JPMorgan Chase and Wells Fargo aren’t giving customers their $1,400 stimulus checks until March 17. Other banks have paid out already.

Wells Fargo ATM
A Wells Fargo ATM during the coronavirus pandemic.

  • 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.”

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.”

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.”

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:

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.

Read the original article on Business Insider

JPMorgan reveals the latest part of its $30 billion commitment to support Black and brown communities

Jamie Dimon, CEO of JPMorgan Chase, speaks about investing in Detroit during a panel discussion at the Kennedy School of Government at Harvard University in Cambridge, Massachusetts, U.S., April 11, 2018.
JPMorgan CEO Jamie Dimon previously said he is “committed to fighting racism.”

  • JPMorgan is investing hundreds of millions in Black and brown entrepreneurs and small business owners.
  • Brian Lamb, JPMorgan’s head of diversity and inclusion, spoke with Insider about the firm’s plan.
  • Black and brown small businesses have been hit especially hard by the pandemic.
  • Visit the Business section of Insider for more stories.

On Thursday, JPMorgan announced a new wave of investments as part of its $30 billion commitment to lift up Black, Latinx, and other underserved communities. Latinx is a gender-neutral alternative to Latino or Latina to describe people of Latin American descent. 

The plan, which was announced in October of last year, appears to be the largest US corporate commitment to racial equity in the wake of George Floyd’s murder, according to Insider research.

The latest round will focus on Black and brown entrepreneurs and small business owners, according to the financial giant.

“We look at diversity and inclusion as a business,” Brian Lamb, JPMorgan’s global head of diversity and inclusion, told Insider. “We want to drive sustainable change.” 

The firm said it would commit $300 million to support underserved small businesses and an additional $42.5 million to its “Entrepreneurs of Color Fund,” a program that supports Black and brown founders. 

Brian Lamb JPMorgan
Brian Lamb, JPMorgan’s global head of diversity and inclusion, is helping oversee the firm’s implementation of the $30 billion commitment.

The pandemic has devastated small businesses, especially those owned by people of color. 

Black-owned businesses were more than twice as likely as their white counterparts to have closed during the pandemic, according to an August 2020 national study by the New York Fed. Some 41% of Black-owned businesses closed, and 32% of Latinx-owned businesses closed. Meanwhile, white-owned businesses fell by just 17%. 

In addition, JPMorgan will be opening new branches, called “Chase Lounges,” in underserved areas including Harlem, New York, Chicago, and Atlanta. These branches will have resources for entrepreneurs looking to start or grow their companies. 

The news follows JPMorgan’s announcement from earlier this week that it would invest $40 million in minority depository institutions (MDIs) and community development financial institutions (CDFIs). MDIs and CDFIs provide financial services in communities that are often underserved. 

In October, the firm said it would commit $8 billion to help 40,000 Black and Latinx households access mortgages. The firm said it will help an additional 20,000 achieve lower mortgage payments by providing up to $4 billion in refinancing loans over the next five years. 

The mortgage industry is riddled with racism. Lenders deny mortgages for Black applicants at a rate 80% higher than that of white applicants, per 2020 data from the Home Mortgage Disclosure Act.

The firm is also tackling affordable housing. 

Over the next five years, JPMorgan said it will finance 100,000 affordable rental units by providing $14 billion in new loans and equity investments, among other efforts. 

According to the National Low Income Housing Coalition, Black, Hispanic, and Native American households are more likely than white households to be low-income renters, meaning there is a severe lack of affordable homes available to them. 

“We’re going to track and report on our progress towards these commitments and ultimately hold our most senior level leaders accountable to the progress,” Lamb said. 

Read the original article on Business Insider