Posted on 03/16/21
| News Source: The Hill
A group of banking and credit union industry groups on Tuesday defended banks from criticism by customers who haven’t received their stimulus payments yet, saying the funds aren’t being sent to financial institutions by the Biden administration until Wednesday.
The statement comes after customers of some big banks complained that they have not yet received their payments.
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“The IRS recently sent an initial wave of tens of millions of economic impact payments via the Automated Clearing House (ACH) system,” the banking groups said. “The actual funds will be sent to the banks and credit unions on March 17, at which time funds will be made available to customers. Until that time, the funds remain with the government.”
“While the IRS could have chosen to send the funds via Same Day ACH or provided for an earlier effective date, it chose not to do so,” the groups added. “It is up to the sender, in this case the IRS, to decide when it wants the money to be made available and the IRS chose March 17.”
Read more at The Hill.