Bank giants Wells Fargo and Chase said they will not process the recently issued $ 1,400 stimulus payments until Wednesday, sparking outrage from their customers.
HuffPost notes that the banks said in individual statements last week that they will not process and release the payments until March 17.
“We expect most electronic payments to be available from Wednesday, March 17, 2021,” Chase said website
“Wells Fargo will process all direct deposits according to the effective date provided by the US Treasury,” said Wells Fargo.
The announcements sparked criticism on Twitter.
So Wells Fargo will hold government incentive checks for 2 days before people can access the money. This let’s get Wells interested in ppl’s money.
67% of Wells’ political donations in 2020 went to Dems, including Dem PACs such as Ameripac. Fun. pic.twitter.com/QT1EfTb9b7
– Prof Zenkus (@anthonyzenkus) March 13, 2021
It’s your money. The stimulus checks come straight from the US Treasury. So why are @Hunt and @Wells Fargo hold your money until March 17th? https://t.co/pNDYXYMeHy
– Keith Boykin (@keithboykin) March 13, 2021
HuffPost added that other banking institutions such as Chime have made the payments immediately available to their customers. Chime claims to have already made about $ 600 million in stimulus payments.
“We have already made ~ $ 600 million available to 250,000 members. These payments will be available at traditional banks on March 17th, but Chime members already have access and more is coming, ”Chime wrote on Twitter.
Stimmy Alert! We have already made ~ $ 600 million available to 250,000 members. These payments will be available at traditional banks on March 17th, but Chime members already have access and more to come. No reason to wait until St. Pattys Day, you’re always lucky at Chime
– Chime (@Chime) March 12, 2021
Stimulus payments were first sent this weekend, shortly after the $ 1.9 trillion stimulus bill passed along party lines.
When the first two incentive payments were sent, many people reported having problems getting their payments. Those who used tax preparation services such as H&R Block and TurboTax reported having difficulty receiving their payments because the checks were sent to other bank accounts.
Individuals can recheck the status of their incentive checks through the Internal Revenue Service (IRS) “Get My Payment” website.