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Banks start processing $1,400 federal stimulus checks

   March 16, 2021 12:29 AM
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by Audrey Conklin FOXBusiness

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Covid-19 Stimulus Checks
 
Banks have begun processing $1,400 federal stimulus checks for many Americans as part of President Biden's $1.9 trillion COVID-19 relief package.

The Internal Revenue Service announced Friday that the third round of federal stimulus checks would go out "over the next week."

The IRS confirmed to Fox Business on Saturday that March 17 is the official payment date, though some banks have started processing the checks, so payments may show up earlier in some accounts and later in others.

More payments will be sent "in the coming weeks by direct deposit" or in the mail as checks or debit cards, though the "vast majority" will be direct deposits, the IRS said in a Friday press release.

Wells Fargo, Chase and Navy Federal Credit Union have said that customers eligible for stimulus payments may receive them as early as March 17. J.P. Morgan and Citigroup did not immediately respond to inquiries from Fox Business.

The one-time checks will be distributed to individuals with adjusted gross incomes of $75,000 or less and couples with an adjusted gross income of $150,000 or less.

Americans with adjusted gross incomes of $80,000 or less and couples who earn $160,000 a year or less are eligible for partial stimulus payments.

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