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Treasury Department and IRS Say New Stimulus Payments Will Reach Bank Accounts by Mid-Week

UTC by Ibukun Ogundare · 3 min read
Treasury Department and IRS Say New Stimulus Payments Will Reach Bank Accounts by Mid-Week
Photo: Depositphotos

Although some people have received the payments through direct deposits, the IRS said that a “large” volume of qualifiers for the second batch of payments would receive theirs through the mail.

The Treasury Department and Internal Revenue Service (IRS) have announced that a new batch of stimulus payments will reach bank accounts by the 24th of March. The Treasury Department and IRS revealed updates on the stimulus payments on the 22nd of March.

US president Joe Biden signed the $1.9 trillion stimulus package as the relief bill for the coronavirus on the 11th of March. The stimulus package represents the first stimulus bill that Biden passed since he resumed duties as the US president in January 2021. Coinspeaker noted that the stimulus is a direct payment of $1,400 for most Americans.

More Stimulus Payments Will Hit Bank Accounts by Wednesday

Now, the official pay date for another batch of stimulus payments has been scheduled for the 24th of March. CNBC’s Make It stated in a report that some people may already have access to the funds, despite that the official pay date is still ahead. The processing or the second wave of stimulus payments began on the 19th of March for taxpayers. The IRS said this set of people have been receiving their stimulus funds through direct deposits.

Some People Experience Difficulty in Accessing Payments

Although some have received the payment through direct deposits, the IRS said that a “large” volume of qualifiers for the second batch of payments would receive theirs through the mail. The IRS did not give a specified number of payments that will be mailed.

In a statement, the agency said:

“Taxpayers who do not receive a direct deposit by March 24 should watch the mail carefully in the coming weeks for a paper check or a prepaid debit card.”

The third round of stimulus payments is up to $1,400 for each taxpayer and their dependents. Singles earning up to $75,000 and heads of household earning up to $112,500 will receive $1,400. Also, married couples that earn up to $150,000 will receive $2,800. These people are eligible to receive $1,400 for each of their dependents.

Already, several people had received their third stimulus payments on the 17th of March, when the first batch of payments was rolled out. The IRS promised that more checks would be sent out every week. The agency will continue to roll out the checks until everyone eligible receives their funds.

In the report, CNBC’s Make It revealed that some selected people have difficulties accessing their payments. The report noted that these sets of people include people who filed their taxes with TurboTax and H&R Block. Particularly, a customer complained to CNBC Make It that her payment was deposited into an incorrect bank account. However, the IRS has promised that payments sent to closed bank accounts would be sent again via mail to the correct address on mail. The agency added that the reissue of payments by mail may take a few weeks to process.

Market News, News, Personal Finance
Ibukun Ogundare

Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.

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