Banking giants Wells Fargo and Chase said they would not process the $ 1400 stimulus payments issued recently until Wednesday, prompting protests from their customers.
HuffPost notes that banks said in individual statements last week that they will not process and release payments until March 17.
“We expect most electronic payments to be available as early as Wednesday, March 17, 2021,” Chase said in his location on the Internet network
“Wells Fargo will process all direct deposits according to the effective date provided by the US Treasury,” said Wells Fargo.
The ads sparked criticism on Twitter.
Therefore, Wells Fargo will keep government stimulus checks for 2 days before allowing people to access the funds. This allows Wells to earn interest on staff money.
67% of Wells’ political donations went to Dems in 2020, including Dem PACs like Ameripac. Nice. pic.twitter.com/QT1EfTb9b7
– Prof Zenkus (@anthonyzenkus) March 13, 2021
It’s your money. Stimulus checks come directly from the United States Treasury. So why are @Chase and @WellsFargo holding your money until March 17th? https://t.co/pNDYXYMeHy
– Keith Boykin (@keithboykin) March 13, 2021
HuffPost added that other banking institutions like Chime made payments available immediately to their customers. Chime claims to have already provided about $ 600 million in stimulus payments.
“We have already made about $ 600 million available to 250,000 members. These payments will be available at traditional banks on March 17, but Chime members already have access and others are on their way, ”wrote Chime on Twitter.
Stimulation alert! We have already made about $ 600 million available to 250,000 members. These payments will be available at traditional banks on 3/17, but Chime members already have access and others are on their way. There is no reason to wait until St. Pattys Day, at Chime you’re always lucky
– Carillon (@Chime) March 12, 2021
The stimulus payments were sent for the first time this weekend, shortly after the $ 1.9 trillion stimulus bill was approved by the parties.
When the first two stimulus payments were sent, many people reported having problems getting their payments. Those who used tax preparation services like H&R Block and TurboTax reported difficulties receiving their payments while the checks were being sent to other bank accounts.
Individuals can recheck the status of their stimulus checks through the Internal Revenue Service (IRS) “Get My Payment” website.