Third stimulus $1400 payment from IRS may arrive this week per eligible adult and child, but exactly when it gets deposited in your bank account, it may depend on your bank’s policies, with some customers of JPMorgan Chase and Wells Fargo expressing frustration after the banks said the coronavirus relief payments won’t be available until March 17.
IRS deposited approximately $242 billion into American bank accounts on Wednesday, and another $442 million were sent by email to American people, but timing of when money gets deposited into the account is outside of both Wells Fargo and Chase.
On Wednesday, JPMorgan Chase said it had deposited all the funds it had received from the IRS into customer accounts. Some Wells Fargo customers reported problems accessing their online accounts on Wednesday morning, which the bank said it was working on fixing. By mid-afternoon, Wells Fargo said it had resolved the issue.
Other American banks credited the funds to accounts right away. New York-based banking startup, Current, used its own balance sheet to credit the funds to account holders. Some of the Customers of the Current, received the stimulus payment before March 17, because bank used their own balance sheet.
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Quit the Bank
With stimulus payment not in their account and being locked out of their account, some customers of Wells Fargo and Chase have threatened to close their bank account on social media.
“We know the importance of the stimulus funds to our customers, and Wells Fargo is making the stimulus funds available immediately when they are made available to us,” the company said in a statement.
A group of nine banking and credit union industry groups on Tuesday pointed the blame on the IRS, rather than banking institutions.
“While the IRS could have chosen to send the funds via Same Day ACH or provided for an earlier effective date, it chose not to do so,” the group, which includes the American Bankers Association and Credit Union National Association, among others, said in the statement. “It is up to the sender, in this case the IRS, to decide when it wants the money to be made available and the IRS chose March 17.”
Wells Fargo added it will continue to help customers facing financial hardships who need additional assistance.
“Our goal is to support our customers, and we will proactively reverse outstanding Wells Fargo fees, including overdraft fees, for those who have a qualifying negative ending daily balance when their stimulus payment is deposited,” the bank said in an emailed statement.
Wells Fargo added, “As we did for prior stimulus payments, 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”
It could take days or Weeks.
Stimulus payment of $1400 will get deposited to most Americans, but not likely that everyone will received on day one, due to confusion between some banks and IRS. The IRS will send the checks in batches over the next few days or weeks. Eligible taxpayers who provided direct deposit bank information on their 2019 or 2020 returns will receive first Stimulus checks. As per the IRS, most taxpayers don’t need to take any actions to receive the checks.