NEW YORK–Some Americans may have had their federal stimulus payments deposited into their accounts over the weekend, but several of the nation’s largest banks said they will not be providing access to those deposits until March 17.
Wells Fargo, Chase and Bank of America have all announced they have placed holds on the checks, which for many people are as much as $1,400.
"We expect that electronic stimulus payments will be available in eligible Chase accounts as soon as Wednesday, March 17, 2021," Chase stated on its website.
Wells Fargo, meanwhile, said, "Customers who are eligible to receive direct deposit of their stimulus payment may expect it as soon as March 17, 2021.” The bank emphasized on its website it would process the payments in line with effective date provided by the U.S. Treasury, which is March 17.
Bank of America has not issued a statement, but many Bank of America customers complained on Twitter that their payments are also being withheld.
Chime Says Funds are Ready
Some digital banks, however, such as Chime, announced they are giving their customers instant access to their payments. On March 12, Chime issued a so-called "stimmy alert" on Twitter saying it had already distributed $600 million-worth of payments to its customers.
Critics say the big banks are sitting on the deposits in order to boost profits by using the federal deposits as a very low-cost source of loans.