Some of the benefits in the American Rescue Plan might start arriving in bank accounts as early as today as a new round of $1,400 stimulus payments are now being transferred to eligible citizens that have banking information on file with the IRS.
Many people are already seeing their payments pending in their bank accounts and those funds will likely clear in the next few business days. If you do not see a pending payment in your bank account with your stimulus funds, you can use the ‘Get My Payment’ utility on the IRS website to review your eligibility for the stimulus payment.
Chase Bank published a tweet on March 12th regarding the stimulus payments. The tweet claimed that many Chase customers could have their stimulus funds ready to spend within days, with some direct deposits clearing as early as today. Wells Fargo also released a similar tweet regarding the stimulus payments.
The stimulus checks are a result of a rushed effort by Democratic party members to pass the American Rescue Plan which contains nearly $1.9 trillion in stimulus benefits. Most individuals who earn less than $80,000 per year will receive at least some portion of the stimulus payment.
Individuals that make less than $75,000 should receive the entire $1,400 payment.
If you have direct deposit information on file with the IRS, you will likely receive your funds quickly after they are sent out. If you do not have your banking information filed with the IRS, you will probably receive a paper check in the mail in the coming weeks. For more information relating to your specific stimulus payment, you can refer to the ‘Get My Payment’ utility on the IRS website.
The nation continues to face off against a significant pandemic that has brought down the world economy and spread a deadly virus to millions of people worldwide. States like California and Texas are just now beginning to reopen non-essential businesses, while other states like Florida have been open for many weeks.
The stimulus payments will help citizens across the nation pay their rent, utility bills, and other important costs that have popped up throughout the pandemic. Anyone that is eligible for a payment will have the opportunity to take advantage of this important financial lifeline.
If you have an online banking portal set up with your primary bank account, it’s probably a good idea to start checking for the stimulus funds in your account periodically. If you don’t see the funds at the end of March 17th, it’s still possible that you will receive your funds electronically in one of the following waves of payments that will be distributed. You might also be receiving your stimulus check through the mail.
It’s currently unclear if any further stimulus will be required to offset the financial burdens that have been caused by the coronavirus pandemic. One thing is for sure, many individuals will take a sigh of relief when they finally have access to these stimulus funds.