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

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

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

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

Direct payments, which the IRS has labeled “Economic Impact Payments”, are due 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,” said the IRS on its website. “Some Americans may see direct deposit payments as pending or as interim payments on their accounts before the official payment date of March 17th.”

That means it can take several days for relief checks to clear at major banks like Wells Fargo. Others, like Chase, said on their website that they hope to release payments on March 17 and after.

“Wells Fargo will process all direct deposits according to the effective date provided by the US Treasury,” the bank said in several follow-up tweets for customers frustrated how delay.

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

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

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

Singles earning up to $ 75,000 in adjusted gross income qualify for the full amount, along with couples earning up to $ 150,000. Each dependent adult is also entitled to a check.

However, stimulus payments decrease much more quickly. Individuals who earn over $ 80,000 and couples who earn over $ 160,000 will receive nothing.

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