JPMorgan Chase & Co. and Wells Fargo & Co. informed their customers about the Stimulus Money being sent until Wednesday. Customers who were hoping to see the cash in their accounts sparked a backlash at the companies. The U.S. customers have been eager to receive their payment of $1,400 after President Joe Biden signed the third round of direct stimulus transfers into the law.
The Internal Revenue Service said it has begun sending the payments, although the official payment date is Wednesday, March 17th. A spokesman for Wells Fargo, Jim Seitz, expressed in an emailed statement, “We know the importance of the Stimulus Money to our customers, and we are providing the payments to our customers as soon as possible on the date the funds are available, based on IRS direction. Wells Fargo is not holding the funds.”
Wells Fargo has noted that the U.S. Treasury said it would distribute Stimulus Money in different phases. Not all users will receive their payments at the same time. The lender also told the customers that the branch and call-center workers would not have additional information related to how the customers will receive their stimulus.
For its part, JPMorgan recommended its customers set up account alerts to tell them when the deposits arrive in their accounts. After a request for comment on Sunday, a representative for JPMorgan did not immediately respond. Some customers vented on social media, saying that they will close their accounts with the lenders. The term “direct deposit” began trending on Twitter as soon as consumers sent more than 250,000 tweets about the same.