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1225 New York Avenue, NW, Suite 1100, Washington, DC 20005 | consumerbankers.com Economic Impact Payments EIP Update - 120 million Economic Impact Payments have been processed - 105 million Direct Deposit - 15 million paper checks IRS projects that 95% of payments will be distributed by the end of May Treasury Economic Impact Payment FAQ Fund Distribution Methods Two main methods to transmit Economic Impact Payments (EIP) to consumers: Direct Deposit and Paper Checks. The processes and procedures for issuing EIP will be consistent with tax refund payments and industry should use the same methods for EIP that are used for tax refund payments. Refer to NACHA Covid-19 Resources for specifics on ACH processing. Approximately 105 million data files have been sent to deposit institutions with an average payment of $1,784. Learn more from the IRS EIP Information Center. Direct Deposit: - ACH Payments will appear as a standard tax refund payment by ACH. The ACH file will include SS# and look l...