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Stimulus checks arriving today

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April 28, 2008

If you check your bank account  and notice there's some extra money in there, don't be alarmed. Beginning Monday, millions of Americans will receive their tax rebate checks earlier than expected.

The payments were originally scheduled to come out May 2 but instead, some 7 million Americans will get their checks directly deposited into their bank accounts this week. There is optimism the stimulus checks, which are worth up to $600.00 a person or $1,200.00 a couple plus $300.00 per eligible child, will entice recipients into spending that money as a way to jump start the economy .

President Bush spoke to reporters on Friday about the 130 million eligible households that will receive a rebate check by this summer.

"The money is going to help Americans offset the high prices we're seeing at the gas pump and at the grocery store, and it will also give our economy a boost to help us pull of this economic slowdown," says President Bush.

Now the method in which these checks are being delivered is based on the last two digits of your Social Security Number. For checks being direct deposited into your bank account, your last two Social Security Number end in 00 - 20 your check should be deposited sometime this week. For numbers ending in 21 - 75  and 76 - 99, those checks will be deposited a week earlier than expected as well. 

If you're receiving your check by mail, remember that those checks will begin being delivered next week. The delivery of checks sent by mail is also based on the recipients Social Security Number.

Now if you didn't owe any income taxes, you may still be eligible to receive a check. To do so you must first fill out a form with the IRS and you can access that information at www.irs.gov .

The Treasury is expected to send out $110 billion  to tax payers by July 11th.