Treasury Secretary Steven Mnuhcin said that 80 million Americans will receive stimulus checks via direct deposit by Wednesday. Mnuchin added that those who do not receive their check by Wednesday will need to enter their banking information to the IRS if they want their check via direct deposit.
The Treasury Department said on Saturday that it had sent out the first batch of payments. On Monday, some Americans said they have the deposit available in their bank account.
Previously, the IRS said an online tool that will help speed up getting stimulus checks to many Americans will be launched on April 17. Mnuchin said the website will be available on Wednesday.
"You'll be able to ID yourself, put in your direct deposit information and in several days, we will automatically deposit the money into your account," Mnuchin said. "We want to do as much of this electronically as we can. It is very important in this day and age. It is more secure and you do not have to go to the bank."
The website will be for those who do not have their bank account information on file with the IRS. The IRS will use the information to distribute checks via direct deposit.
The online tool will also allow for Americans to check the status of their stimulus check.
Last week, the IRS announced a tool for those who have not filed taxes or are on Social Security to obtain a stimulus check.
As a reminder, here is who is eligible for stimulus checks:
$2,400 – Couples earning less than $150,000 a year (couples earning $150,000 - $198,000 will receive a prorated check).
$1,200 – Individuals earning less than $75,000 a year (individuals earning $75,000 - $99,000 will receive a prorated check).
$500 - Each dependent child age 16 or under as of Dec. 31, 2019 (for qualifying individuals and couples).