Yes! Once that money hits your bank account, it is fair game. The bank can take out regular fees, NSF fees, or whatever they are charging your account.
I realize that this seems counter-intuitive, considering that ARRA funds retain their character as ARRA funds throughout their use, but even ARRA money has to stop somewhere. ARRA funds retain their character from prime recipient to sub-recipient to contractor to sub-contractor, but they lose their federal status when they actually hit someone's paycheck. Stimulus money sent to individuals is the same - once it hits an individual's pocket (account, mattress, whatever), it is no longer federal money.
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