Wells Fargo, Chase not processing stimulus payments until Wednesday, sparking criticism

[JacksinPA]

Wells Fargo, Chase not processing stimulus payments until Wednesday, sparking criticism

Banking giants Wells Fargo and Chase said they will not process recently issued $1,400 stimulus payments until Wednesday, causing outcry from their customers.HuffPost noted that the …

thehill.com

Banking giants Wells Fargo and Chase said that they will not process recently issued $1400 stimulus payments until Wednesday, causing of outcry from their customers.

HuffPost notes that the banks said in individual statements last week 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,” Chase said on its website
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“Wells Fargo will process all of the direct deposits according to the effective date provided by the U.S. Treasury,” Wells Fargo said.

These huge banks make money hanging onto your stimulus payment money.

 

[MamboDervish]

Wells Fargo, Chase not processing stimulus payments until Wednesday, sparking criticism

Banking giants Wells Fargo and Chase said they will not process recently issued $1,400 stimulus payments until Wednesday, causing outcry from their customers.HuffPost noted that the …

thehill.com

Banking giants Wells Fargo and Chase said that they will not process recently issued $1400 stimulus payments until Wednesday, causing of outcry from their customers.

HuffPost notes that the banks said in individual statements last week 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,” 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.

These huge banks make money hanging onto your stimulus payment money.

I can only guess they've calculated that they won't lose too many accounts for withholding payment. At least not enough to offset the gains by delaying payment.

 

[SkyFox76]

First payment I got a paper check and have no idea if it ever had a pending status. Second payment came on debit card, which first took over a week to arrive after the website showed it had been processed, then it laid around here for over a week before I went on the website and transfered to my bank account. That one did show up as pending for about three days. On this current one I'm kind of hoping it's paper check again because its easier to just stick in the atm deposit. And yes, I'm a customer of one of the banks mentioned.

 

[Mycroft]

Wells Fargo, Chase not processing stimulus payments until Wednesday, sparking criticism

Banking giants Wells Fargo and Chase said they will not process recently issued $1,400 stimulus payments until Wednesday, causing outcry from their customers.HuffPost noted that the …

thehill.com

Banking giants Wells Fargo and Chase said that they will not process recently issued $1400 stimulus payments until Wednesday, causing of outcry from their customers.

HuffPost notes that the banks said in individual statements last week 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,” 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.

These huge banks make money hanging onto your stimulus payment money.

What happens if a bank processes the payment before the government effective date?

In any case, why did the government give the 17th as the effective date?

 

[JacksinPA]

First payment I got a paper check and have no idea if it ever had a pending status. Second payment came on debit card, which first took over a week to arrive after the website showed it had been processed, then it laid around here for over a week before I went on the website and transfered to my bank account. That one did show up as pending for about three days. On this current one I'm kind of hoping it's paper check again because its easier to just stick in the atm deposit. And yes, I'm a customer of one of the banks mentioned.

We use direct transfer. It's easier.

 

[Risky Thicket]

Wells Fargo, Chase not processing stimulus payments until Wednesday, sparking criticism

Banking giants Wells Fargo and Chase said they will not process recently issued $1,400 stimulus payments until Wednesday, causing outcry from their customers.HuffPost noted that the …

thehill.com

Banking giants Wells Fargo and Chase said that they will not process recently issued $1400 stimulus payments until Wednesday, causing of outcry from their customers.

HuffPost notes that the banks said in individual statements last week 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,” 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.

These huge banks make money hanging onto your stimulus payment money.

No matter the party who really controls the United States?

1. The plutocracy

 

[JacksinPA]

No matter the party who really controls the United States?

1. The plutocracy

I'm sure these banks give lots of money to both parties.

 

[TU Curmudgeon]

Wells Fargo, Chase not processing stimulus payments until Wednesday, sparking criticism

Banking giants Wells Fargo and Chase said they will not process recently issued $1,400 stimulus payments until Wednesday, causing outcry from their customers.HuffPost noted that the …

thehill.com

Banking giants Wells Fargo and Chase said that they will not process recently issued $1400 stimulus payments until Wednesday, causing of outcry from their customers.

HuffPost notes that the banks said in individual statements last week 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,” 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.

These huge banks make money hanging onto your stimulus payment money.

Not only do they make money hanging onto your stimulus payment money, they can make a LOT of money by lending your stimulus money out on the "overnight" market.

But, then again neither Wells Fargo nor Chase is in the running for "The Most Honest and Ethical Bank of the Century" prize either.

 

[Checkerboard Strangler]

Wells Fargo, Chase not processing stimulus payments until Wednesday, sparking criticism

Banking giants Wells Fargo and Chase said they will not process recently issued $1,400 stimulus payments until Wednesday, causing outcry from their customers.HuffPost noted that the …

thehill.com

Banking giants Wells Fargo and Chase said that they will not process recently issued $1400 stimulus payments until Wednesday, causing of outcry from their customers.

HuffPost notes that the banks said in individual statements last week 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,” 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.

These huge banks make money hanging onto your stimulus payment money.

No one should be surprised about this, it's how they make money.
Not saying it's nice of them, just saying it's not the least bit surprising.

 

[MamboDervish]

If I access my Chase account from any ATM but theirs, they charge me $3.50. And that's even just to check the balance. $3.50 for a transaction that costs them absolutely nothing. It's usury. But I continue to keep a small account with them just for their convenience.

 

[Metric Mouse]

Good night this is an ignorant thread...

 

[HenryChinaski]

If I access my Chase account from any ATM but theirs, they charge me $3.50. And that's even just to check the balance. $3.50 for a transaction that costs them absolutely nothing. It's usury. But I continue to keep a small account with them just for their convenience.

Switch to PNC, They reimburse you the ATM fees or whatever bank you use.

 

[MamboDervish]

Switch to PNC, They reimburse you the ATM fees or whatever bank you use.

But they don't have any convenient branches to where I live or work. It's one of the reasons I bank at Chase as a sort of default account.

I only keep a small balance in it, and use it for online purchases for that reason, so that if there's a breach in security where I spend money on line, the thieves can never get more than a C-note or two before the account is tapped out. And I don't do any on-line banking at my main account in another bank, so I'm never worried about security breaches.

 

[cpwill]

]
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“Wells Fargo will process all of the direct deposits according to the effective date provided by the U.S. Treasury,” Wells Fargo said.

These huge banks make money hanging onto your stimulus payment money.

More and more I'm beginning to find the old argument for the moral destruction caused by handing out money to be compelling.

 

[TomFitz]

I will find a new bank. Apparently Wells Fargo thinks they need my money more than I do. I have wanted to find a new bank but it didn't seem worth the hassle. The Well Fargo reviews can really help.

Wells Fargo does not care. Believe me, I know!

 

[Metric Mouse]

I will find a new bank. Apparently Wells Fargo thinks they need my money more than I do. I have wanted to find a new bank but it didn't seem worth the hassle. The Well Fargo reviews can really help.

To be fair, almost no other banks processed the payments before that date... They were held by the IRS... Good luck finding a bank that didn't hold those payments. Mine did.

 

[Stealers Wheel]

How much interest is earned on $3 billion overnight? Yeah, I can see why they would hold it. And who's gonna show damamges?

 

[TU Curmudgeon]

How much interest is earned on $3 billion overnight? Yeah, I can see why they would hold it. And who's gonna show damamges?

The interest is approximately $3,900,000 at today's "overnight interest rate" per day of "hold back".

If the hold back is for three days, that works out to around $11,700,000 in "free money".