More stimulus checks expected to be deposited on Wednesday

SIOUX FALLS, S.D. (Dakota News Now) - For some waiting to get their stimulus checks, the wait could be over soon. Several banks have said they will receive federal funds for stimulus checks by Wednesday. Once they do, they can start to deposit them into people’s accounts.

The idea behind the several rounds of federal stimulus checks is this: by giving citizens money, they will spend it and keep the economy moving.

University of South Dakota associate professor Kathryn Birkeland says whether that extra money actually stimulates the economy or not depends on the households who receive it.

“When we think about the effects of the Stimulus payments there is a couple of things to consider, we have to consider the timing and the type of payments, who the payments went to, and whether they were able to be spent immediately or not,” said Birkeland.

Financial councilor Dawson Muska of Lutheran Social Services says people have used the stimulus checks in several ways, but it’s important for people to remember these types of checks won’t continue to come in.

“We really can’t count on these checks, treat it like it’s a one-time opportunity,” said Muska. “If you have something out there that needs to be addressed financially if you have a collection debt or you have some credit card debt, you have an outstanding payment that needs to be made, now is the time to take advantage of the opportunity and address some of those needs, get finically stable while you can.”

Each household is different. Because of that, the best course of action for using the stimulus funds is different for each person.

“It’s a unique opportunity for a lot of folks that we see, they don’t really have this large chunk of change in their day to day lives and so when they come in maybe they have $3,000 to $5,000 and they’re just like gosh what do we do with these funds,” said Muska. “For us, it is helping them to prioritize, what are the most important things that need to be addressed.”

The IRS has a tracker available for people to check the status of their stimulus checks: https://www.irs.gov/coronavirus/get-my-payment

Copyright 2021 Dakota News Now. All rights reserved.