Updated: March 17, 2021 11:11 AM
Created: March 16, 2021 03:37 PM
ROCHESTER, N.Y. (WHEC) — Are you waiting for the third stimulus payment? Tens of millions of people will receive theirs on Wednesday, according to the American Bankers Association.
The latest round of relief payments will provide households with $1,400 for each adult, child and adult dependent, such as college students or elderly relatives. Adult dependents were not eligible to receive payments in the previous two rounds of payments.
The payments start declining for an individual once adjusted gross income exceeds $75,000 and go to zero once income hits $80,000. The payment starts declining for married couples when income exceeds $150,000 and goes to zero at $160,000. A qualifying family of four would receive $5,600.
Your bank account may show there is a pending payment for your stimulus check and it will stay that way until Wednesday, the settlement date the IRS selected for the first wave of funds.
The American Bankers Association issued a statement Tuesday regarding the availability of the funds.
"The IRS recently sent an initial wave of tens of millions of economic impact payments via the Automated Clearing House (ACH) system. The actual funds will be sent to the banks and credit unions on March 17, at which time funds will be made available to customers. Until that time, the funds remain with the government. While the IRS could have chosen to send the funds via Same Day ACH or provided for an earlier effective date, it chose not to do so. 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."
Some people have already received their stimulus payments because financial companies they bank with did not wait for the money to be cleared before depositing it into customer accounts.
It is estimated that 85% of Americans will be eligible for the latest round of payments, and President Joe Biden pledged on Monday that 100 million stimulus payments will be distributed within the next 10 days.
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.
The IRS relaunched the “Get My Payment” online tool to help Americans track their payments.
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