Where’s the Money!
U.S. taxpayers saved the banking industry from suffering a desperate financial crisis just thirteen years ago. Two major banking institutions are repaying their debt to those taxpayers by holding-back desperately need stimulus money.
A mere 12.5 years ago, on October 3, 2008, President George W. Bush signed a “help is here” $700 billion Emergency Economic Stabilization Act to prevent a banking catastrophe due to faulty banking created by sheer avarice. By way of Treasury Secretary Henry Paulson, the American Taxpayers asked Congress to approve a bailout to buy back mortgage-backed securities in danger of defaulting. In doing so, The U.S. Taxpayers took badly needed debt off the books of the banks, hedge funds, and pension funds that held them.
The end game was to renew confidence in the functioning of the global banking system and end a financial crisis.
On Friday, March 12, 2021, another president, Joe Biden, came to the rescue of millions of Americans and signed “help is here” coronavirus relief legislation. The financial funding to suffering Americans signed into law was immediately available by direct deposit. Americans rejoiced that $1400 deposits were being received directly into their bank accounts.
But wait, that isn’t the case with two major banking institutions.
If your checking account happens to be with Wells Fargo Bank or Chase, you are out of luck. Chase was the first to announce that it would not release the payments beginning March 17. “Wells Fargo said the same. Wells Fargo said that it will treat all checks as arriving March 17, whether they arrive earlier or not. “Wells Fargo will process all of the direct deposits according to the effective date provided by the U.S. Treasury” March 17, the bank emphasized on its website.”
Implementing this move will assuredly benefit the banks at the hardship of their customers.
This is not a logistical or personnel issue. These are decisions solely due to avarice. The Huffington Post noted...
“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.”
On Saturday, Americans not receiving their stimulus funds sought out answers. They were beginning to here regardless that the Internal Revenue Service released the stimulus funds, some banks won’t make payments available to them for days.
In a statement made to Huffington Post, Wells Fargo denied the allegation of holding back funds…
“We know the importance of the stimulus funds 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,” noted the statement. “Wells Fargo is not holding the funds.”
Some digital banks, like Chime, said they authorized clients to instantly access the cash. Chime touted on Friday that it had already distributed $600 million in “stimmy” money.
The IRS said Friday that people can begin tracking the status of their checks using the “Get my Payment” portal beginning Monday. The agency also said it expects to issue more direct deposits and send payments as a check or debit card over the coming weeks.
Where's my stimulus check? Here is when to expect payments.