Some Americans have already received their COVID-relief stimulus payments of $1,400 each this weekend, and many others have gotten bank notifications that the checks will begin hitting their accounts in the next few days. Not everyone has received a payment or notification, though, and here’s why.
Those who have direct deposit already on record with the Department of Treasury, either from recent tax returns or previous stimulus payments, are likely getting their payments before others. Although people began getting payments and notices this weekend, some think their banks are holding onto the money and not delivering to their customers.
“Some people will see the money in their accounts as early as this weekend as a pending or provisional payment until it is cleared by their financial institution,” one Treasury official said Friday.
The banking app Current began crediting its customers’ accounts on Friday afternoon, according to the Wall Street Journal.
The banking institute Chime tweeted that it has already delivered $600 million to 250,000 of its customers, and took a jab at large traditional banks for holding the funds until Wednesday, March 17.
“Stimmy Alert! We’ve already made ~$600M available to 250k members. These payments will be available at traditional banks on 3/17 but Chime members already have access and more is on the way. No reasons to wait till St. Pattys Day, at Chime you’re always lucky,” Chime tweeted on Friday, March 12.
Last week, Congress passed a $1.9 trillion relief package that includes stimulus payments, and President Joe Biden made it official with his signature. Individuals can receive $1,400 each, while married couples with four children can receive $5,600.
Payments are intended for individuals who make $75,000 or less, or for couples who earn less than $150,000 combined. The White House last week said the payments would start getting delivered as soon as possible, and that those with direct deposit accounts with the IRS would likely receive theirs first.
Newsweek reached out to the Department of the Treasury for comment.
Banks and credit unions began sending messages to their customers beginning late last week and all through the weekend. Some said the funds will reach customer accounts by Wednesday, March 17.
Chase Bank tweeted, “We are making funds available as they are received. Most eligible customers can expect to see stimulus payments in their Chase account as soon as Wednesday, March 17.”
Navy Federal Credit Union sent an email to its customers. “Your refund or stimulus funds are on the way,” it read, giving the customer a notation saying it will be in their accounts on March 17. “You’ll receive a deposit notification when it’s available.”
Wells Fargo tweeted Friday that “Customers who are eligible to receive direct deposit of their stimulus payment may expect it as soon as March 17, 2021.” That prompted many of the bank’s customers to suspect their bank was withholding funds.
Wells Fargo addressed those complaints on Twitter about the funds, saying it will “process all of the direct deposits according to the effective date provided by the US Treasury.”
For those who receive money from the Treasury Department by either prepaid debit cards or paper checks, payments should be received before the end of March.
The Penn Wharton Budget Model projects that 90 percent of Americans will receive stimulus payments.