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Economic Stimulus Payments To Be Sent Out a Week Early

By Erik Folgate

The IRS has announced that they will now be sending out economic stimulus payments starting this Monday, April 28th. The first direct deposits were originally going to be made May 2nd, but I guess the government got antsy to start “stimulating the economy”. Again, I am skeptical that this will actually stimulate the economy the way the government thinks it will. It brings the assumption that everyone will go out and blow the money on goods and services that they probably don’t need. But, I suspect that many responsible people will use it to pay off debts, get current on their mortgage, or save it in their emergency fund.

Here is the original timetable for receiving your payment:

DIRECT DEPOSIT

Last two SSN digits: Payment will be transmitted by:

  • 00 through 20 May 2
  • 21 through 75 May 9
  • 76 through 99 May 16

PAPER CHECK

Last two SSN digits: Payments will be mailed by:

  • 00 through 09 May 16
  • 10 through 18 May 23
  • 19 through 25 May 30
  • 26 through 38 June 6
  • 39 through 51 June 13
  • 52 through 63 June 20
  • 64 through 75 June 27
  • 76 through 87 July 4
  • 88 through 99 July 11

Common sense would tell us that you can move all of those dates up 5 days now, but your guess is as good as mine. All we know is that the payments will start rolling out via direct deposit this coming monday.

Erik Folgate
Erik and his wife, Lindzee, live in Orlando, Florida with a baby boy on the way. Erik works as an account manager for a marketing company, and considers counseling friends, family and the readers of Money Crashers his personal ministry to others. Erik became passionate about personal finance and helping others make wise financial decisions after racking up over $20k in credit card and student loan debt within the first two years of college.

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  • http://www.moolanomy.com/ Pinyo

    Good deal! It seems like everything just got expensive overnight and I could definitely use the money.

  • Jacquelyn Hart-McCoy

    Everyone I know is excited about spending it on new flat screens, computers or iphone’s. Shawn and I are putting it toward our kitchen upgrade.

  • author

    haha, I know. I’d say that the kitchen upgrade is money well spent!

  • J

    “I am skeptical that this will actually stimulate the economy the way the government thinks it will… I suspect that many responsible people will use it to pay off debts, get current on their mortgage, or save it in their emergency fund.”

    While your “suspicion” may be correct, you vastly overestimate the number of “responsible people” that are in this country.

    This money will stimulate the economy without a doubt. The questions are 1) will it be enough, and 2) should we being doing it this way?

  • author

    J, believe me, if you read the other posts that I’ve written about the stimulus plan, you’ll see my skepticism about the plan and if people will use the money responsibly. I think it will be enough if everyone puts it back into the economy, but I don’t think we should be doing it this way.

    I think that they should have made the bush tax cuts permanent and reduced more taxes such as gasoline tax and get the states on board to lower property taxes.

  • deschl

    this will make us more in debt to china and japan, i hope everybody enjoys this money when their great grandchildren are living in poverty, what a legacy to leave, and hope china never calls it’s debts we all will be saluting a different flag. if your president had not diverted the war to iraq instead of afganistan we wouldnt be in this mess. he messed up a golden opportunity when the world was behind us and truly wanted a global coalition by going to iraq, thats what we get for electing a “c” student and ex cocaine user.

  • http://www.deepmarket.com/ Eric

    It isn’t the physical money that will stimulate the economy – it will be the “good” feeling that consumers have because of the stimulus “bonus”. I expect many people have already “spent” their bonus – even before receiving it.

  • robert

    Evey one told me that this is just an advance on next years taxes better read the IRS website,THIS is not an advance according to them

  • author

    deschl,

    I’m not even going to get into what you just wrote, but just know that it’s our country, not Bush’s. Stop blaming everything on him and help the rest of America do something to keep our country a great country.

    Robert,

    it’s not an “advance”, meaning that you’ll have to pay it back in 2009. It’s a tax credit for 2008 that they are giving you in advance, rather than giving you the credit in 2009 when you file your taxes.

  • Brandy

    so if you had your refund put on the H&R block card is that considered direct deposit?

  • robert

    think you better read the irs web site do to you don;t know what is going on either or you just forgot how to read

  • Jacquelyn Hart-McCoy

    I also read it was a credit, however it would not affect how you file and how much you get back next year.

    Also, the girls around my office are all saying that are using the check for gas and groceries.

    I think they check is silly and won’t help at all, but hey, since I am getting it I might as well use it wisely, you know.

  • author

    yeah, well if people use it for paying down debt, it will stimulate the economy in the long run, because paying down debt means reducing the payments you make. The less payments you have, the more money you have to save and spend.

  • Rita Blackwell

    I am so disappointed that not to many of you are even being grateful of the fact that we are getting a stimulas check. I will be using mine
    for gas and groceries. Quit dogging our president and we as people
    need to do what is right in the eyes of God and get this nation back
    to where it needs to be.

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