JPMorgan and Wells Fargo Face Furor over Timing of Stimulus Checks
Posted on 03/15/2021
Wells Fargo & Co. and JPMorgan Chase & Co. informed customers they might not receive their stimulus money until Wednesday (March 17, 2021) at the earliest, prompting ire on social media platforms such as Facebook and Twitter.
“We expect most of the electronic payments to be available as soon as Wednesday, March 17, 2021,” Chase said on its website.
“Wells Fargo will process all of the direct deposits according to the effective date provided by the U.S. Treasury,” Wells Fargo said.
Stimmy Checks
U.S. consumers are eagerly awaiting their US$ 1,400 handout after U.S. President Joe Biden signed into a law a massive COVID-19 bill – US$ 1.9 trillion price tag. This is the third round of direct stimulus transfers in less than a year, after various state governments shut down and placed lockdown measures over U.S. businesses. Payments should go to about 159 million U.S. households.
The checks will be a maximum of US$ 1,400 per individual, or US$ 2,800 per married couple, plus US$ 1,400 per dependent. Like the past direct payments, the third round will be based on income. The income limits for those to receive the maximum amount will remain the same.
The U.S. Treasury has said it will distribute payments in multiple phases.
