JPMORGAN Chase and Wells Fargo customers have been left fuming as their $1,400 stimulus checks are still not available, reports say.
Some Americans using their services have expressed frustration this week that the Covid-19 payment hasn't hit their account yet, despite other people receiving theirs.
The IRS starting rolling out the third round of stimulus checks to eligible adults and children – but for Chase and Wells Fargo customers, the coronavirus relief payments won't arrive until March 17.
That is the official payment date, Wells Fargo and JPMorgan Chase told CBS, as the former insisted that it "is not holding the funds" and intends on distributing the cash as soon as possible.
However, some banks gave their customers access to the funds on March 12 – just one day after President Joe Biden signed the historic $1.9 trillion bill into law.
On Monday, Nacha, the organization that governs the ACH Network, the organization that manages electronic transfers explained that the IRS' March 17 date, saying there's "no mystery."
"It is still with the government," the group reportedly said in a statement. "This is literally the moment in time when the money will be transferred from the government to banks' and credit unions' settlement accounts at the Federal Reserve.
"The IRS chose the date of March 17, which is the date on which the IRS intends for settlement to occur."
Payments should clear into accounts by 8:30am ET tomorrow.
As customers threaten to leave Chase and Wells Fargo, the banks said the fund won't clear until Wednesday.
The latter said it would "reverse outstanding Wells Fargo fees, including overdraft fees, for those who have a qualifying negative ending daily balance."
"We will reach out proactively to those customers who have a qualifying negative ending daily balance on the day prior to the deposit to inform them of the specific steps we have taken, which includes providing temporary repayment deferrals," Wells Fargo's statement read.
The Sun has contacted both banks for comment.
Meanwhile, Biden said that said that 100 million stimulus checks will be send out and 100 million Covid shots will be given in the next 10 days.
The latest round of checks are set to be sent out in full to Americans who make up to $75,000 and married couples who make up to $150,000 a year.
This will phase out at a lower adjusted gross income (AGI) limit than previous checks, with individuals who make more than $80,000 and couples who make more than $160,000 getting no payment at all.
The IRS confirmed on Saturday that March 17 is the official payment date, though some banks have already started processing the third round of checks – so some people got the payment even earlier.
Delighted Americans took to Twitter to confirm that the highly-anticipated stimulus cash had finally landed on Friday, March 12, after Biden said he was "laser-focused" on getting it done.
Source: Read Full Article