"In the study, they found that individuals with bank accounts below $500, 45% of the stimulus checks did make it back into the economy. But the problem is, the money isn't necessarily going to products or services that are going to stimulate it," McDonald said. "It went more towards food, and rent, and debt payments."
The study found those who had more money in their checking accounts did not use the stimulus check to stimulate the economy.
"What they did find is also if individuals have $3,000 or more in their bank accounts, they found that most of them actually didn't spend the checks," McDonald said. "A lot of it went to savings or retirement savings."
When the second check came out, many Americans reported problems receiving their payments.
Experts said this could be due to a variety of reasons including switching banks recently, moving or delays in mail services.
"A lot of our business clients actually owe money all the time so they are just paying it in, but the IRS didn't have their bank account on file so they didn't receive the direct deposit," Daniel Callaghan, a certified public accountant and owner of Callaghan Public Accounting, said. "Instead, the IRS had to mail them a check and there was a significant delay."
Scam alert: New round of stimulus checks triggers more scams Stimulus delays: Thousands of Michiganders without stimulus check, IRS says payments are on the way Callaghan explained the way stimulus checks work in the economy by using a sink analogy.
"Think about a sink," Callaghan said. "I can turn the sink on and as long as water is flowing into it, that's a good thing. I want to keep water in the basin. As long as I have water in the basin of the sink, that is a healthy economy. The fail with too much stimulus, is the sink would overflow."
The IRS website has created a 'Get My Payment' portal to assist those who were having trouble receiving their payments.
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