Checks for $1,400 started hitting bank accounts over the weekend following President Biden signing into law what he has dubbed the “The American Rescue Plan
IRS Will Provide Funding for Tens of Millions by Direct Deposit Effective Wednesday, March 17
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HERNDON, Va., March 15, 2021 /PRNewswire/
Nacha, the organization that governs the ACH Network, issued a statement to provide facts on when economic impact payments via Direct Deposit were instructed to be made available to eligible Americans:
The IRS announced that the settlement date for the initial wave of tens of millions of economic impact payments by Direct Deposit will be Wednesday, March 17. This is the date on which the IRS will provide the funds to the banks and credit unions to further make available to recipients. The Nacha Rules require the banks and credit unions to make the funds available to the account holders by 9:00 a.m. local time on the settlement date; again, in this case, March 17.