According to Current, a mobile banking service reported by CNBC, some taxpayers received their stimulus payments just one day after President Biden signed the American Rescue Plan. More payments are also expected over the weekend.

A spokesman told CNBC that Current received its first payment just before noon Friday and immediately gave the funds to account holders without waiting for the payment to clear. As of yesterday's report, Current had processed about a quarter of the payments received from the Treasury Department. [White House press secretary Jen Psaki said Friday, "Of course, this is just the first wave," adding that "payments will continue for the next few weeks."

The IRS Get My Payment tracker is being updated, so it is worth checking when you are ready.

Paying over $340 billion is a pretty big job, but if you're using direct deposit, you should see your payment within a few days; as long as you've registered your banking information with the IRS (and filed your 2019 or 2020 taxes), there's nothing more to do. (The IRS portal does not currently have a way to register for direct deposit just for the stimulus package, but if you chose direct deposit for your tax refund, you are all set.)

If you filed in 2019 or 2020 but the IRS does not have your banking information, you will receive a paper check. The Treasury Department is going to start mailing checks next week. (If you want to get on the account transfer train now in case there is a next time, the IRS will help you.)

Those who have not filed a tax return will need to provide some information in order to receive payment; the IRS is urging those with little or no income to use the IRS Free File program to ensure they receive payment.

Even if they do not have a bank account, they are still eligible to receive payments; the EIP card is a Treasury-sponsored, Visa-branded prepaid debit card, which the Treasury also issued for the first two stimulus packages, and will likely be part of the process again.

Payments will be made in a lump sum, including payments to taxpayers and claimed dependents. As President Biden stated in his national address on Thursday, a family of four with two dependents would receive $5,600, assuming full eligibility.

And most Americans would qualify. According to the Census Bureau, the median income for American households in 2019 was a record $68,703, but that figure still falls within the income limit. 75,000 for individuals, $112,500 for heads of households, and $150,000 for taxpayers and dependents with a combined income of $150,000, which is the full amount for taxpayers and dependents.

If you are not sure how much you will receive, this stimulus check calculator will help you find out.