The first round of $1,200 coronavirus stimulus checks have already started hitting Americans’ bank accounts

On April 15, the first economic stimulus checks of up to $1,200 will start to go out for eligible taxpayers, beginning with people who have direct deposit set up with the IRS.

You will even be able to track your payment with the IRS, through a new tool called Get My Payment that the agency will have on its website by April 17.

Readers have reported in this story’s comments that their banks will post their stimulus money on April 15. However, even thought the checks begin to arrive this week doesn’t mean that everyone will get their stimulus money on the first day.

Those who have set up direct deposit with the IRS can expect to get their stimulus payment faster.  Some banks such as Chime have posted payments to user accounts on Friday afternoon April 10th.

Social Security Beneficiaries Deposits To Be Sent in April 2020

Next, the IRS will make a second round of April payments to Social Security beneficiaries who don’t file tax return and receive their payments by direct deposit. It isn’t clear which wave will include Americans who haven’t filed or haven’t given the IRS their direct deposit information previously, although the IRS has outlined steps to allow people in these groups to get their payments direct deposited.

Paper Stimulus Checks

Finally, paper checks will begin to be sent in early May to taxpayers who didn’t get theirs through direct deposit, although this process is expected to take as long as 20 weeks, as the IRS has the capacity to issue about 5 million checks per week. However, we suggest you sign up with Chime, Current, or Varo to get your check within 7 days by using the Get My Payment tool that launches this Friday April 17th!

The “Get My Payment” tool launches on Friday

The U.S. Treasury Department and the IRS jointly announced that a new payment tool will be available on the IRS Economic Impact Payment Web page on Friday, April 17. The Web application will be called “Get My Payment”.  They ask you to use this tool if you fall into one of these categories.

  • If you have not received your stimulus payment yet, it allows you to check the status of yours, so you’ll know approximately when it will reach your bank account or be mailed.
  • If you filed tax returns in 2018 and/or 2019 and did not provide your direct deposit information — meaning that you either chose to receive your tax refund as a check, or didn’t get a refund at all — you’ll be able to share this information with the IRS if you choose to do so.
  • If your payment hasn’t been issued yet, you can confirm whether you want to receive it by direct deposit or check. (Note: Direct deposit will be much faster.)