Direct deposit puts $757 million in Alaskans' pockets

Posted: Thursday, October 05, 2000

ANCHORAGE (AP) -- Alaskans lined up at banks across the state Wednesday to withdraw some of the Alaska Permanent Fund dividend money that showed up in their accounts.

More than two thirds of eligible Alaskans checked the box to have the money deposited directly into banks and other financial institutions, instead of receiving a paper check.

''We had 397,000 people eligible for direct deposit,'' said Paul Dick, chief of operations for the permanent fund division of the state Revenue Department. ''We distributed $757 million.'' All the money went out in one day, he said.

Traditional checks are heading for mailboxes this month as well, roughly 180,000 of them representing more than $353 million, Dick said.

Those should be in the hands of Alaskans by Oct. 19, he said, assuming there are no computer glitches like the one last year that delayed several thousand checks.

The dividend amount this year is $1,963.86, the largest ever. For people who have collected every dividend since the first one in 1982, the total payout is $18,511.25.

Altogether, $1.15 billion is being distributed this year. The money represents earnings from the permanent fund, which now has just over $28 billion invested.

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