Clients angry over bank delays on stimulus checks

Americans waiting to receive their stimulus checks became increasingly frustrated on Saturday after discovering that some banks would not make checks available to them for days, even though they had already been deposited by the federal government.

The official payment date for the “economic impact payments” is March 17, but millions of dollars’ worth of checks have already landed in countless bank accounts by Friday, reports The Wall Street Journal.

“Some Americans may view direct deposit payments as pending or provisional payments in their accounts before the official payment date of March 17,” the Internal Revenue Service explained on its website.

Some digital banks, such as Chime, have said they authorize customers to access the cash immediately. Chime claimed on Friday that he had already distributed $ 600 million in “stuffy” checks.

Clock customers on Twitter have confirmed that they already have access to the money.

However, Chase has issued a statement saying it will release the payments from March 17, apparently even if the money ends up in accounts earlier.

Wells Fargo said the same thing: that it would handle all checks as of March 17, whether it arrives earlier or not. “Wells Fargo will process all direct deposits by the effective date provided by the U.S. Treasury,” the bank stressed on its website.

The bank has positively outlined the policy on Twitter, shouting that customers can get the money “as soon as March 17” – but this is clearly not soon, even if the millions of government days before it are under the bank’s control.

It is not yet clear how other banks will handle the payments. Some bank customers were notified that the money ended up in their accounts, but the money will only be available to them March 17, Report The Washington Post

The Journal noted that transactions at larger banks sometimes took several days in previous rounds of stimulus checks to indicate that they were credited to accounts.

Treasury and IRS officials do not disclose how much money has already been sent in the first group. Additional direct deposits will be sent over the next few weeks. People will receive paper checks or new debit cards in the mail if the government does not have direct deposit information.

Slow check processing only works to the advantage of banks due to the increased float caused by a massive influx of cash from the government. They can juggle the delays in promoting the outgoing loans to other customers, and increasing their profits.

Customers got annoyed about the stall, and it looks like they are letting Wells down.

The IRS said Friday that people can start tracking the status of their checks using the “Get My Payment” portal starting Monday. The agency also said it expects to issue more direct deposits and send payments over the coming weeks as a check or debit card.

This third round of payments – worth a total of $ 411 billion – is bigger than one of the previous two last year. Eligible households will be dependent on up to $ 1400 for each adult, child and adult.

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