The Covid Economy

Some Americans have already received the third stimulus payment


Some Americans have already received the third stimulus payment, according to mobile banking service Current.

The first deposits come just one day after President Joe Biden signed the American Rescue Plan (ARP) Act into law. The bill includes a provision for a third stimulus check worth up to $1,400 per qualifying individual and each of his or her dependents.

A spokesperson for Current told CNBC Make It that the bank started receiving the third round of payments just before noon on Friday. The bank began crediting the payments to customers' accounts right away, making the funds fully available, they said, and estimating that they have credited around 25% of Current's eligible account holders already.

The average payment for members is around $2,000, they said, though at least one member received over $9,000.

Jacob Schwartz, 22, banks with Current and received his payment Friday. He says he will use it to pay for rent, food and other bills.

"Money is super tight right now," says Schwartz, who lives in Pennsylvania. "I'm in charge of paying most of the bills and half of rent, while my roommate is using her [stimulus payment] so we can get a car so we can look for more jobs."

The Biden White House said Thursday that the funds would be available as soon as this weekend. The Current spokesperson said the bank did not wait for the funds to settle before making them available to customers.

For those waiting on the payment, the IRS will soon have a tracking tool available on its website, as it did for the first and second payment.

To see how much you may qualify for, use this calculator from personal finance website Grow:

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