In a release on the IRS website regarding the Stimulus Act, if a taxpayer’s tax refund was deposited (as directed by their tax return) into a direct deposit account, the stimulus payment would follow the same process. 

Such deposits could have been made into a checking or savings account, or an account that is given favorable tax treatment under the code, such as an IRA, health savings account, an Archer MSA, a Coverdell education savings account, or a qualified tuition program account. Distributions to these accounts are subject to rules and restrictions of the IRS Code.

Taxpayers who had their 2007 refunds deposited into more than one account will receive a paper check for their stimulus payment.

Individuals may withdraw an amount equal to the stimulus payment from a tax-favored account, but are subject to restrictions of IRS code.  The amount withdrawn is treated as neither contributed to, nor distributed from the account, and will not be subject to regular federal income tax.  Please see the irs.gov website for additional guidelines regarding stimulus payments.