Millions of $1,400 stimulus checks to hit bank accounts Wednesday

Millions of Americans will not have to wait anymore: a vast majority of stimulus checks are hitting bank accounts on Wednesday.

"The IRS recently sent an initial wave of tens of millions of economic impact payments via the Automated Clearing House (ACH) system," according to a statement issued by nine banking and credit union industry groups. "The actual funds will be sent to the banks and credit unions on March 17, at which time funds will be made available to customers."

People should check their bank accounts in the morning because the IRS is expected to deposit the majority of the third round of stimulus money. President Joe Biden approved the stimulus payments last week.

RELATED: Pending stimulus check? Here's when your money could be released

Some people received that money over the weekend.

According to the COVID-19 relief package:

  • A person making $75,000 or less will get $1,400
  • Couples filing jointly will get $2,800 if they make less than $150,000 a year

FOX 35 spoke with people who say they already know where that extra money is going.

"About 2 months of rent," Melissa Rizo said. 

Dee Biunno is thinking about the future. 

"I want to invest it."

If you don't see your money early in the morning, Yahoo! reports that the stimulus money should be transferred to the banks' and credit unions' settlement accounts at the Federal Reserve on Wednesday at 8:30 a.m. EDT. That's according to Nacha, the body that governs the ACH Network that facilitates payment transactions.

RELATED: Still no stimulus check? Use the 'Get My Payment' tool to track it

"Americans should see the direct payments in their accounts by 9:00 a.m. local time on Wednesday, per Nacha rules," Yahoo! reports.

However, if you don't receive your payment on Wednesday, you can check the status using the 'Get My Payment' tool on the IRS website. You'll be able to see when your payment will be deposited or mailed. You will need your social security number, address, and date of birth to use the tool. 

Watch FOX 35 News for the latest updates on the economy during the pandemic.


 

Personal FinanceCOVID-19 and the EconomyU.S.News