Wells Fargo, JPMorgan hold stimulus checks until March 17, others pay fast

Wells Fargo, JPMorgan hold stimulus checks until March 17, others pay fast

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  • JPMorgan Chase and Wells Fargo customers will only receive their stimulus tests at least on Wednesday.
  • Some people at other banks already have their checks.
  • The banks say they are finalizing the official payment date of the IRS.
  • See more stories on Insider’s business page.

Customers with JPMorgan Chase and Wells Fargo will receive their $ 1,400 stimulus checks at least Wednesday, while customers at some smaller banks already have them.

The checks came into some people’s accounts on Friday, a day after President Joe Biden signed the $ 1.9 billion stimulus package.

Biden celebrated the speed of relief over the weekend, tweeting that payments had started and that ‘help is here’.

But the two major banks told their customers that they would only be able to access the funds on Wednesday.

Chase said on its website: “We expect electronic stimulus payments to be available on Wednesday, March 17, 2021, eligible Chase accounts.”

Wells Fargo said it would “process all direct deposits according to the U.S. Treasury entry date,” which is March 17.

It is said on Twitter that “customers who are eligible to receive direct deposit of their stimulus payment can possibly expect it on March 17, 2021.”

The IRS said that although the ‘official payment date’ is March 17, some payments may arrive earlier.

The Wall Street Journal reported on Friday that banking apps Chime and Current said they had already started depositing the money in some customers’ accounts.

Chime tweeted on Friday: “These payments are available at traditional banks on 17/17, but Chime members already have access and more are on the way.”

The Journal noted that previous stimulus surveys sometimes took days to show up for people with accounts at larger banks.

Some people on Twitter were angry with the banks for not putting money in accounts earlier.

Wells Fargo said in a statement to HuffPost that it follows the IRS’s guidance.

“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,” he said. “Wells Fargo does not hold the funds.”

The IRS also noted that the checks would not be issued to all people at once. Some payments can take weeks to arrive, especially for people who receive paper checks or debit cards by mail.

The IRS also said that people can track the status of their checks with the “Get my payment” tool.

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