It appears that those taxpayers who choose to have direct deposit of their tax refund will get their economic stimulus rebate directly deposited into their bank account as well. See the article above from the San Francisco Chronicle.
Here is an FAQ from the IRS on the rebate.
The Internal Revenue Service said it would begin sending out more than 130 million economic stimulus payments in weekly installments starting May 2, with the distribution schedule based on the last two digits of the recipient's Social Security number.
The initial recipients will be those whose Social Security numbers end between 00 and 20, and who have elected to receive their tax refunds by direct deposit. For those who don't use direct deposit, paper checks will be sent starting May 16.
Taxpayers must file a tax return by April 15 if they want to be among those receiving the first round of payments. The latest date to file and receive a payment is October 15. The IRS plans to complete the initial round of payments by early July.
The IRS also added an online calculator to its Web site to help people determine the amount they will receive. After they answer a series of questions, the calculator displays the projected dollar value of the payment.
Here is the payment schedule provided by the IRS:
Stimulus Payment Schedule for Tax Returns
Received and Processed by April 15
Direct Deposit Payments | |
If the last two digits of your Social Security number are: | Your economic stimulus payment deposit should be transmitted to your bank account by: |
00 – 20 | May 2 |
21 – 75 | May 9 |
76 – 99 | May 16 |
Paper Check | |
If the last two digits of your Social Security number are: | Your check should be in the mail by: |
00 – 09 | May 16 |
10 – 18 | May 23 |
19 – 25 | May 30 |
26 – 38 | June 6 |
39 – 51 | June 13 |
52 – 63 | June 20 |
64 – 75 | June 27 |
76 – 87 | July 4 |
88 – 99 | July 11 |
