The IRS has started sending out the third stimulus checks, and many eligible Americans have already received them. However, those having a bank account with Wells Fargo and JPMorgan Chase, will not receive the coronavirus stimulus checks until at least Wednesday.
Wells Fargo, JPMorgan Chase holding coronavirus stimulus checks?
The White House informed last week that many eligible people would be seeing the coronavirus stimulus payment in their bank account over the weekend. Though the IRS has started sending the stimulus checks, the banks’ policies also determine when the payment starts reflecting in the customers’ bank accounts.
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Possibly, this is why Wells Fargo and JPMorgan Chase told customers that they may not see the stimulus payment until at least Wednesday. This has irked many customers who were hoping to get the stimulus checks sooner.
Banks say the reason for the delayed payment is not in their control. Speaking to CBS MoneyWatch, Wells Fargo and JPMorgan Chase said that though the IRS started rolling out payments over the weekend, the official date for the payment is not until March 17.
Wells Fargo also denied claims that the bank is holding the money, and said that it would deposit the money in the customers’ bank accounts as soon as possible.
Some customers took to social media to express their frustration and anger. Many have even threatened to quit their banks.
Anyone wondering why JPMorgan Chase and Wells Fargo are holding stimulus checks until March 17, look no further than this. Each bank makes around $5,000,000 per day on overdraft fees. @RepKatiePorter do your thing pic.twitter.com/ysnreF6VDY
— john (@johnlaf13) March 13, 2021
In response to users' concerns, Wells Fargo and JPMorgan Chase continue to insist that the funds won't clear until Wednesday. Wells Fargo, however, announced that it would waive any overdraft fees “for those who have a qualifying negative ending daily balance when their stimulus payment is deposited.”
Other banks quick to credit amount
Nacha, the organization that manages electronic transfers, told CBS MoneyWatch that the IRS had fixed the settlement date of March 17. Further, the organization said the funds are “still with the government.”
"The IRS chose the date of March 17, which is the date on which the IRS intends for settlement to occur," Nacha said.
Other banks, however, haven't needed to wait for the official date and have credited the amount immediately. For instance, some customers of a New York-based banking startup, Current, got the stimulus payment on March 12, a day after President Joe Biden approved the $1.9 trillion bill.
Chime, a digital banking app, has also started crediting the payment to customers' accounts. On Friday, Chime tweeted that it had delivered about $600 million in stimulus payments to about 250,000 customers.
“These payments will be available at traditional banks on 3/17 but Chime members already have access and more is on the way,” Chime said in a tweet.
In case you are not sure where your payment is, you can head to the IRS "Get My Payment" site to get the status of your stimulus checks. As per Treasury and IRS officials, most taxpayers don’t need to take any actions to get the checks, as they will get the payment automatically.