Got a prepaid debit card with your stimulus payment? You can avoid fees when you access the money.
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.” Continue reading.