Wells Fargo and JPMorgan Hold Stimulus Checks Until March 17, Others Pay Quick

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  • JPMorgan Chase and Wells Fargo customers won’t receive their stimulus checks until at least Wednesday.
  • Some people with other banks already have their checks.
  • Banks say they are working on the official IRS payment date.
  • See more stories on the Insider business page.

Customers with JPMorgan Chase and Wells Fargo don’t get their $ 1,400 stimulus checks until at least Wednesday, while customers of some small banks already have them.

The checks arrived in some people’s accounts on Friday, a day after President Joe Biden signed the $ 1.9 trillion stimulus package.

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

But the two big banks have told their customers they will not be able to access the funds until Wednesday.

Chase said on his website: “We anticipate electronic stimulus payments will be available in eligible Chase accounts as of Wednesday, March 17, 2021.”

Amy Bonitatibus, Chase’s communications manager, said in a statement to Insider, “When we get the money from the IRS on Wednesday, we’ll immediately deposit it into our clients’ accounts.”

Wells Fargo has said it will “process all direct deposits based on the effective date provided by the US Treasury,” which is March 17.

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

The IRS has said that if the “official payment date” is March 17, some payments could arrive sooner.

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

Chime tweeted on Friday: “These payments will be available at traditional banks on 3/17 but Chime members already have access and more are on the way.”

The Journal noted that previous stimulus checks sometimes took days to appear for people with accounts at major 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 is following IRS guidelines.

“We know the importance of stimulus funds to our clients, and we provide payments to our clients as soon as possible on the date the funds are available – depending on the direction of the IRS,” he said. he declares. “Wells Fargo does not hold the funds.”

The IRS also noted that the checks would not reach everyone at the same time. Some payments can take weeks to arrive, especially for people receiving paper checks or debit cards in the mail.

The IRS also said people can track the status of their checks with its “Get My Payment” tool.

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