"It is up to the sender, in this case the IRS, to decide when it wants the money to be made available and the IRS chose March 17." "While the IRS could have chosen to send the funds via Same Day ACH or provided for an earlier effective date, it chose not to do so," the group, which includes the American Bankers Association and Credit Union National Association, among others, said in the statement. "We know the importance of the stimulus funds to our customers, and Wells Fargo is making the stimulus funds available immediately when they are made available to us," the company said in a statement.Ī group of nine banking and credit union industry groups on Tuesday pointed the blame on the IRS, rather than banking institutions. "This is literally the moment in time when the money will be transferred from the government to banks' and credit unions' settlement accounts at the Federal Reserve," the group added. ![]() It added, "The IRS chose the date of March 17, which is the date on which the IRS intends for settlement to occur." It added that the payments should clear into accounts at 8:30 a.m. local time on the settlement date again, in this case, March 17." "The Nacha Rules require the banks and credit unions to make the funds available to the account holders by 9:00 a.m. "This is the date on which the IRS will provide the funds to the banks and credit unions to further make available to recipients," Nacha said in the statement. "It is still with the government," Nacha, the organization that governs the ACH Network, told CBS MoneyWatch in a statement. The organization that manages electronic transfers said on Monday that the IRS set the settlement date of March 17, and added that there is "no mystery" about where the money is. Wells Fargo added that it "is not holding the funds" and that it will deposit the money into accounts as soon as possible. Although the IRS started issuing payments over the weekend, the official payment date was set for March 17, Wells Fargo and JPMorgan Chase told CBS MoneyWatch. ![]() Wells Fargo and Chase said the timing of the payments is outside their control. households, IRS and Treasury officials said earlier this week. Within the next 10 days, about 100 million checks should reach U.S. It added that another 150,000 checks worth about $442 million were sent by mail. But exactly when Americans get a check may depend partly on a bank's individual policies, with some customers of JPMorgan Chase and Wells Fargo expressing frustration after the banks said the coronavirus relief payments won't be available until March 17.Ībout 90 million payments, worth a combined $242 billion, were deposited into accounts on Wednesday, the Treasury Department said in a statement. ![]() The IRS has started distributing a third round of federal stimulus payment, worth up to $1,400 per eligible adult and child.
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