The March 17 stimulus checks availability did not sit well for JPMorgan Chase and Wells Fargo customers. The IRS started its distribution of the third round of federal $1,400 stimulus checks for every eligible adult and child. However, JPMorgan Chase and Wells Fargo stated that the COVID-19 relief payments would not be available until March 17.
Stimulus checks availability upsets bank customers
Based on the latest update, stimulus checks availability may depend partly on the bank's policies. Still, customers of JPMorgan Chase and Wells Fargo were not happy about those policies.
According to CBS News, JPMorgan Chase and Wells Fargo stated that the payments' timing is initially outside of their control. The banks added that even though the IRS started issuing the payments over the weekend, the official payment date is not until March 17.
Wells Fargo clarified that their company was not holding the funds and mentioned that they would deposit the money into every recipient's accounts as soon as possible. But other banks are crediting the funds to their customers' accounts right away.
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A New York-based banking startup, Current, uses its own balance sheet to credit the funds instead of waiting for its settlement. Several customers of Current did not have any problem with the stimulus checks availability as they received access to their stimulus checks on March 12, which is a day after the $1.9 trillion bill was signed into law by President Joe Biden.
Also, Nacha, the organization that governs the ACH Network and manages electronic transfers, shared that the IRS set the settlement date of March 17. It also added that there is no mystery as to where the money is. It is still with the government.
Nacha also mentioned that the settlement date is also when the IRS will be providing the funds to the banks and credit unions to be made available to recipients. The backbone for the electronic movement of money and data in the United States also stated that based on their rules, they require banks and credit unions to make the funds available to the account holders by 9 a.m. local time on the settlement date, which in the case of the third stimulus checks is on March 17, Bloomberg reported.
Also, Nacha added that the IRS chose March 17 as it intends for settlement to happen on that date. It added that the payments should clear into accounts at 8:30 a.m. ET on March 17.
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The group also added that it is literally when the money will be transferred from the government to the settlement accounts of banks and credit unions at the Federal Reserve. However, customers were still not satisfied with any explanation regarding banking policy and the stimulus checks availability as some have threatened to quit their banks on social media, Entrepreneur reported.
In their accounts on numerous online platforms, customers threatened to quit their banks and cited the current delays in accessing the funds. Wells Fargo added that they are making the stimulus funds available immediately as soon as the funds are available to them.
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