By: Ishena Robinson, The Root
Though President Biden signed a landmark $1.9 trillion stimulus bill into law last Thursday, many Americans are still waiting to receive their portion of the COVID-19 relief funds.
The White House said that people could expect to start seeing the money in their bank accounts by last weekend, which indicated an understanding of just how long-awaited the $1,400 (previously touted as $2,000) checks are.
And some Americans have received their deposits, but if you’re one of the many who haven’t—like myself—don’t start worrying yet. People who bank with JP Morgan Chase and Wells Fargo should receive their funds on Wednesday, March 17, according to a report from CBS News.
Chase serves nearly half of the households in the U.S., while Wells Fargo says it’s the bank of choice for every one in three households in the country.
That leaves a whole lot of people still waiting for their stimmy checks. But the banks say the holdup is on the part of the IRS.
From CBS News:
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. “It is still with the government,” Nacha, the organization that governs the ACH Network, told CBS MoneyWatch in a statement.
“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. “The Nacha Rules require the banks and credit unions to make the funds available to the account holders by 9:00 a.m. local time on the settlement date; again, in this case, March 17.”
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. ET on March 17.
There you have it—if you have a bank account on file with the IRS and filed taxes in 2019 or 2020, by Wednesday morning you should join the 85 percent of Americans who Biden has said will get a direct payment of $1,400. Some banks already credited the funds to their customers in anticipation of getting the settlement from the IRS on Wednesday. Other people may receive their funds in the coming weeks in the form of a paper check. Married couples and people with children can expect a payment for each person in their household.