Stimulus recipients upset some banks aren’t depositing checks until IRS actually funds them

Stimulus recipients upset some banks aren’t depositing checks until IRS actually funds them
U.S. Treasury illustration/LU staff

[Ed. – “Checks” (presumably direct deposits, as there hasn’t been time for mailed checks to arrive) have already been cut for some people, but the IRS funds won’t be available until 17 March.  The due-out on that is less than 48 hours away, but there’s a sizable story on this going the rounds.  Who can blame the banks?  They’re not going to commit to recording a deposit until the funds are actually there.  Of course, it’s all Monopoly money anyway, so it’s just sort of farcical.]

The IRS is now starting to distribute the third round of stimulus checks, worth up to $1,400 per eligible adult and child. But the timing of getting a check may depend partly on a 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.

The reason, the banks say, is due to an issue outside their control. Although the IRS started issuing payments over the weekend, the official payment date isn’t until March 17, Wells Fargo and JPMorgan Chase told CBS MoneyWatch. Wells Fargo added that it “is not holding the funds” and that it will deposit the money into accounts as soon as possible.

Yet other banks are crediting the funds to customer accounts immediately.

Trending: Biden: ‘No amendment to the Constitution is absolute.’ Got your amendments right here, Mr. President

Continue reading →

Comments

For your convenience, you may leave commments below using Disqus. If Disqus is not appearing for you, please disable AdBlock to leave a comment.