Millions of Americans will receive their $1,400 COVID-19 relief payments on Wednesday via direct deposits.
Wednesday is the “so-called settlement date for the first wave of ‘tens of millions’ of $1,400 payments that the Internal Revenue Service began distributing last week, according to the National Automated Clearing House Association, also known as Nacha,” The New York Post reported.
“Regardless of when payment files were sent and received, settlement of the funds for the payments will occur at 8:30 a.m. ET on Wednesday, March 17, exactly as instructed by the IRS. This is literally the moment in time when the money will be transferred from the government to banks’ and credit unions’ settlement accounts at the Federal Reserve,” Nacha said in a statement. “There is no mystery where the money is from the time the first payment file was transmitted on Friday, March 12, to when all recipients will have access to the money on Wednesday — it is still with the government.”
According to The Washington Post, the Independent Community Bankers of America informed financial institutions to expect around 90 million direct deposits on Wednesday that will amount to some $242 billion in transferred money.
Some of the nation’s biggest banks, including Wells Fargo and JPMorgan Chase, say they will provide the direct deposits “according to the effective date provided by the U.S. Treasury” — which was set for March 17. But Fox Business cited Wells Fargo spokesperson Jim Seitz, who “said the government will release the money in multiple phases, meaning not everyone will receive their check at the same time.”
“We know the importance of the stimulus funds to our customers, and we are providing the payments to our customers as soon as possible on the date the funds are available, based on IRS direction,” Seitz said. “Wells Fargo is not holding the funds.”
Wondering where you money is? Check out the IRS’s “Get My Payment” tool here.
And don’t worry if you don’t get your money on Wednesday. President Joe Biden said Monday the federal government will deliver 100 million payments “over the next 10 days.”
“The American Rescue Plan is already doing what it was designed to do: make a difference in people’s everyday lives. We’re just getting started. By the time all the money is distributed, 85% of American households will have gotten their $1,400 rescue checks,” Biden said.
Americans earning up to $75,000 in adjusted gross income are eligible to receive up to $1,400, with couples filing jointly and making up to $150,000 eligible for $2,800 payments. The payments are cut off completely for individuals earning more than $80,000. The payments are based on either 2019 or 2020 income, depending on when a taxpayer files their 2020 tax return.
The $1.9 trillion stimulus package, signed into law by Biden on Thursday, also expands the child tax credit for one year. It will increase to $3,600 for children under 6 and to $3,000 for kids between 6 and 17.
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