The third and latest stimulus check will start being deposited in Chase and Wells Fargo customers’ bank accounts via direct deposit on Wednesday, March 17, the official payment date for the checks.
The first batch of $1,400 stimulus payments was processed for some Americans last Friday.
It is estimated that 85% of Americans will be eligible for the payments and the goal is to have millions of the payments disbursed in the next few weeks.
Unlike the first two payments, which were limited to children under 17, this round of checks will also go to all qualifying dependents, including college students, adults with disabilities, parents and grandparents.
Officials maintain no action is required by taxpayers to receive the payments, which will be based on 2019 or 2020 tax returns, depending on which was the latest filed, or data supplied to the IRS last year by non-filers.
The checks are courtesy of President Joe Biden’s $1.9 trillion COVID-19 relief package passed earlier in March.