Wells Fargo and JPMorgan Chase told customers they may not receive the third round of stimulus checks until Wednesday, angering some Americans who hoped to see the money arrive earlier.
Millions of Americans are poised to receive instant cash payments worth up to $1,400 after President Biden signed the US bailout last week, injecting another $1.9 trillion into the country’s pandemic-ravaged economy. Although the Internal Revenue Service has said the official payment date for the money is March 17, it has already started distributing the money.
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Wells Fargo said it would provide all direct deposits “as per the effective date provided by the US Treasury Department,” and said it will not hold the funds. In a statement to FOX Business, Wells Fargo spokesman Jim Seitz said the government will release the money in multiple stages, meaning not everyone will receive their check at the same time.
“We know the importance of the promotional funds to our clients, and we make the payments to our clients as soon as possible on the date the funds are available, based on the guidelines of the IRS,” Seitz said. “Wells Fargo doesn’t hold the funds.”
The bank will make the stimulus funds “immediately available when they are made available to us,” he added.
JPMorgan, meanwhile, encouraged account holders to set up alerts so they know when the money is coming in. A JPMorgan spokesperson said the bank won’t receive the money until Wednesday, meaning it won’t be able to collect interest on those funds.
“When we receive the money from the IRS on Wednesday, we will immediately deposit it into our customers’ accounts,” the spokesperson said.
Customers unloaded at the two Wall Street banks on Twitter, with some threatening to close their accounts. Others wondered if the lenders were deliberately withholding the money to earn interest from people’s overdrafts.
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Some lenders, including Chime, a digital banking app, have begun providing payments to consumers. Chime said Friday it had already delivered about $600 million in incentive payments to an estimated 250,000 customers.
“We have already made ~$600 million available to 250,000 members. These payments will be available at traditional banks on 3/17, but Chime members already have access and more is on the way,” Chime wrote on Twitter.
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Individuals can recheck the status of their stimulus checks through the IRS’s “Get My Payment” tool.