There’s a reason you can’t use your stimulus check money yet — the bank is still processing it.
What’s going on?
Americans across the country said over the weekend that their bank accounts show their stimulus check as “pending,” which meant they couldn’t take out the money from the account, according to CNN.
“If you’re included in that group, don’t worry: Banks aren’t sitting on stimulus payments. It just takes a couple days for the checks to process,” according to CNN.
Banks have been informing their customers about this.
- Wells Fargo said the bank “processes all of the direct deposits according to the effective date provided by the U.S. Treasury.”
- Chase Bank said: “We are making funds available as they are received. Most eligible customers can expect to see stimulus payments in their Chase account as soon as Wednesday, March 17.”
Other reasons you didn’t get your check
OK, so let’s say you didn’t see the check at all. There’s a reason for that, too. Per CBS News, some Americans didn’t get their checks yet because the IRS doesn’t have any bank account information filed. So you might have to wait to get your full check amount.
- “It’s most likely that people who have filed their 2020 or 2019 tax returns and have a bank account on file with the tax agency will quickly receive their stimulus checks through direct deposit, based on the prior payment rollouts,” according to CBS News.
Consider the qualifications
Lastly, remember that you might not qualify for these stimulus checks, which I wrote about for the Deseret News.
- Currently, people who get the stimulus check include individuals who make $80,000 or less and married couples making $160,000 or less. The check will be up to a $1,400 total per person, as I wrote for the Deseret News.
- However, stimulus checks could be less than $1,400 for those individuals who earn $75,000 to $80,000 (or couples who make between $150,000 and $160,000).