If You Use One of These Banks, Your Stimulus Check Could Be Delayed
Banking with one of these companies may keep you waiting on your next stimulus payment.
After the latest stimulus bill passed last week, Americans across the country were eager to receive the third round of stimulus checks, worth a base standard of $1,400. But while some people started receiving their direct deposit payments this weekend, others have been left waiting. Now, several banks are saying it's not their fault. A few widely used banks recently announced that their customers won't have access to the new round of stimulus payments until March 17 at the earliest, claiming that this is out of their control and actually the result of the official IRS payment date not being until then. Read on to find out which banks could cause your stimulus check to be delayed, and for anyone waiting for payment, Your Stimulus Check May Never Come If You Don't Do This, IRS Says.
Chase updated their website on March 12 to let customers know that they "expect" stimulus payments to be available to most Chase customers as soon as March 17. "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, told Insider. And for more reasons your payment might be held up, If You've Done This in the Past Year, Your Stimulus Check Could Be Delayed.
Wells Fargo announced in a tweet on March 12 that customers eligible to receive a direct deposit of the stimulus check "may expect it as soon as March 17, 2021." The bank also told CBS MoneyWatch that they would waive any overdraft fees that occur as a result of the wait for these funds to clear. "Our goal is to support our customers, and we will proactively reverse outstanding Wells Fargo fees, including overdraft fees, for those who have a qualifying negative ending daily balance when their stimulus payment is deposited," Wells Fargo said in an emailed statement. And for more stimulus news, If You Haven't Received Your Stimulus Payment Yet, You Need To Check This.
Bank of America
Bank of America has yet to release a statement specifically saying they are holding stimulus payments until March 17, but many Twitter users banking with with the company have expressed their frustration over delayed stimulus checks. Some users have reported that they've spoken to Bank of America customer service representatives who have said payments won't be available until March 17. The Bank of America website also says that "all direct deposit payments are posted to open accounts on the effective date set by the Treasury," which for this round of stimulus payments is March 17. And for more up-to-date information, sign up for our daily newsletter.
There could be other reasons your stimulus check is delayed.
If it's not your bank delaying your stimulus check, it could be something else. For instance, the IRS says the bank can reject your deposit, which could happen if your bank information is incorrect or if your bank account has been closed. And if you've moved this past year and did not update the IRS with your new address, the post office will return your payment to the IRS. To remedy either of these situations, you will have to check the "Get My Payment" tool from the IRS, which will tell you where your payment is. If you see a notice that says "Need More Information," your payment is delayed because it was returned to the IRS, and you'll need to provide the agency with new information to receive your check. And for more financial guidance, If You're Waiting on a Stimulus Check, Read This Before Filing Your Taxes.