The Internal Revenue Service says it will start directly depositing economic stimulus checks Monday. Checks will be mailed out beginning in early May.

Click here to see the update schedule for economic stimulus payments.

You cannot get an economic stimulus check, the IRS says, unless you file a 2007 tax return. 130 million household are eligible for the checks. Many individuals can expect a $600, while married couples receive $1,200. Parents may receive an additional $300 for each child.

You can calculate how much you will likely receive by clicking here.

The IRS says you will get your stimulus check by direct deposit if that is what you checked for your tax refund when you filed your tax return. If you did not check the box for direct deposit, the IRS will mail you a check.

UPDATE:
Watch out for Scams dealing with your Economic Stimulus Check!

The Greenville Police Department Financial Crimes Unit has received intelligence that Individuals and business need to be aware that the following scams have already sprung up related to the Economic Stimulus Check initiative:

*Rebate Phone Call: In this scam, consumers receive a phone call from someone identifying themselves as an IRS employee. The caller tells the targeted victim that he is eligible for a sizable rebate for filing his taxes early. The caller then states that he needs the customer's bank account information for the direct deposit of the rebate. If the customer refuses, he is told that he cannot receive the rebate.

*Refund Email Scam: Customer receives an email - which falsely claims to come from the IRS, informing the recipient that he or she is eligible for a tax refund for a specific amount, and instructs the recipient to click on a link in the e-mail to access a refund claim form.

*Audit Email Scam: Customer receives an email notifying the recipient that his or her tax return will be audited. The customer either clicks on a link or contacts a phone number included in the email. This is the first scam of which the IRS is aware that uses this to get the victim to respond.

*Tax Law Change Email Scam - the email is addressed to businesses, accountants and “Treasury” managers. It instructs them to download information on tax law changes by clicking on a series of links to publications on businesses, estate taxes, excise taxes, exempt organizations and IRA's and other retirement plans.

*Paper Check Phone Call Scam: In a current telephone scam, a caller claims to be an IRS employee who is calling because the IRS sent a check to the customer which has not yet been negotiated. The caller states that because the check has not been cashed, the IRS wants to verify the individual’s bank account number.

*Better Business Bureau Rebate Scams - In addition to the above rebate scams, IRS officials are also warning businesses of emails that appear to be complaints forwarded to them by the Better Business Bureau. Businesses receiving such questionable e-mails should contact the local BBB directly and not respond to the email.