Stimulus checks: Here's why you're still waiting for your payment
While some Americans received their stimulus payments over the weekend, tens of millions will be receiving their payments on Wednesday, March 17th, based on instructions from the Internal Revenue Service.
"The IRS recently sent an initial wave of tens of millions of economic impact payments through the Automated Clearing House (ACH) system," said a statement from nine banking and credit union industry groups. "Actual funds will be transferred to banks and credit unions on March 17th, at which point funds will be made available to customers."
The money was due to be transferred by the government to the clearing accounts of banks and credit unions at the Federal Reserve at 8:30 a.m. EDT on Wednesday, according to Nacha, who runs the ACH network that facilitates payments. Americans should see the direct payments in their accounts by 9:00 a.m. local time on Wednesday, according to Nacha rules.
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Kaynaklarınızı yeni sanal ortamda güvende tutun
Uygulamalara uzaktan erişimi nasıl etkinleştireceğiniz, cihazları ve uygulamaları nasıl yöneteceğiniz ve kurumsal kaynakları korumak için en iyi uygul
(Photo: Getty Creative)
The IRS selected March 17th for the settlements where the stimulus testing will take place. The banks and credit unions do not delay the deposits.
"While the IRS could have decided to send the funds through ACH on the same day or to have an earlier effective date, it has decided against it," the statement from the banking and credit unions industry group reads. "It is up to the sender, in this case the IRS, to decide when to provide the money and the IRS chose March 17th."
"It's the right thing."
Some banks like Green Dot have already sent the stimulus payments and passed the funds on to their customers instead of waiting for the state funds to be available before depositing the payments.
"We have the liquidity to transfer funds to eligible recipients once orders are confirmed by the IRS. We don't wait for the funds to be paid by the IRS before depositing them into customer accounts," said Dan Henry, CEO of Green Dot. said in a statement on Monday. "There is a cost to this approach, but we believe this is right for our customers."
Henry noted that the main customers of Green Dot are largely "low- to middle-income Americans, people in desperate need of access to that money."
U.S. President Joe Biden signs the American Rescue Plan, a package of economic relief efforts to respond to the effects of the coronavirus disease (COVID-19) pandemic, in the Oval Office of the White House in Washington, USA on March 11, 2021. REUTERS / Tom Brenner TPX PICTURES OF THE DAY
Around 158.5 million households are expected to receive a payment under the new economic agreement, according to the White House. This round of stimulus testing costs $ 1,400 per eligible person plus a $ 1,400 bonus per dependent.
The current round of stimulus payments, which is part of a new $ 1.9 trillion stimulus agreement, began with direct deposit payouts late last week. If you did not provide direct deposit information or the account provided is now closed, the IRS will send you a check or prepaid debit card instead. The IRS has not yet released the schedule for sending payments.
Americans can now check the status of their third stimulus check using the Internal Revenue Service's online tracking tool, Get My Payment.
If you haven't received a payment and believe you are eligible or have received the wrong amount, you can claim it on your 2021 tax return.
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Denitsa is a writer for Yahoo Finance and Cashay, a new personal finance website. Follow her on Twitter @denitsa_tsekova
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