Residents of Alaska are seeing an exciting boost to their bank accounts this month, as the state has begun issuing direct deposits totaling $1,702. This payment is a combination of the annual Permanent Fund Dividend (PFD) and an Energy Relief Payment, aimed at helping Alaskans cope with the rising cost of living.
What’s Included in the $1,702 Payment?
The money being deposited into Alaskan accounts comes from two sources:
- Permanent Fund Dividend (PFD) – A yearly payout given to residents from the state’s oil revenue investments. The PFD has been a financial lifeline for many Alaskans since it was introduced in 1982.
- Energy Relief Payment – A special bonus included this year to help Alaskans cover high energy costs, which have been a growing burden due to inflation and global market shifts.
Who is Eligible for the Payment?
Not everyone in Alaska automatically qualifies for this payment. To receive the $1,702 deposit, residents must have met the following criteria:
Lived in Alaska for the entire previous calendar year
Be a U.S. citizen or legal resident
Not have any felony convictions or be incarcerated
Filed a PFD application before the deadline (March 31, 2024)
If you meet these requirements, you should have already received your money, or it will be arriving soon if you opted for a paper check.
When Will You Get Your Money?
The payments are being sent out in February 2025. Those who signed up for direct deposit should have already seen the funds in their bank accounts. However, those who chose paper checks may experience slight delays.
How This Impacts Alaskans
For many households, this payment couldn’t have come at a better time. The cost of food, gas, and heating has been steadily rising, making everyday life more expensive. The $1,702 deposit can help families pay for essential expenses, reducing financial stress.
Additionally, this influx of cash is expected to benefit local businesses, as residents use their funds to shop, pay bills, and support Alaska’s economy.
What’s Next?
Alaska continues to share its wealth from natural resources with its residents through the PFD program, and additional relief payments may be considered in the future based on economic conditions. If you missed this year’s deadline, mark your calendar for next year and ensure your paperwork is submitted on time.
For more information, visit the Alaska Department of Revenue’s PFD website at pfd.alaska.gov.
