Stimulus payments hitting some Americans’ bank accounts

Some Americans are seeing the latest round of stimulus payment hit their bank accounts, as the first batch of funds is rolled out. The payments, worth up to $1,400 per person, were included in the $ 1.9 trillion COVID-19 relief package signed by President Joe Biden this week.

The White House on Thursday had announced that payments would go out this weekend for those who have their direct deposit information on hand at Treasury and the Internal Revenue Service.

Processing of the first batch of stimulus payments began on Friday. Direct deposits will go out first, paper checks and prepaid debit cards will be sent out before the end of the month.

People can check the status of their payments using the IRS’ Get My payment tool online on Monday.

Who gets the payment and how much?

The full $1,400 amount goes to individuals who earn less than $75,000 of adjusted gross income, heads of households (like single parents) earning less than $112,500, and married couples earning less than $150,000.

The payments gradually phase out as income goes up, and lawmakers narrowed the scope for this third round of payments so that not everyone who received a previous check will be sent one now.