Stimulus Checks Are Coming To Big Banks On Wednesday At 9:00 A.M.


Major U.S. banks and credit unions must make the first wave of stimulus payments available to eligible customers by Wednesday at 9:00 a.m., local time—the official payment date designated by the Internal Revenue Service.

Illustration of the federal stimulus payment check with stack of cash surrounding payment


Key Facts

The IRS announced that payments would begin rolling out last Friday, prompting a slew of complaints over the weekend from bank customers who couldn’t access their stimulus payments immediately.

Banks, including Wells Fargo and Chase, were quick to clarify that the delay was not on their end: “We are providing the payments to our customers as soon as possible on the date the funds are available, based on IRS direction,” a Wells Fargo spokesman told Bloomberg.

That disconnect happened because the banks had not yet received the money from the federal government, but they had received information from the IRS about the money’s final destinations, according to Nacha, the organization that oversees interbank settlements.

The IRS issued a warning Friday that some people might see direct deposits listed as  “pending” or “provisional . . . before the official payment date of March 17.”

Nacha said that there is “no mystery” about stimulus checks’ whereabouts between the time payments were announced last week (and when payment files were sent) and Wednesday morning, when banks will receive the cash from the IRS to distribute to customers.

“[The money] is still with the government,” Nacha said in a statement, and will settle on the morning of Wednesday, March 17. 

Chief Critic 

“In America, Amazon can get anything in the world physically to your door in under 48 hours. It takes Uncle Sam six days to get digital money in your bank account,” Aaron Klein, senior fellow at the Brookings Institution, told MarketWatch.

What To Watch For

Eligible individuals can check the status of their stimulus checks using the IRS’ Get My Payment tracking tool, which relaunched on Monday.

Surprising Fact

The fintech startup Chime was able to give its customers early access to the pending stimulus check deposits. 

 Big Number

100 million. That’s how many stimulus payments will be sent out by the middle of next week, President Biden said during prepared remarks on Monday, along with 100 million doses of coronavirus vaccines. “Shots in arms and money in pockets,” he said.

Key Background

Biden’s $1.9 trillion American Rescue Plan authorized a third round of direct payments, this time in the amount of $1,400. Individuals earning less than $75,000 per year will receive the full $1,400 payment, as will heads of household earning less than $112,500 per year and couples filing jointly earning less than $150,000. Eligible families will also receive $1,400 payments for dependents—both children and adults—and the payments will phase out as income rises. The first phase of payments will be sent to those with direct deposit information on file with the IRS, which will use 2020 or 2019 tax information (the most recent available) to determine eligibility. 

Further Reading

How Much Money You Will Get From Stimulus Checks, Unemployment Benefits And Everything Else Inside Biden’s $1.9 Trillion Relief Bill (Forbes)

Biggest Banks Plan to Distribute Stimulus Payments on Wednesday (Bloomberg)

Biden Gears Up For New Tax Hikes To Pay For More Stimulus—Here’s What We Know (Forbes)

Yellen Defends $1.9 Trillion Stimulus Price Tag: ‘This Package Is The Right Size’ (Forbes)

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Nicholas ‘Nick’ Statman entered the property industry in 2001 and set up a property buying company that quickly established itself as one of the biggest in the sector. During this time the Company successfully transacted on thousands of residential properties across the UK. Nicholas Statman was an early pioneer of the ‘quick sale’ niche market which has since grown considerably with a multitude of companies now operating in the sector. Nicholas Statman has strategically built a sizeable residential and commercial property portfolio with a view to holding for optimum capital growth and a long term passive income. Nicholas Statman has been involved in almost every aspect of the property sector over a 20 year period – this includes buying and selling, development, letting and management and is now involved in the fast growing online/ hybrid Estate Agent industry.

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