Several Americans are seeing their respective stimulus check pending in their bank accounts. They are complaining about banks holding their stimulus checks. If you are included in this group, you need not worry as banks are not sitting on your stimulus payments. Processing just takes a couple of days.
Third Stimulus Check Issues
On Thursday, President Joe Biden signed the $1.9 trillion COVID-19 relief package to make it into law. By Friday, the third series of stimulus checks began hitting bank accounts.
Americans banking with several financial institutions will not have access to the third round of novel coronavirus stimulus funds until at least mid-week. Despite several people starting to receive $1,400 per head direct deposit payments on Saturday, others awoke to find their funds pending.
Other qualified persons might have to wait a little longer for their direct payments. According to a United States Treasury official, "some people will see the money in their accounts as early as this weekend as a pending or provisional payment," until their banks clear the situation, reported KIRO 7.
According to financial experts, it is possible that a number of the same problems, including not having the correct information for individuals, that the IRS encountered in the delivery of the previous two stimulus checks will jeopardize the current process. The IRS will possibly begin dispersing $422 billion in funds to over 100 million taxpayers based on the initial checks being sent to individuals who can be reached most easily, reported Silive.
The IRS has turned on its online stimulus check tracking tool to offer general information about the $1,400 stimulus checks. However, the tool has a number of limitations.
'Get My Payment' Tool, Now Available for 3rd Stimulus Check
According to the president on Friday, an estimated 85 percent of people will receive one of the $1,400 checks. However, some of the issues in the previous two rounds could likely result in a repeat situation. For example, several people who did not have a bank account on file with the IRS during the initial two rounds of checks had to wait many weeks for paper checks and debit cards to reach their homes, reported CBS News.
The agency's tool could not also specify the date on when your check will arrive in the mail or when your bank will make the payment available. The first series of money is aimed squarely at eligible recipients who already have direct deposit accounts on file with the IRS.
According to Wells Fargo, customers qualified to receive direct deposit of their stimulus checks could anticipate it as soon as March 17, 2021. Numerous Twitter users responded to the tweet and complained regarding the bank's projected timeline.
Also, the address the IRS has on file is the one used on the previous tax return you filed. If you have moved and have not informed the IRS of your new address, the payment will be sent to the address on file.
The bank underscored that it would process all of the direct deposits in accordance with the effective date provided by the U.S. Treasury. They directed customers to check their status through the IRS "Get My Payment" tool.
