Wells Fargo and JPMorgan Chase banks have told customers they may not receive the third round of stimulus checks until at least Wednesday (3/17) and Americans have to taken to Twitter to vent about it, and speculate as to why the deposits might be delayed.
According to Fox Business, millions of Americans are poised to receive direct cash payments of up to $1,400 after President Biden signed the American Rescue Plan into law last week, injecting another $1.9 trillion into the nation’s pandemic-battered economy.
Although the Internal Revenue Service has said the official payment date for the money is March 17, it has already started distributing the money.
Wells Fargo said it would provide all of the direct deposits “according to the effective date provided by the U.S. Treasury,” and said it’s not holding on to the money.
Some people suspect that the banks are holding onto the money in order to earn interest off of it. However, Well Fargo said in a statement, “We know the importance of the stimulus funds to our customers, and we are providing the payments to our customers as soon as possible on the date the funds are available, based on IRS direction. Wells Fargo is not holding the funds.”
JPMorgan, meanwhile, encouraged account holders to set up alerts so they know when the money arrives.
Customers unloaded on Twitter. Here are some of the no so friendly tweets.
If #WellsFargo and other big banks profit off overdraft fees of clients because they are withholding the direct deposit funds of the #AmericanRescuePlan Congress must investigate and address the legality of banks being able to levee overdraft fees on bills.— Kenneth (@usa00701) March 13, 2021
Woke up checked my bank no stimulus, checked Twitter my bank trending hmm weird let me see 🤔 oh no stimulus wow thanks wells Fargo #wellsfargo— Julieth 🖕🐈 (@Juliethx3) March 13, 2021