Direct deposits for coronavirus stimulus checks are starting to show up in bank accounts, according to several reports.
“We can confirm that payments are beginning to arrive in some Americans’ accounts,” a Treasury Department official told ABC News on Saturday.
Current, a mobile banking startup, told the Wall Street Journal that the first stimulus payments were sent to banks late Friday. “We just saw a bunch of the first wave, lots of $1,200 deposits,” Current CEO Stuart Sopp told The Journal.
A Treasury Department said as many as 70 million Americans with direct deposit on file with the IRS could get checks by April 15, according to The Washington Post.
The Internal Revenue Service is sending $1,200 to Americans making less than $75,000 a year, plus $500 for each dependent child under the latest coronavirus stimulus package. People who make more than $75,000 a year will get less depending on their income.
Married couples making less than $150,000 a year will receive $2,400 plus $500 for each dependent child..
The IRS had said they were hoping to start sending direct deposits out next week.
“Treasury and the IRS have worked around the clock to get fast and direct economic assistance to hardworking Americans,” the Treasury official told ABC News.
The first wave of payments will be direct deposits to people who listed their bank account information on their 2018 or 2019 tax returns.
For people who do not file taxes, including low-income people and those on Social Security, the IRS has a portal set up so they can send their bank account information in to set up direct deposit of their money.
This new site does not allow people to change direct deposit information already on file because of concerns about potential fraud, the Treasury Department said.
The IRS also plans to have a web site online soon so people will be able to check the status of their stimulus check.
People who have not given their direct deposit to the IRS may have to wait weeks or months for a paper check to be mailed out.
Treasury Secretary Steve Mnuchin said earlier that he hopes paper checks would start going out by May 4, according to the Associated Press.
The Washington Post reports the Treasury Department hopes those checks will start going out in late April, starting with people who make less than $10,000 a year and then rolling out to people who make more money each week.
But it could take until August or September for all checks to be printed and mailed, according to The Post and AP.