EDITOR NOTE: This is exactly why proponents of the digital dollar and other non-bank financial institutions are calling for its acceleration and railing against banks--namely, because banks are putting their own profitability over customer’s needs even in cases where customers have the right to immediate benefits. Wells Fargo and Chase could have easily disbursed stimulus checks over the weekend. But they had to hold onto the float for a few days in order to issue more loans to boost profits. But considering that some families were in dire need of those funds to put food on the table or to pay outstanding bills, then to say that the banks’ actions were merely greedy would be an understatement. Try the word “inhumane,” or ethically and morally bereft. A digital dollar would render many of these banks highly irrelevant. But that would also cause problems by the very fact that there’d be only one bank and one issuer with absolute control over the currency. It’s as if you’re damned if you do and damned if you don’t. But there’s a third alternative that’s much wiser: take your funds out of the system and preserve your capital with non-CUSIP gold and silver, No intrusion, no hassle, and no interventions to devalue, freeze, or seize your funds.
After President Joe Biden signed the $1.9 trillion American Rescue Plan into law on Thursday, the IRS wasted no time in starting to disburse the first round of $1,400 stimulus checks to some of the 160 million Americans entitled to the payment.
However some of the nation’s biggest banks say they will not be processing the payments this weekend, instead announcing they will begin to do so on the 17 March.
While the official payment date for the $1,400 stimulus checks has been established as 17 March, the likes of Wells Fargo and Chase have faced heavy criticism for not releasing those payments already being deposited by the IRS this weekend.
Customers who are eligible to receive direct deposit of their stimulus payment may expect it as soon as March 17, 2021. https://t.co/ujd9oUUWmP
— Wells Fargo (@WellsFargo) March 12, 2021
Stimulus check payments: Chase and Wells Fargo issue statements
"We expect that electronic stimulus payments will be available in eligible Chase accounts as soon as Wednesday, March 17, 2021," Chase wrote on its website.
Meanwhile, Wells Fargo tweeted: "Customers who are eligible to receive direct deposit of their stimulus payment may expect it as soon as March 17, 2021,” emphasizing on its website that it would process the payments in line with effective date provided by the U.S. Treasury of 17 March.
To our understanding, Bank of America has not issued a statement regarding when they will process the payments, but it appears that many Bank of America customers on Twitter are complaining about their payments being withheld.
Some digital banks, like Chime, meanwhile, have said they authorized their clients to have instant access to their payments. On Friday, Chime issued a so-called "stimmy alert" on Twitter saying it had already distributed $600 million-worth of payments to its customers.
Millions of Chime members have received over $3B in stimulus payments, and more are on the way. That’s up to 5 days earlier than most traditional bank accounts. We know that every day counts and Chime always has your back 💚
— Chime (@Chime) March 14, 2021
Why are Chase and Wells Fargo withholding payments?
The banks are in their right to hold back on releasing the payments until the official 17 March payment date outlined by the US Treasury. But why have these big banks not made an effort to start disbursing those payments that have already been transferred by the IRS – as has been the case with digital banks like Chime?
According to the Huffington Post, part of the reason is because Chase and Wells Fargo are set to gain from delaying the processing of payments at the expense of their customers who are eagerly awaiting the money.
"Sluggish check processing only works to banks' advantage because of the increased 'float' created by a massive influx of government cash. They can juggle the delays to boost outgoing loans to other customers, and to boost their profits," the HuffPost noted.
How to track the payment status of your stimulus check
The IRS Track My Payment Tool is now available for this latest third round of stimulus payments, allowing you to check the status of your $1,400 check. Up until early Sunday morning, the Tool was only available for tracking the status of the previous $1,200 and $600 payments, but it has now been updated by the IRS to give information on these latest payments approved under the American Rescue Plan.
"Get My Payment updates once per day, usually overnight...Previous payment information is no longer available in Get My Payment," the IRS says. "The first batch of payments will be sent by direct deposit, which some recipients started receiving as early as March 12. Additional batches of payments will be sent in the coming weeks by direct deposit and through the mail as a check or debit card."
Originally posted on Diario AS