Stimulus checks are starting to hit Americans’ bank accounts this weekend, but some may not be able to access the money right away

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Some Americans may not be able to access their federal cash this weekend.

  • Many Americans are seeing $1,400 stimulus checks in their bank accounts, but they may not be able to access the money immediately.
  • The IRS said it is officially releasing the payments on March 17.
  • That means it may take several more days for the checks to clear at major financial institutions.
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Many Americans are seeing $1,400 stimulus checks hit their bank accounts this weekend under President Joe Biden’s stimulus law. But people may not be able to immediately tap into it – at least, not until St. Patrick’s Day at the earliest.

The direct payments, which the IRS labeled as “Economic Impact Payments,” are set to be paid out on March 17, per the agency.

“As with the first two Economic Impact Payments in 2020, most Americans will receive their money without having to take any action,” the IRS said on its website. “Some Americans may see the direct deposit payments as pending or as provisional payments in their accounts before the official payment date of March 17.”

That means it could take several more days for the relief checks to clear at major banks like Wells Fargo. Others such as Chase said on their website it expected to release the payouts March 17 and after.

“Wells Fargo will process all of the direct deposits according to the effective date provided by the U.S. Treasury,” the bank said in numerous follow-up tweets to customers frustrated with the delay.

Some digital banks, like Chime, however, said they authorized clients to instantly access their federal cash. On Friday, they issued a “stimmy alert” on Twitter saying the service had already distributed $600 million.

Chime did not immediately respond to a request for comment on their decision.

The IRS also said Friday that people can begin tracking the status of their checks using the “Get my Payment” portal on Monday. The agency also said it expects to issue more direct deposits and send payments as a check or debit card over the coming weeks.

Singles earning up to $75,000 in adjusted gross income qualify for the full amount, along with couples making up to $150,000. Each adult dependent is eligible for a check as well.

However, the stimulus payments phase out much quicker. Individuals earning above $80,000 and couples making above $160,000 will not receive anything.

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Citi is reportedly blocking debt deals with firms that kept the bank’s accidental $500 million payout

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  • Citigroup is blocking investment firms that wouldn’t return an accidental Revlon wire from future debt offerings led by the bank, according to a Bloomberg report.
  • Citi accidentally transferred nearly $900 million to Revlon lenders last year when it meant to transfer only $8 million.
  • A judge ruled last month that Citi can’t recoup the $500 million 10 investment firms refused to send back.
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A botched debt repayment by Citigroup is now being used by the bank as reason to block certain investment firms from future debt offerings, according to a report from Bloomberg.

In what is considered to be “one of the biggest blunders in banking history,” Citigroup accidentally sent nearly $900 million to Revlon lenders last year when it meant to only send about $8 million.

While some firms returned the money to Citigroup, others didn’t, with 10 investment firms holding onto more than $500 million of the nearly $900 million accidental payment. A federal judge ruled last month that those investment firms do not have to return the money to Citigroup. Citigroup is appealing the decision.

Now, Citigroup is retaliating by blocking these 10 lenders from participating in certain debt offerings led by the bank, Bloomberg reported, citing people with knowledge of the matter. The investment firms targeted by Citigroup include Brigade Capital Management, HPS Investment Partners, and Symphony Asset Management, according to the report.

It’s unclear whether the retaliation by Citigroup will be a big blow for the targeted firms, but it’s hard to avoid Citigroup in debt markets given that it is one of the largest underwriters of new bonds and loans, according to Bloomberg.

However, the targeted firms can still participate in debt offerings led by Citigroup if the issuer specifically requests for their participation, Bloomberg reported.

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