Wells Fargo and JPMorgan hold stimulus checks until March 17, others pay quickly

Wells Fargo and JPMorgan hold stimulus checks until March 17, others pay quickly

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

JPMorgan Chase and Wells Fargo customers will not receive their $ 1,400 stimulus checks until at least Wednesday, while customers of some smaller banks already receive them.

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

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

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

Chase said on his website: “We expect electronic stimulus payments to be available on Chase’s eligible accounts as of Wednesday, March 17, 2021.”

Wells Fargo said it “will process all direct deposits according to 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 said that while the “official payment date” is March 17, some payments may arrive earlier.

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

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 to people with accounts at larger banks.

Some people on Twitter were angry with banks for not putting money into accounts before.

Wells Fargo said in a statement to HuffPost that it was following IRS guidelines.

“We know the importance of stimulus funds for our customers and we are providing payments to our customers as soon as possible on the date the funds are available – based on guidance from the IRS,” the document said. “Wells Fargo is not holding the funds.”

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

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

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