It's official: after the latest COVID relief bill was signed into law by President Joe Biden on March 11, payments of up to $1,400 have already begun to arrive in bank accounts for those who qualify. But while some were relieved to see the funds had shown up over the weekend, others have found that the cash is not yet accessible—or hasn't even shown up at all. Wondering where your money may be? If you haven't received your stimulus payment yet, you may want to check if the IRS has your correct account information or if your bank has issued a statement, Newsweek reports. Read on to see why your funds could be in limbo, and for more on what else could be affecting your payment, check out If You're Waiting on a Stimulus Check, Read This Before Filing Your Taxes.
The IRS may have the wrong account number on file for you.
iStockAs with the previous two rounds of stimulus payments, funds are being sent out through paper checks and debit cards through the mail, as well as in the form of direct deposits. And while the latter is the fastest option to see your cash, there's a possibility that the bank account information the IRS has on file for you might be incorrect due to a technical glitch created by filing with third-party tax preparers, USA Today reports.
To see if this may be the case, you can check the IRS's Get My Payment tool to find out what your current status may be. If you notice that the account number listed is incorrect, the agency says that your bank will return the money and the IRS will then mail a physical check to the address they have on file.
You can update your address quickly by filing your 2020 taxes electronically.
Shutterstock/GaudiLabUnfortunately, this kind of error likely means there will be a slight delay in receiving your funds, as the IRS says that whatever information is currently on file can't be changed to speed up the current process. The agency's website also advises: "Don't call the IRS, our phone assistors won't be able to change your bank information, either."
Instead, the agency says that the quickest way to update your address is to file your 2020 taxes as soon as possible, which can be done especially quickly if filed electronically. And for more on why you may not see a payment at all this round, check out This Is Why You May No Longer Qualify for the Next Stimulus Check.
Some banks are also taking longer to process the payments.
iStockBut even if your account information is up to date, you may still be experiencing a wait for your cash. Some banking institutions are taking longer to process the incoming checks, with some customers reporting that the funds had arrived but were shown as unavailable, CNN Business reports.
"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," a Treasury official told reporters during a call on March 12.
Some funds may take until March 17 to be accessible.
iStockAnyone who currently banks with certain institutions, including Wells Fargo or Chase, may have to wait a few more days to access their funds. Fortunately, both have assured customers that their payments should be available within days.
"We are making funds available as they are received," Chase Bank tweeted on March 12. "Most electronic deposits will be in the account—and available to spend—as soon as Wednesday, March 17."
In response to customer complaints, Wells Fargo tweeted on March 13 that they would "process all of the direct deposits according to the effective date provided by the U.S. Treasury," after previously clarifying that "customers who are eligible to receive direct deposit of their stimulus payment may expect it as soon as March 17, 2021." And for more on when we can finally put the novel coronavirus behind us, check out This Is When the COVID Pandemic Will Be Completely Over, Experts Say.
