- JPMorgan Chase and Wells Fargo customers won’t get their $1,400 stimulus checks until at least March 17.
- Some people with other banks have already got their checks.
- The banks say they are working off the official IRS payment date.
- See more stories on Insider’s business page.
Customers with JPMorgan Chase and Wells Fargo aren’t getting their $1,400 stimulus checks until at least March 17, while customers with some smaller banks have them already.
The latest round of stimulus checks arrived in some people’s accounts on Friday, after President Joe Biden signed the $1.9 trillion stimulus package on Thursday.
Biden celebrated the fast payment over the weekend, tweeting that the payments had begun and that “help is here.”
-President Biden (@POTUS) March 14, 2021
But the two major banks told their customers that they won’t be able to access the funds until Wednesday.
Chase says in a statement on its website that “We expect that electronic stimulus payments will be available in eligible Chase accounts as soon as Wednesday, March 17, 2021.”
And Wells Fargo says that it “will process all of the direct deposits according to the effective date provided by the US Treasury” – which is March 17.
It said on Twitter that “Customers who are eligible to receive direct deposit of their stimulus payment may expect it as soon as March 17, 2021.”
-Wells Fargo (@WellsFargo) March 12, 2021
The IRS said that the “official payment date” is March 17. However, the agency noted that some payments could arrive sooner.
The Wall Street Journal reported on Friday that banking apps Chime and Current had said they had already started depositing the money into some customers’ accounts.
Chime tweeted on Friday: “These payments will be available at traditional banks on 3/17 but Chime members already have access and more is on the way.”
-Chime (@Chime) March 12, 2021
The Journal noted that in previous rounds of coronavirus stimulus checks the money sometimes took days to show up for people with accounts at larger banks.
Some people were angry at the banks for not putting money in accounts earlier:
-Troy / BLM / ACAB (@TroysDiamonds) March 13, 2021
-Wells Fargo (@WellsFargo) March 13, 2021
-Chase Support (@ChaseSupport) March 14, 2021
Wells Fargo said in a statement to HuffPost that it is following the IRS plans.
“We know the importance of the stimulus funds to our customers, and we are providing the payments to our customers as soon as possible on the date the funds are available – based on IRS direction,” it said.
“Wells Fargo is not holding the funds.”
The IRS also noted that the checks will not arrive to all people at once.
Some of the payments could take weeks, especially for people receiving the money in physical form, either via paper checks or debit cards int he mail.
The IRS also says that that people can track the status of their checks with its “Get my Payment” portal.