ORLANDO, Fla. – Wells Fargo and Chase bank customers will not receive their stimulus payments until mid-week at the earliest.
Wells Fargo and JPMorgan Chase told customers the $1,400 direct payments would not be processed until at least Wednesday, drawing the anger of many, especially since some people started receiving their money on Friday.
Customers raged against the Wall Street banks on Twitter, with some threatening to close their accounts. Others questioned whether the banks were intentionally withholding the funds in order to make interest off of people’s overdraft fees.
Wells Fargo said it would provide all of the direct deposits “according to the effective date provided by the U.S. Treasury,” and added that it’s not holding onto the money. In a statement to FOX Business, Wells Fargo spokesperson Jim Seitz said the government will release the money in multiple phases, meaning not everyone will receive their check at the same time.
JPMorgan, meanwhile, encouraged account holders to set up alerts so they know when the money arrives.
President Joe Biden signed the American Rescue Plan into law last week, injecting another $1.9 trillion into the U.S. economy.
Individuals can again check the status of their stimulus checks via the IRS’s “Get My Payment” tool.