WASHINGTON D.C. — (03-14-21) — Banking giants as Nevada State Bank, Bank of America, Wells Fargo and Chase have said they will not process the $1,400 stimulus payments until Wednesday March 17th, causing outcry from their customers.
Banks such as Chase and Wells Fargo released statements on Friday that they will not be processing and releasing the payments until March 17.
“We expect most of the electronic payments to be available as soon as Wednesday, March 17, 2021,” states a message posted on the Chase website.
“Wells Fargo will process all of the direct deposits according to the effective date provided by the U.S. Treasury,” said Wells Fargo.
Nevada State Bank posted on their website….”Nevada State Bank is receiving Economic Impact Payments in batches from the U.S. Treasury. The first payments received should be credited to client accounts on Saturday, March 13, by 6 a.m. local time. If your payment does not appear in your account after 6 a.m., please check back on Monday, March 15, after 6 a.m.”
While other news outlets are making it seem as though it is a conspiracy against banking customers, its not!
First off whenever an electronic deposit is issued by a merchant, and yes, even the U.S. Treasury utilizes a merchant bureau, those payments take 48 to 72 hours to process before being deposited into one’s account, be it a business or individual.
Since President Biden signed the COVID-19 Relief Bill on Thursday afternoon, it would take one day to process the payments for electronic deposits which would be Friday. Henceforth, deposits should begin arriving into bank customers accounts by no later than March 17.
It depends on how many recipients were processed on Friday and who will be processed on Monday.
If you do not receive your stimulus payment by March 17th, you are asked to visit IRS/GetMyPayment.
Article by: Paul Goldberg, Staff Writer
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