Stimulus money hits bank accounts today for those who receive via direct deposit
Story by Tribune News Service - Story Source
Eligible consumers should have access to their money by 9 a.m. today, according to the trade group that handles the processing of direct deposits.
"The IRS chose the date of March 17, which is the date on which the IRS intends for settlement to occur," according to Nacha, the organization that governs the ACH Network.
All the money isn't going out via direct deposit. Some people will still get money via paper checks and plastic prepaid debit cards issued by MetaBank, both of which will be sent in the mail in the coming weeks.
"The vast majority of these payments will be by direct deposit," the IRS said Friday, without being specific on the exact percentage of payments.
There's been some confusion lately as to when people will have access to their cash via direct deposit after seeing some "pending" action relating to the third stimulus payments on their bank accounts this weekend. Some social media buzz heated up as some consumers complained about why the money wasn't readily available.
Bankers and others in the industry set out Monday to clarify the payment time schedule and take on their critics.
"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 a statement provided Monday morning from Nacha. The statement noted that the Internal Revenue Service announced that the "settlement date for the initial wave of tens of millions of economic impact payments by Direct Deposit will be Wednesday, March 17."