Customers Angry at Bank Delays on Stimulus Checks

Americans waiting to receive their stimulus checks grew increasingly frustrated on Saturday after discovering that some banks would not make checks available to them for days, even if 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 had already landed in countless bank accounts by Friday, the Wall Street Journal reported.

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

Some digital banks, like Chime, have said they allow customers instant access to cash. Chime announced on Friday that it had already distributed $ 600 million in “stimmy” checks.

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

Chase, however, released a statement that he will release payments from March 17, apparently even if the money lands in the accounts sooner.

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

The bank has put the policy in a positive light on Twitter, tweeting that customers can get the money “as early as March 17” – but clearly not sooner, even though the government’s millions are under the bank’s control within days. before that.

It is not yet clear how other banks handle payments. Some bank customers have received a notification that the money has landed in their accounts, but the money will not be available to them until March 17, The Washington Post reported

The Journal noted that in previous rounds of stimulus checks, transactions at major banks sometimes took a few days to appear as credited to accounts.

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

Slow check processing only works to the benefit of banks because of the increased “float” created by a massive influx of government cash. They can juggle delays to increase outgoing loans to other customers and increase their profits.

Customers were annoyed by the booth and seemed to focus on Wells.

The IRS said Friday that people can start tracking the status of their checks using the “Get My Payment” portal starting 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.

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