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Susan Tompor: Stimulus cash expected to hit bank accounts on St. Patrick's Day

Susan Tompor, Detroit Free Press on

Published in Home and Consumer News

St. Patrick's Day is the day when the green from those latest stimulus payments will actually flow into many savings and checking accounts.

Eligible consumers will have access to their money by 9 a.m. local time Wednesday, according to the trade group that handles the processing of direct deposits.

"The IRS chose the date of March 17, which is the date on which the IRS intends for settlement to occur," according to Nacha, the organization that governs the ACH Network.

So you might want to hold off pulling out your debit card for another few days if you've got immediate plans for how you quickly you'd like to spend that stimulus money.

"In general, most people will get $1,400 for themselves and $1,400 for each of their qualifying dependents claimed on their tax return," according to an IRS statement Friday.

An eligible family of three might end up looking at a stimulus payout of up to $4,200 this time around, while the payout could jump to up to $5,600 for a family of four.

 

The third stimulus could be the best stimulus of the bunch for most people, given a far more generous up to $1,400 add-on for all dependents, not just for children ages 16 and younger.

All the money isn't going out via direct deposit. Some people will still get money via paper checks and plastic prepaid debit cards issued by MetaBank, both of whichwill be sent in the mail in the coming weeks.

"The vast majority of these payments will be by direct deposit," the IRS said Friday, without being specific on the exact percentage of payments.

There's been some confusion lately as to when people will have access to their cash via direct deposit after seeing some "pending" action relating to the third stimulus payments on their bank accounts this weekend.

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