Around 17 million direct deposit stimulus payments with an "official pay date" of March 24 have been issued by the IRS, according to a banking industry official quoted by The Washington Post.
Funds for the second batch of stimulus payments will be available by 9 a.m. local time on March 24, according to NACHA (National Automated Clearing House Association), which manages the ACH Network, the national automated clearing house for electronic funds.
"For second wave EIP3s [Economic Impact Payments] made via ACH Direct Deposit with a settlement date of Wednesday, March 24, 2021, an RDFI [receiving depository financial institution] is required to make funds available for cash withdrawal by 9 a.m. (in the RDFI's local time) on March 24. Funds remain with the government until the settlement date of the transaction," the NACHA advises.
The latest batch of payments began processing on Friday and some people "may see the funds in their accounts earlier, potentially as provisional or pending deposits," the IRS said Monday.
How is the payment identified in my bank account?
The NACHA says the third round of stimulus payments will be identified with the following information:
- Company Name: "IRS TREAS 310"
- Company Entry Description: " TAXEIP3 " (Note: no leading "XX")
"Other identifying information (ODFI Routing Numbers and Company Identifications) is being provided by the U.S. Treasury's Bureau of the Fiscal Service," the NACHA says.
What if I don't receive my direct deposit?
Those who don't receive their direct deposit by March 24 "should watch the mail carefully in the coming weeks for a paper check or a prepaid debit card," the federal body said Monday.
The IRS said "a large number" of stimulus payments in this second batch are being sent by mail.
Around 20 million checks and debit cards were mailed in the latest batch of payments, according to the banking industry official quoted by The Washington Post.
Paper checks will arrive in a white envelope from the U.S. Department of the Treasury. "For those taxpayers who received their tax refund by mail, this paper check will look similar, but will be labeled as an 'Economic Impact Payment' in the memo field," the IRS advised.
EIP cards are also being sent out in a white envelope "prominently displaying the seal of the U.S. Department of the Treasury."
The cards have the Visa name on the front and MetaBank, N.A. (the issuing bank) on the back. The mailing will include instructions on how to securely activate and use the card.
Additional stimulus payments are expected to be made "on a weekly basis going forward" and the "vast majority" will receive their funds by direct deposit, according to the federal body.
Those who are eligible for a third stimulus payment can check the status of their funds using the Get My Payment tool available at the IRS website.
The graphic below, produced by Statista, illustrates the composition of the $1.9 trillion stimulus package.
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Soo Kim is a Newsweek reporter based in London, U.K. She covers various lifestyle stories, specializing in travel and health.
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