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Third Round of Stimulus Checks: What to Expect

President Joe Biden recently signed the $1.9 trillion American Rescue Plan into law, laying the ground for his administration to deliver direct cash, expanded unemployment, and other coronavirus relief to millions of Americans. The third round of cash payments will soon be on the way, but there are a few differences from the stimulus bill Congress passed in December.

How Much Will the Payments Worth?

Instead of the $600 that was sent out in December, the third economic impact payment is worth up to $1,400 per individual and dependent, depending on their income. Fewer Americans are likely to receive checks in the third round of stimulus payments because the new bill tightens the income threshold for qualifying for the $1,400 check compared with the previous two rounds of direct checks.

Who is Eligible for a $1,400 Direct Payment?

The federal government will use the most recent income information it has on file to determine eligibility. The new payment will be based on either the 2019 or 2020 tax returns, depending on whether you’ve filed yet for 2020, and whether the IRS has processed your return.

Here’s who qualifies for a payment:

  • Adults who earned $75,000 or less in their most recent tax year, as well as married couples who earned $150,000 or less, and heads of household who earned $112,500 or less are eligible for the full $1,400 payment.
  • Reduced payments will go to adults who earned more than $75,000, but less than $80,000, married couples who earned more than $150,000 (but less than $160,000), and heads of household who earned more than $112,500 (but less than $120,000).

Use this online calculator to determine whether you qualify and your potential payment amount.

When Can I Expect My Payment?

The first wave of direct deposit checks will begin hitting Americans’ bank accounts as soon as the March 13-14 weekend. Please allow an additional 1-2 business days for Salal to process the payment. More stimulus check payments will then be sent over the following weeks.

Want to be notified when the payment hits your account?
Customize your Alerts in Mobile and Online Banking by creating your own SMS text message or email alerts to get timely notifications of deposit activity. On a mobile device and online, this functionality is found in the settings menu under notifications.

Taxpayers can also track the status of their payments with the IRS’s Get My Payment tool.

How Will the Payments be Sent?

Just like the previous two rounds, payments will primarily be sent via direct deposit. If the IRS doesn’t have your direct deposit info, you may get a paper check or a pre-paid debit card in the mail.

If you receive a paper stimulus check, there are a few ways to securely deposit your check:

  • All five of our neighborhood Salal branches have outdoor deposit-taking ATMs. Learn how to do a simple check deposit transaction in this video. To find a surcharge-free ATM closest to you, visit our Locations & Hours page.
  • For the convenience of depositing a check anytime and anywhere, you can use our check deposit feature in our Mobile Banking app. Make sure to endorse the check with “for mobile deposit only at Salal Credit Union.” Learn how to deposit your check via your smartphone in this easy-to-follow tutorial.

Avoid Stimulus Check Scams

As a reminder, the federal government will not ask to confirm your personal or banking details by email, phone, or text message, or demand a “processing fee” to obtain or expedite your stimulus payment. Do not click on links in email or text messages relating to stimulus checks and never provide your personal information.