The federal government is expected to send a third round of economic impact payments to approximately more than 100 million eligible Americans in the coming week and a total of more than 140 million over the next three weeks. The banking industry is working closely with the Treasury Department to help eligible Americans receive those payments quickly, securely and safely during this challenging time.
How and when are funds are being distributed?
Americans may see the direct deposit payments as pending or as provisional payments in their accounts before the scheduled payment date of March 17, 2021, which is the official date funds are available as per the IRS.
- The government is expected to make some payments to recipients that have not provided their bank account information for electronic payments through Treasury-issued prepaid cards. These cards will be sent via the U.S. Postal Service.
- The fastest way get money to eligible American families in a safe and secure manner is through direct deposit to either a bank account or a reloadable prepaid debit card.
- As a last resort, we understand that the government will send millions of checks to consumers across the country. There are fixed capacity limitations for mailing checks, so some recipients will be waiting weeks for theirs to be mailed. We strongly encourage bank customers to deposit their checks using our secure mobile app.
What do I need to do to receive my economic impact payment?
Recipients don’t need to take any action. According to the government, the IRS will calculate and automatically send economic impact payments via direct deposit, paper check, or prepaid card. The IRS already has direct deposit information for millions of Americans from the first and second round of EIPs. You can check the status of payments at IRS.gov/eip.
Once deposited, how quickly will I have access to the funds? Is this different for direct deposit and checks?
Americans who have the funds deposited directly into their account will have access to the funds much faster. Waiting for a paper check to be printed and mailed will take longer—weeks and possibly months.
Note: Americans may see the direct deposit payments as pending or as provisional payments in their accounts before the scheduled payment date of March 17, 2021, which is the official date funds are available as per the IRS.
What should I do if I was expecting a payment or check and it did not come?
The IRS’s “Get My Payment” portal allows consumers to check the status of their payment. Click here to get to the tool.
Consumers should be wary of fraudsters who are already attempting to scam people out of their payment, and keep in mind that the government will not contact you by phone, text or email about this payment.
The portal will not allow recipients to input any bank account information.