WASHINGTON–CUNA and NAFCU have joined with seven other trade groups in issuing a statement related to the availability of funds from the federal stimulus checks, which have already hit many consumers’ accounts and led to frustrations by some that funds aren’t available.
The organizations note the funds will not be sent by the government until today.
In the statement, the nine trade groups stated, “The IRS recently sent an initial wave of tens of millions of economic impact payments via the Automated Clearing House (ACH) system. The actual funds will be sent to the banks and credit unions on March 17, at which time funds will be made available to customers. Until that time, the funds remain with the government. While the IRS could have chosen to send the funds via Same Day ACH or provided for an earlier effective date, it chose not to do so. It is up to the sender, in this case the IRS, to decide when it wants the money to be made available and the IRS chose March 17.”
As CUToday.info reported here, the nation’s biggest banks, including Wells Fargo, Chase and Bank of America, have been criticized in social media and other platforms for not granting immediate access to funds, with critics saying the move is designed to boost profits.
Several fintechs, including Chime, have been providing instant access to funds for their customers.
The Signatories
In general, most Americans will get $1,400 for themselves and $1,400 for each of their qualifying dependents claimed on their tax return.
Joining CUNA and NAFCU in issuing the joint statement were the American Bankers Association, Bank Policy Institute, Consumer Bankers Association, Independent Community Bankers of America, Nacha, National Bankers Association and The Clearing House.