Lebenthal Global Advisors President Dominick Tavella and Walser Wealth Management President Rebecca Walser discuss how stimulus checks will affect the economy and markets.
Wells Fargo and JPMorgan Chase told customers they may not receive the third round of stimulus checks until at least Wednesday, drawing the ire of some Americans who hoped to see the money arrive earlier.
Millions of Americans are about to receive direct cash payments of up to $ 1,400 after President Biden signed the American Rescue Plan last week, injecting an additional $ 1.9 trillion into the country’s pandemic economy. Although the IRS has reported that the official payment date for the money is March 17, it has already started distributing the money.
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Wells Fargo said it will provide all direct deposits “according to the effective date provided by the US Treasury” and said it is not withholding money. In a statement to FOX Business, Wells Fargo spokesman Jim Seitz said the government will release the money in several stages, meaning that not everyone will receive the check at the same time.
“We know the importance of stimulus funds to 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,” said Seitz. “Wells Fargo is not holding on to the funds.”
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JPMorgan, in turn, encouraged account holders to create alerts to let them know when the money arrives. A JPMorgan spokesman did not immediately respond to a request for comment.
Customers downloaded from the two Wall Street banks on Twitter, with some threatening to close their accounts. Others questioned whether creditors were intentionally withholding funds to take interest out of people’s overdraft fees.
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Some lenders, including Chime, a digital banking app, have started providing payments to consumers. Chime said on Friday that it has already delivered about $ 600 million in stimulus payments to about 250,000 customers.
“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.
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Individuals can recheck the status of their stimulus checks using the IRS “Get My Payment” tool.