Karl Rove, former deputy chief of staff of President George W. Bush, is leading direct investigations and the coronavirus stimulus package may catch fire again.
The largest U.S. banks began delivering stimulus checks to qualifying Americans on Wednesday morning after criticism over the timing of third-round direct cash payments.
Although the IRS said the official payment date for the money was March 17, the agency began handing out the payments to certain individuals over the weekend, and the bank customers did not have access to the money.
Banks, including Wells Fargo and JPMorgan Chase, explained that they did not withhold the cash and promised to provide all direct deposits “according to the effective date provided by the US Treasury.” Jim Seitz, spokesman for Wells Fargo, said in a statement to FOX Business that the government would release the money in several phases, meaning not everyone would receive their check at the same time.
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“We know how important the stimulus funds are to our customers, and we pay the payments to the customers as soon as possible on the date the funds are available, based on the IRS direction,” Seitz said. ‘Wells Fargo does not hold the funds. “
The banks will not officially receive the cash until 8:30 a.m. Wednesday, according to the IRS, according to Nacha, the organization that controls the ACH Network payment system. However, there were some reports that the funds had arrived before the deadline. According to the group, banks and credit unions must make the funds available to account holders by 9 a.m., according to Nacha rules.
“This is literally the time when the money is being transferred from the government to the bank accounts at the Federal Reserve,” Nacha said in a statement. “There is no mystery where the money is from the time the first payment file was sent on Friday 12 March until when all recipients will have access to the money on Wednesday – it is still with the government.”
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The ACH network is able to cancel and settle payments, and make the money available to customers as soon as it receives the money from the federal government, Nacha said. The group said it was ultimately up to the sender, in this case the IRS, to determine when he wanted the money to be available.
“Although the IRS could choose to send the funds via Same Day ACH or provide an earlier effective date, it chose not to do so,” a group of banking and credit unions said in a separate statement.
Some credit providers, including Chime, a digital banking app, have already started making payments to consumers before the official launch date on Wednesday. Chime said on Friday it had already made about $ 600 million in stimulus payments to about 250,000 customers.
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Individuals can re-check the status of their stimulus checks through the IRS ‘”Get My Payment” tool.
The payments included in the U.S. bailout plan are the largest yet, with individuals earning $ 75,000 or less able to receive up to $ 1,400. The payments have been increased for higher earners and are completely cut off for anyone earning more than $ 80,000.