GREENSBORO, N.C. — Are you seeing green today? I don’t mean for St. Patty's Day, but because the IRS sent you stimulus payment number three! The first batch of payments cleared bank accounts on March 17. Direct deposits are labeled: ACH CREDIT IRS TREAS TAX EIP.
This first batch of payments totaled about 90 million accounts with a value of more than $242 billion. The IRS said the majority of payments were delivered by direct deposit, but the IRS also mailed roughly 150,000 checks worth approximately $442 million.
What if you didn't get your payment today? Don't panic. This is the first wave of payments.
You can check the timing and the form of payment with the IRS ‘Get My Payment’ tool. Don't be surprised if you end up getting a debit card or a check this time.
“The Treasury hasn't put out a lot of information about that. Of course, direct deposit is the fastest and easiest way for the Treasury to deploy payments and you can presume that if you got direct deposit last time that's how you will get it this time. There will also be checks and debit cards. The last stimulus flip-flopped, if you got a direct deposit you got a debit or vice versa. I think as time goes by and we get more information on how it will work best for them,” said Mark Hensley of AARP NC, Triad Region.
Why does the IRS change the form of your stimulus? It’s not explained but on the IRS webpage it says:
Because these payments are automatic for most eligible people, contacting either financial institutions or the IRS on payment timing will not speed up their arrival.
Here's another key point from the IRS:
Social Security and other federal beneficiaries will generally receive this third payment the same way as their regular benefits.
A payment date for this group will be announced shortly.