What You Need to Know
- When the banks told customers they wouldn’t receive stimulus money until this week, consumers flooded social media with complaints.
- The federal government began sending payment files on Friday, but banks won’t receive any of the money until Wednesday morning, as per IRS instructions.
- Still, Green Dot Corp. said it had deposited close to $2.6 billion in stimulus payments by noon on Monday.
The biggest U.S. banks will start distributing stimulus money to eligible Americans on Wednesday morning, following some confusion over when the third round of pandemic transfers would be made available.
The banks won’t officially receive any of the cash until 8:30 a.m. in New York on Wednesday, a time selected by the Internal Revenue Service, according to Nacha, the organization governing the ACH Network payment system.
Banks and credit unions must make the funds available to U.S. account holders by 9 a.m. local time that morning under Nacha rules, the group said in a statement.
Some consternation arose over timing of the payments after the federal government announced it would begin the process of sending Americans their $1,400 checks on March 12.
After Wells Fargo & Co., JPMorgan Chase & Co. and Bank of America Corp. told their customers they wouldn’t receive their stimulus money until this week, consumers flooded social media with complaints. But banks were quick to note they haven’t been given the money yet.
“When we receive the money from the IRS on Wednesday, we will immediately deposit it into our customers’ accounts,” Amy Bonitatibus, a spokeswoman for JPMorgan, said in an emailed statement.
Wells Fargo will provide payments to its customers as soon as possible, and is not holding the funds, spokesman Jim Seitz said in an emailed statement.