For the many who are patiently (or impatiently) refreshing their bank accounts, waiting for the direct deposit stimulus check to come through, there is finally some good news. The IRS announced on Saturday that the first wave of people eligible for the coronavirus stimulus check would start to see the money deposited in their bank accounts as of that day. While the rollout has been slow to start and is predicted to take up to five months, Americans eligible for the check, which will include up to $1,200 for single people, have been keeping a watchful eye on the the news too see when and how to access the government-funded money. Now, that wait is finally paying off.
After the $2 trillion bill was approved in March, a first rollout of stimulus checks were anticipated by mid-April, making Saturday's first deposits the official beginning of the rollout. But, those in the U.S. financially impacted by the coronavirus pandemic who qualified for the checks were never told how to track those payments.
Initially, the IRS did not provide a way for those waiting for stimulus checks, whether by direct deposit or mailed paper check, to track their money’s whereabouts. Now, a new process may change that, finally ending the waiting game that plagued many people's bank accounts in the past month.
According to an announcement from the IRS, a new system will allow anyone waiting for what they refer to as Economic Impact Payments to track their money online. Using this tool, anyone awaiting a stimulus check can see what day their payment is scheduled and how it will be posted — whether by paper or electronically.
As of April 17, when the new tracking system is officially rolled out, anyone can access a status update by going to the existing Economic Impact Payments page. Currently, the official IRS web page includes a “Get My Payment” portal section with a bullet point titled “Check your payment status." According to reports, this is where the tracking feature will live and be accessible throughout the stimulus package payment plan.
The IRS has reiterated since the announcement that stimulus checks will be issued that, should the proper banking information and/or home mailing address be on file with them, those awaiting their money need not do anything else to ensure that it is coming their way.