Another series of stimulus checks is expected to hit bank accounts by Wednesday on March 24, according to the Treasury Department and Internal Revenue Service (IRS). The second series of direct payments began processing last Friday for taxpayers receiving it through direct deposit, per the IRS.
Second Batch of Third Stimulus Checks
It is estimated that almost half of the stimulus checks have already gone out. If you are still waiting for your payment to arrive -- either in the mail or by direct deposit or as an EIP card or a paper check -- you could use a 2021 stimulus check calculator to estimate your payment amount.
Changes to the eligibility guidelines could make calculating more complex, and you may not get the result you are expecting from the math. The larger checks amount to $1,400 instead of $1,200 or $600 this time around. This makes the IRS formula different.
According to the agency, the vast majority of qualified individuals will be transferred their stimulus checks electronically via direct deposit. The current week's electronic payments will have an official release on Wednesday. However, a number of individuals may see money in their bank account earlier as "pending" or "provisional" deposits, reported Forbes.
Also, according to the IRS, if you do not receive a direct deposit by Wednesday, your direct payment will possibly be sent in the form of a paper check or prepaid debit card named Economic Impact Payment Card. The agency underscored in a statement declaring the most recent dissemination of stimulus checks that most payments will be delivered by direct deposit.
Last week, over 90 million stimulus checks were sent in the first batch. According to the Treasury Department, "Today marks the second batch of payments, with additional payments anticipated on a weekly basis going forward," reported Yahoo Money.
A number of people may see the funds deposited earlier. These are likely marked as a pending deposit, according to the release.
If you are eligible for the payment, you must look for your stimulus check to arrive via direct deposit if:
- Last year, you used the IRS nonfiler tool to set up bank account data to receive your first stimulus payment.
- You have your bank account information on file with the IRS to receive past tax refunds.
- You receive federal benefits, including Supplemental Security Income (SSI), Social Security, or Veterans Affairs, via direct deposit.
According to IRS Commissioner Chuck Rettig in a statement, "The IRS continues to send the third round of stimulus payments in record time." With this new series of payments, including more mailed payments, they urge people to carefully watch their mail for a check or debit card in the future weeks, reported USA Today.
With an estimated 85% of US citizens being slated recipients for the third series of stimulus checks, many are still waiting. A large number of mailed payments are anticipated in the second batch, which started processing last Friday. On the IRS website, people who would like to check on the status of their payment and see if it has been scheduled can do so through the Get My Payment tool.