Americans who receive stimulus checks this weekend may not be able to access the money right away

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  • Many Americans see $ 1,400 stimulus checks in their bank accounts, but they may not be able to access the money immediately.
  • The IRS said it officially released the payments on March 17.
  • This means that clearing checks at major financial institutions can take several days.
  • See more stories on the Insider business page.

Many Americans are seeing $ 1,400 stimulus checks hit their bank accounts this weekend under President Joe Biden’s stimulus bill. But people may not be able to access it immediately – at least not until St. Patrick’s Day at the earliest.

The direct payments, which the IRS has called “economic impact payments,” are expected to be made on March 17, according to the agency.

“As with the first two economic impact payments in 2020, most Americans will receive their money without having to take any action,” the IRS said on its website. “Some Americans may view direct deposit payments as pending or as interim payments in their accounts before the official payment date of March 17.”

This means it could take several days for relief checks to clear at big banks like Wells Fargo. Others, like Chase, have said on their website that they plan to release payments on March 17 and beyond.

“Wells Fargo will process all direct deposits based on the effective date provided by the US Treasury,” the bank said in numerous follow-up tweets to customers frustrated with the delay.

Some digital banks, like Chime, however, have said that they allow their customers instant access to their federal money. On Friday, they issued a “stimmy alert” on Twitter saying the service had already distributed $ 600 million.

Chime did not immediately respond to a request for comment on their decision.

The IRS also said Friday that people can start tracking the status of their checks using the “Get My Payment” portal on Monday. The agency also said it plans to issue more direct deposits and send payments in the form of checks or debit cards in the coming weeks.

Singles earning up to $ 75,000 in adjusted gross income are eligible for the full amount, as well as couples earning up to $ 150,000. Each dependent adult is also entitled to a check.

However, the stimulus payments disappear much faster. People earning over $ 80,000 and couples earning over $ 160,000 will receive nothing.



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