Chase And Wells Fargo Are Holding Onto Your $1400 Stimulus Cash Until March 17

  • “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,” HuffPost reported Saturday.
  • “Chase, however, issued a statement that it will release the payments beginning March 17, apparently even if the money lands in accounts earlier,” HuffPost reported. “Wells Fargo said the same: that it will treat all checks as arriving March 17, whether they arrive earlier or not.
  • “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,” HuffPost noted.

See full story here.



Categories: Business, Government

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