coronavirus

Tens of Millions Will Receive Third Stimulus Payments on March 17

Twenty/20

Are you waiting for the third stimulus payment? Tens of millions of people will receive theirs on Wednesday, March 17, according to the National Automated Clearing House Association (Nacha) which governs the direct deposit process for many banks and credit unions in the U.S.

That's the settlement date the IRS selected for the first wave of funds. The payments should be available to taxpayers by 8:30 a.m., per Nacha.

Some people have already received their economic impact payments (EIPs) because financial companies they bank with, including Current and Cash App, did not wait for the money to be cleared before depositing it into customer accounts.

A group of bank and credit unions released a statement Tuesday saying that they have been waiting for the IRS to release the funds so they can make them available to customers.

"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."

The first wave will be deposited directly into bank accounts. The IRS will then send more waves of payments, as well as paper checks and pre-paid debit cards.

Taxpayers can track the status of their payments using the IRS's Get My Payment tool.

The third stimulus checks are worth up to $1,400 per qualifying individual and each of his or her dependents. To see how much you may qualify for, use this calculator from personal finance website Grow:

Don't miss: Here's how to track the status of the third stimulus payment

Check out: Use this calculator to see exactly how much your third coronavirus stimulus check could be worth

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