Mar 16, 2021
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The third stimulus check is coming, but some Americans may have to wait a bit longer than others before it hits their wallets.
After President Joe Biden's $1.9 trillion COVID-19 stimulus bill was passed last week, the IRS said it was sending out the first batch of checks by direct deposit, and that some recipients received their payments as early as Friday.
Though the IRS has said that more batches will be sent in the coming weeks, customers of JPMorgan Chase and Wells Fargo are among those who will have to wait until at least March 17, as that is the official payment date for the checks.
Nacha, the organization that manages electronic transfers, told CBS MoneyWatch that the payments are still with the government, and will be until Wednesday, as per its rules, which explains why customers have yet to see their deposits.
"This is the date on which the IRS will provide the funds to the banks and credit unions to further make available to recipients," the statement said. "The Nacha Rules require the banks and credit unions to make the funds available to the account holders by 9:00 am. local time on the settlement date; again, in this case, March 17."
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Nacha added that funds should clear into accounts by 8:30 a.m. on Wednesday, though the outlet also reported that some banks, like the startup Current, used balance sheets of their own to credit the funds into its customers' accounts as early as Friday.
A spokesperson for Wells Fargo reiterated Nacha's reason to MoneyWatch, and said the bank is "not holding the funds," but instead waiting for the official date, the same reasoning a spokesperson for Chase gave to Business Insider.
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"When we receive the money from the IRS on Wednesday, we will immediately deposit it into our customers' accounts," Amy Bonitatibus, the chief communications officer for Chase, said.
Even so, the delays did not sit well with some customers, many of whom aired their grievances on Twitter as they threatened to switch banks.
"Yeah, I'm switching banks after this. There is NO reason why you can't send them out this minute," one person wrote to Wells Fargo.
"I predict this will be the last straw with a lot of people. This is a horrible move on your part. You deserve the loss of customers," another said.
Wells Fargo confirmed to MoneyWatch that it would waive any overdraft fees that occur due to the delayed payments.
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Anyone making less than $75,000 per year, or couples making less than $150,000 combined, is eligible to receive full payments of $1,400.
Dependents in families who earn less than $150,000 combined are also eligible for checks, and the IRS will refer to an individual's most recent tax return, including for 2020 if already filed, to determine income eligibility. Unlike the first two checks, dependents do not need to be under 17 years old to be eligible.
Individuals making between $75,000 and $80,000 will still receive a check, but it will be smaller than $1,400, and those making more than $80,000 will not get a check at all.
Some stimulus payments will be mailed as a traditional check or debit card.
In order to check your status, you can visit the IRS' "Get My Payment" tool.
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