The Covid Economy

More stimulus payments will hit bank accounts by Wednesday, March 24

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Another batch of stimulus payments is slated to hit bank accounts by Wednesday, March 24, the Treasury Department and Internal Revenue Service (IRS) announced Monday.

The second wave of payments started processing last Friday for taxpayers receiving it via direct deposit, per the IRS. While the March 24 is the official pay date, some people may already have access to the funds, depending on their bank.

The IRS said a "large" portion of the second batch of payments will be mailed, though it did not provide an exact figure. "Taxpayers who do not receive a direct deposit by March 24 should watch the mail carefully in the coming weeks for a paper check or a prepaid debit card," the agency said in a statement.

The third payment may come in a different form for some taxpayers than it did for the first two payments. More people can expect a direct deposit payment this round, rather than a paper check or debit card, the agency said.

The payments are worth up to $1,400 per individual taxpayer and each of his or her dependents. The first batch went out last week, and more waves of payments are expected in the future. The agency said more checks will be sent out weekly until every eligible taxpayer receives their payment.

Some people, particularly those who filed their taxes with TurboTax or another tax prep software company, have experienced issues accessing their payment. The IRS said any payments sent to closed bank accounts will be reissued by mail to the address on file, but that may take a few weeks to process.

Taxpayers can check the status of their payment on the IRS Get My Payment tool.

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