The Internal Revenue Service (IRS) listed at least five reasons that prove that the agency has more quickly distributed the third stimulus check for $ 1,400 compared to previous rounds of payments passed in the US Congress.
Although some users complain that the stimulus check has not yet reached them, and beneficiaries of programs such as those of the Social Security Administration have had to wait a little longer for the arrival of their money due to lack of information in the files of the IRS, the office insisted on a statement that they have expedited the disbursement of funds as much as they can.
According to a press entry Wednesday on the IRS website, the agency’s efforts made it possible to advance payments to SSA beneficiaries that otherwise would have taken months.
More stimulus checks were deposited to bank accounts
Additionally, the office noted that 85% of most payments in the third round were made by direct deposit compared to 74% in the first round of payments and 77% in the second.
Usually, direct deposit recipients receive the stimulus payments first, as they do not have to wait for the check to arrive in the mail.
As part of this third round, the IRS continues to credit American accounts, and is expected to continue to do so in the coming weeks as part of the distribution plan for the Biden Administration.
Each direct deposit payment schedule begins on Friday and is completed on Wednesday of the following week, Official payment date chosen by the IRS so that Nacha and the banks release the payments and people can dispose of the money.
The IRS’s five reasons for claiming a faster distribution of the third stimulus check and we quote:
one. Within two weeks of the “American Rescue Plan” signed into law, the IRS and the Treasury Department had begun issuing 127 million payments, including 107 million direct deposits.. During a similar time in the first round of economic impact payments authorized last year, the first payments had yet to be issued.
2. Payments to recipients of Social Security and other federal benefits are issued faster than during the first round of payments last year.
3. Approximately 85 percent of the current round of payments has been made by direct deposit, this is more than 74 percent in the first round of payments and 77 percent in the second round. This helps speed payments for millions of American families.
4. Direct deposits are also more likely to be delivered successfully than mailed payments, and the rate of return for direct deposits is also lower than in previous rounds of payments.
5. More than 3.1 million Direct Express cardholders have been paid electronically, more than half a million more than in previous rounds. Making most of these “Direct Express” card payments allows cardholders, many of whom do not have bank accounts, to receive their Financial Impact Payment in the same way that they normally receive their federal benefits.
The most recent IRS statement was sent primarily to report the release on Wednesday, April 7, of millions of direct deposits to American accounts. But, the IRS included the details of the increase in direct deposits and other actions that, they argue, streamline the payment distribution processes corresponding to the third round.