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Wells Fargo, JPMorgan hold stimulus checks to March 17, others pay fast – Business Insider

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https://www.businessinsider.com/stimulus-checks-jpmorgan-chase-wells-fargo-march-17-2021-3

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  • JPMorgan Chase and Wells Fargo customers won’t get their stimulus checks until at least Wednesday.
  • Some people with other banks already have their checks.
  • The banks say they are working off the official IRS payment date.
  • See more stories on Insider’s business page.

Customers with JPMorgan Chase and Wells Fargo aren’t getting their $1,400 stimulus checks until at least Wednesday, while customers with some smaller banks have them already.

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

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

But the two major banks told their customers that they wouldn’t be able to access the funds until Wednesday.

Chase said on its website, “We expect that electronic stimulus payments will be available in eligible Chase accounts as soon as Wednesday, March 17, 2021.”

Amy Bonitatibus, the chief communications officer for Chase, said in a statement to Insider: “When we receive the money from the IRS on Wednesday, we will immediately deposit it into our customers’ accounts.”

Wells Fargo said that it would “process all of the direct deposits according to the effective date provided by the U.S. Treasury,” which is March 17.

It said on Twitter that “customers who are eligible to receive direct deposit of their stimulus payment may expect it as soon as March 17, 2021.”

The IRS said that while the “official payment date” is March 17, some payments could arrive sooner.

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

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Chime tweeted on Friday: “These payments will be available at traditional banks on 3/17 but Chime members already have access and more is on the way.”

The Journal noted that previous stimulus checks sometimes took days to show up for people with accounts at larger banks.

Some people on Twitter were angry at the banks for not putting money in accounts earlier.

Wells Fargo said in a statement to HuffPost that it was following the IRS’s guidance.

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

The IRS also noted that the checks would not arrive to all people at once. Some payments could take weeks to arrive, especially for people receiving paper checks or debit cards in the mail.

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

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