Wells Fargo, Chase criticized over the timing of delivery of third stimulus check
Wells Fargo, Chase criticized over the timing of delivery of third stimulus check

Wells Fargo, Chase criticized over the timing of delivery of third stimulus check

Wells Fargo and JPMorgan Chase told customers they might not receive the third round of stimulus check until at least Wednesday, and it got annoyed by some Americans hoping to see the money come sooner.

Millions of Americans are ready to receive direct cash payments worth up to $ 1,400 after President Biden last week signed the U.S. rescue plan and injected an additional $ 1.9 trillion into the country’s pandemic-hit economy. Although the tax authorities have said that 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 of the direct deposits “according to the effective date set by the U.S. Treasury Department,” and said it would not hold on to the money. In a statement to FOX Business, Wells Fargo spokesman Jim Seitz said the government will release the money in several phases, meaning not everyone will receive their check at the same time.

“We know the importance of stimulus funds to our customers, and we deliver payments to our customers as soon as possible on the date the funds are available, based on IRS direction,” Seitz said. “Wells Fargo does not hold funds.”

The bank will make the stimulus funds “available immediately when they are made available to us,” he added.

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JPMorgan, meanwhile, urged account holders to set up alerts so they know when the money arrives. A spokesman for JPMorgan said the bank would not receive the money until Wednesday – meaning it could not charge interest on those funds.

“When we receive the money from the IRS on Wednesday, we will immediately deposit it in our customers’ accounts,” the spokesman said.

Customers unloaded on the two Wall Street banks on Twitter, with some threatening to close their accounts. Others questioned whether lenders deliberately withheld funds to obtain interest on people’s overdraft fees.

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Some lenders, including Chime, a digital banking app, have begun delivering payments to consumers. Chime said Friday it had already delivered about $ 600 million in stimulus payments to an estimated 250,000 customers.

“We have already made ~ $ 600 million available to 250,000 members. These payments will be available in traditional banks on March 17, but Chime members already have access and more are on the way,” Chime wrote on Twitter.

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Individuals can once again check the status of their stimulus checks through the IRS’s “Get My Payment” tool.

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