Bank. She is the founder and owner of GeekTravelGuide.net, a travel, technology, and entertainment website. She lives on Long Island, New York, with a veritable menagerie that includes 2 cats, a rambunctious kitten, and three lizards of varying sizes and personalities – plus her two kids and husband. Find her on Twitter, @DawnAllcot.

New Round of Stimulus Checks Out Wednesday – What If You’re Still Waiting On Yours?
Close popup Live Richer Newsletter

We're here to help you Live Richer.

Sign up to receive our daily weekday newsletter with the latest finance and lifestyle content.

Loading...
Please enter an email.
Please enter a valid email address.
There was an unknown error. Please try again later.

For our full Privacy Policy, click here.