Customers upset about bank delays at stimulus checks

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

The official payment date for “Economic Impact Payments” is March 17, but millions of dollars in checks have already landed in countless bank accounts by Friday, The Wall Street Journal reported.

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

Some digital banks, such as Chime, have said they have allowed customers to access cash instantly. Chime announced Friday that he has already distributed $ 600 million in “stimmy” checks.

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

However, Chase has issued a statement saying it will release payments starting March 17, apparently even if the money reaches the accounts earlier.

Wells Fargo said the same thing: that he will treat all checks as arrived on March 17, whether they arrive earlier or not. “Wells Fargo will process all direct deposits according to the actual date provided by the US Treasury,” the bank said on its website.

The bank adopted the policy in a positive light on Twitter, tweeting that customers can get the money “immediately after March 17” – but clearly not sooner, even if millions from the government are under the bank’s control a few days before.

It is not yet clear how other banks handle payments. Some customers of the bank received notifications that the money landed in their accounts, but the money will not be available until March 17, Reported The Washington Post

The journal noted that in previous rounds of stimulus checks, transactions with larger banks sometimes took several days to appear credited to the accounts.

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

Slow check processing works only to the advantage of banks due to the increased “floatation” created by a massive influx of government cash. They can juggle delays to increase borrowing from other customers and increase their profits.

Customers were upset about the stall and seemed to make zero at Wells.

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

This third round of payments – totaling $ 411 billion – is higher than either of the previous two last year. Eligible households will receive up to $ 1,400 for each adult, child and dependent adult.