The IRS has sent out 90 million stimulus payments

The Internal Revenue Service told financial institutions to expect roughly 90 million direct deposits amounting to $242.2 billion on March 17 in the initial distribution of the American Rescue Plan stimulus payments, according to a banking industry group.

Following the deposits, the IRS mailed an additional 150,000 checks amounting to $442 million, with a pay date of March 19, according to the Independent Community Bankers of America, based on a briefing from the IRS.

“Additional batches of payments will be sent in the coming weeks with the vast majority sent by direct deposit,” the group said in an online update to banking members. “Payments will also be sent through the mail as a check or debit card.”

The American Rescue Plan provides a third round of direct stimulus payments, up to $1,400 for individuals, $2,800 for couples, and an additional $1,400 for each dependent regardless of age.

If you haven’t received your deposit, here’s some information that may help you figure out when your money will arrive and what to do if you get your funds on a prepaid debit card.

Why could some people get access to their money earlier than March 17?

The IRS announced that the settlement date for the initial wave of economic-impact payments by direct deposit would be March 17.

Some people have been upset that others have had access to the direct deposit before the March 17 date. But nothing nefarious is happening at those institutions that didn’t make the money available sooner, according to Nacha, the organization that governs the Automated Clearing House (ACH) Network.

“Banks and credit unions will make funds from direct deposits available to their customers by the same day that they receive the funds from the IRS,” according to Mike Herd, senior vice president of ACH Network Administration at Nacha. “Banks and credit unions are not delaying the payments, nor are they earning interest on funds they don’t have.”

Nacha said in a statement that its rules require that banks and credit unions make the funds available to the account holders by 9 a.m. local time on the settlement date.

“It is up to the sender — in this case, the IRS — to decide when it wants the money to be made available,” Nacha said in its statement. “This is literally the moment in time when the money will be transferred from the government to banks’