Banking giants Wells Fargo and Chase said they will not process newly issued $ 1,400 stimulus payments until Wednesday, causing outcry from their customers.
HuffPost notes that banks stated in individual statements last week that they will not process and release payments until March 17.
“We expect most electronic payments to be available as soon as Wednesday, March 17, 2021,” Chase said in his website
“Wells Fargo will process all direct deposits according to the effective date provided by the U.S. Treasury,” Wells Fargo said.
The ads sparked criticism on Twitter.
So Wells Fargo will conduct government stimulus checks for 2 days before allowing people to access the funds. This will allow Wells to earn ppl cash interest.
67% of Wells ’political donations went to Dems in 2020, including Dem PAC as Ameripac. Nice. pic.twitter.com/QT1EfTb9b7
– Prof Zenkus (@anthonyzenkus) March 13, 2021
It’s your money. Stimulus controls come directly from the U.S. Treasury. So why are they? @ Persecution i @Wells Fargo keeping your money until March 17th? https://t.co/pNDYXYMeHy
– Keith Boykin (@keithboykin) March 13, 2021
HuffPost added that other banking institutions like Chime made the payments immediately available to their customers. Chime claims it already provided stimulus payments worth about $ 600 million.
“We have already made $ 250,000 ~ $ 600 million available to members. These payments will be available at traditional banks on 3/17, but Chime members already have access and there is more way,” Chime wrote on Twitter.
Alert Stimmy! We have already made $ 600,000 available to 250,000 members. These payments will be available at traditional banks on 3/17, but Chime members already have access and there is more way. There is no reason to wait until St. Pattys, at Chime you are always lucky
– Chime (@Chime) March 12, 2021
Stimulus payments were first sent out this weekend shortly after approving the $ 1.9 trillion stimulus bill along party lines.
When the first two stimulus payments were sent, many people reported having trouble getting their payments. Those who used tax preparation services such as H&R Block and TurboTax reported having trouble getting their payments as checks were sent to other bank accounts.
People can re-check the status of their incentive checks through the Internal Revenue Service’s (IRS) “Get My Pay” website.