Source: Nacha
President Biden has signed into law the American Rescue Plan Act, which provides for direct payments to many Americans.
These payments will largely be delivered electronically by Direct Deposit over the ACH Network. Following is a statement from Jane Larimer, President and CEO of Nacha, the organization that governs the ACH Network.
“Passage of the American Rescue Plan Act of 2021 into law provides relief for tens of millions of Americans. The ACH Network is ready to deliver these relief payments via Direct Deposit, with funds available to people on the day instructed by the IRS.
“Like the first two rounds of economic impact payments, the number of Direct Deposit payments could approach or exceed 100 million. The ACH Network is ready to deliver these payments, and other assistance such as unemployment benefits and child tax credits, by Direct Deposit.”