That they deposit the $1,400 check is one thing, that you can freely and immediately use the money is another.
As part of the Internal Revenue Service’s (IRS) announcement of the deposit of the first $1,400 stimulus checks, the agency clarified that some recipients will not be able to withdraw and use the funds until March 17.
With the notice, the office confirms that having deposited the first stimulus payments under the “American Recovery Plan” this weekend does not mean that recipients will be able to freely dispose of them immediately.
The reason for this is that March 17 is the official payment date.
The above refers to the day the federal Treasury Department officially transfers the funds to the institutions that credit the money to the separate accounts.
“Some Americans may see direct deposit payments as pending or as interim payments in their accounts prior to the official payment date of March 17,” details the IRS press release this Friday.
The same thing happened in the second round of $600 stimulus checks.
During the second round of $600 stimulus checks, the same thing happened.
Although the IRS and Treasury Department were awarded millions of direct deposits with the funds, on Dec. 29, about two days after then-President Donald Trump signed the Supplemental Appropriations in Response and Coronavirus Relief Act of 2021, it wasn’t until Jan. 4 that many recipients were able to handle the money.
This limitation prompted complaints on social media from Americans who couldn’t wait to be able to use the coronavirus economic stimulus incentives.
The IRS confirmed Friday that some recipients of the payments will begin to see the aid reflected in their bank accounts starting today and tomorrow.
Beginning Monday, the agency will add the mailing of paper checks and prepaid debit cards (EIP Cards) to the electronic transfer process for the third $14.00 stimulus check.
The Biden Administration expects the majority of payments as part of the third round to be mailed in March.