A group of bank and credit unions released a statement claiming that the IRS selected March 17 as the date for the first wave, and they are waiting for the money to begin processing into peoples accounts.
“While the IRS could have chosen to send the funds via Same Day [Automated Clearing House] or provided for an earlier effective date, it chose not to do so,” the statement reads. “It is up to the sender, in this case the IRS, to decide when it wants the money to be made available and the IRS chose March 17.”
As we reported, each individual in a family will receive $1,400 if they are qualified.
After Joe Biden signed the bill, the White House promised that payments would come in the following week.
“People can expect to start seeing direct deposits hit their bank accounts as early as this weekend,” White House Press Secretary Jen Psaki said. “This, of course, is just the first wave.”
PHILADELPHIA – MAY 8: Economic stimulus checks are prepared for printing at the Philadelphia Financial Center May 8, 2008 in Philadelphia, Pennsylvania. One hundred and thirty million households are eligible to receive a tax rebate check under the $168 billion economic stimulus plan. (Photo by Jeff Fusco/Getty Images)
