WELLS Fargo and Chase customers are furious over stimulus check delays as banks refuse to process $1,400 payments until March 17.
Millions of Americans began receiving their $1,400 stimulus checks as early as Friday, a day after President Joe Biden signed the $1.9trillion relief bill into law.
Wells Fargo and Chase will begin processing customers stimulus checks on March 17[/caption]
“The first batch of payments will be sent by direct deposit, which some recipients started receiving as early as March 12,” the Internal Revenue Service (IRS) explained on its website.
On Friday, Chase addressed their customers concerns regarding their stimulus payment saying the checks won’t be available until March 17.
“We expect that electronic stimulus payments will be available in eligible Chase accounts as soon as Wednesday, March 17, 2021,” the bank said on their website.
Wells Fargo said the same that it will treat all checks as arriving March 17, whether they arrive earlier or not.
President Joe Biden signed the $1.9trillion relief bill on March 11[/caption]
Millions of Americans began receiving their $1,400 stimulus payments as early as Friday[/caption]
“Wells Fargo will process all of the direct deposits according to the effective date provided by the U.S. Treasury [March 17],” the bank said on Twitter.
An angry Wells Fargo customer tweeted he’s going to “drop” his account after the payment is clearing
“Yeah going to drop my wells account after the direct deposit hits, unbelievable,” the irate customer wrote.
Another customer tweeted, “So, it sounds like the #Stimuluschecks are out there. I’m seeing a lot of reports of people getting theirs already.
“Mine is probably out there as well but for some reason @WellsFargo may be holding it until the 17th? Moving my $ may be happening very soon.”
On the other hand, digital bank Chime said they authorized clients to instantly access the cash, saying it had already distributed $600million checks to 250,000 members.
“Stimmy Alert! We’ve already made ~$600M available to 250k members. These payments will be available at traditional banks on 3/17 but Chime members already have access and more is on the way
“No reasons to wait till St. Pattys Day, at Chime you’re always lucky,” the digital bank tweeted.
Prior to Biden signing the stimulus bill into law on Thursday afternoon, White House National Economic Council Director Brian Deese told CNN’s New Day that the administration was dedicated to pushing the legislation through and getting money out to Americans in need as soon as possible.
“We are now laser-focused on the question of how to implement this bill quickly and effectively so that the resources get out to those Americans who need it – including those direct payments,” he said.
The bill was signed just one day after it passed through the House at 220 to 211 votes on Wednesday.
Before giving the final sign-off on Thursday, Biden said, “this historic legislation is about a fighting chance” for Americans.
“Tonight, and the next couple of days, I’ll be able to take your questions,” he told reporters. “But in the meantime, what I’m going to do is sign this bill and make the presentation tonight.
“Then there will be plenty of opportunities to be on the road not only talking about what I’m talking about tonight, which is the impact [of] the virus and how to end this pandemic.
“We’re going to talk about all the elements of the bill beginning Friday, Saturday, and all through the week. So, thank you for being here.”
Digital bank Chime said on Twitter that it had processed $600million to 250,000 members[/caption]
Irate Wells Fargo customers took to social media to blast the bank for holding their stimulus payments[/caption]
Folks on Twitter had a field day when they learned Chase and Wells Fargo will not process the $1,400 payments until March 17[/caption]
White House Press Secretary Jen Psaki said this is in order to “expedite the payments and not delay them“.
The latest round of checks will be sent out in full to Americans who make up to $75,000 and married couples who make up to $150,000 a year.
This round will phase out at a lower adjusted gross income (AGI) limit than previous checks, with individuals who make more than $80,000 and couples who make more than $160,000 getting no payment at all.
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For the two previous checks, the income cap was set at $100,000 for individuals and $200,000 for couples.
A qualifying family of four could get checks of up to $5,600 with the American Rescue Plan.
By Monday, eligible Americans should be able to check the IRS’s “Get My Payment” tool online to check the status of their stimulus check.