RALEIGH, N.C. (WNCN) — The second round of stimulus payments have begun to hit bank accounts, but not everyone will get that money at the same time.

Here’s the problem: the Treasury can’t just dump all the payments into the system at once, so it has to spread them out.

The Treasury has the capacity to deliver 5 million to 7 million paper checks a week, for the stimulus. In addition to those checks, it also has to send out checks for other federal programs.

Treasury Secretary Steve Mnuchin announced yesterday the direct deposits had already started going out and indeed some folks woke up this morning to find stimulus money in their accounts.

Individuals making $75,000 or less are eligible for the $600 payments. If you file jointly, each spouse making under $75,000 will receive $600 dollars apiece.


Here’s how that will play out:

  • Direct Deposits will continue into next week
  • Paper Checks start going out today
  • On Jan. 15 all payments will stop

Because the Treasury can’t issue all payments by Jan. 15, if you don’t get it by then, you will need to file a 2020 tax return and wait for the IRS to give you the money as part of your refund.

As we found out with the last stimulus, many people received a debit card instead of a paper check.

At first, they realize what it was for because instead of coming in an official envelope with a treasury or IRS seal, the plain looking debit card came in an envelope with a return address by the issuing bank.

Some people thought it was a scam and cut up or disposed of the debit card.

Mnuchin claimed the debit cards were used because his agency could send out stimulus money faster by using a third-party company instead of issuing government checks.

But as Consumer Investigator Steve Sbraccia found out last May, those debit cards came with a catch– there were fees associated with it.

At the time, they included:

  • 2 dollar fees for out-of-network ATM withdrawals
  • 5 dollar fees for over the counter or teller withdrawals

If you destroyed or lost those debit cards, there were significant replacement fees. It’d cost you $17 dollars to get a replacement card and more if you wanted it sent out priority shipping.

This time around the Treasury Department has hinted it’ll use more debit cars than paper checks.

So, if you got your last stimulus payment by check anticipate this time you could get a debit card, so check your mail carefully.

The IRS has a “Get My Payment” tool that can tell you when to expect your payment, but its website says it’s offline right now and won’t be available for a few days.

If the $2,000 stimulus payments ever become law, the IRS will send additional funds so that your total payment topped off at $2,000 but for now– it’s just $600.