Caught: Wells Fargo and Chase stealing millions of $1400 stimulus checks from their customers

Wells Fargo and Chase say they won’t start processing federal stimulus direct deposits until March 17, no matter how early the money lands.

By
Jim W. Dean and Gordon Duff
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2
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Huffington Post: Americans waiting to get their stimulus checks were growing increasingly frustrated Saturday after discovering some banks won’t make checks available to them for days, even if they’ve already been deposited by the federal government.

The official payment date for the “Economic Impact Payments” is March 17, but millions of dollars in checks had already landed in countless bank accounts by Friday, The Wall Street Journal reported.



“Some Americans may see the direct deposit payments as pending or as provisional payments in their accounts before the official payment date of March 17,” the Internal Revenue Service explained on its website.

Some digital banks, like Chime, said they authorized clients to instantly access the cash. Chime touted on Friday that it had already distributed $600 million in “stimmy” checks.

Chime customers on Twitter confirmed that they already had access to the money.

Chase, however, issued a statement that it will release the payments beginning March 17, apparently even if the money lands in accounts earlier.

The bank couched the policy in a positive light on Twitter, chirping that customers can get the money “as soon as March 17” — but clearly no sooner, even if the millions from the government are under the bank’s control days before that.

Sluggish check processing only works to banks’ advantage because of the increased “float” created by a massive influx of government cash. They can juggle the delays to boost outgoing loans to other customers, and to boost their profits.

https://www.huffpost.com/entry/wells-fargo-chase-stimulus-check-delays_n_604d5a8fc5b636ed337ae8fb

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2 COMMENTS

  1. The IRS is not allowing any changes to direct deposit accounts, and people thinking they can protect their check by switching banks will quickly discover, that when a bank tells you they do share any of your information, they are lying. They share it all with ‘partners”, which is practically everyone. Overdraft fees, judgements, internal collections on overdue charges, back auto withdrawals, and a myriad of other spider webs are eager to cash in.
    It would require fast action full dem support + 9 republicans in the senate to protect the checks the way they have been protected in the past. There is no motivation for republicans other than honesty, so it is not likely.

    • On one hand you have republicans thinking they can use this as a middle finger to make dems look bad, and it does, but again the miscalculation is not thinking long term, as the immediate blame will not last long, and it will become obvious to the average person barely paying bills, that it all could have been avoided by the actions of 9 people.
      And of course collectors and banks are drooling, and landlords will be getting the bad news about the back rent also. This blind spot was avoided in the press, so if they act like its a surprise, they too are lying.

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