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Stimulus Checks Are Due to Hit Big Banks Today

And what to do if you don't receive your payment.


The IRS designated today, March 17, at 9:00 a.m. local time as the official deadline for major banks and credit unions to make the first wave of stimulus payments under the American Rescue Plan Act available to their customers.

“[March 17] is the date on which the IRS will provide the funds to the banks and credit unions to further make available to recipients,” Nacha, the organization that governs the ACH Network that enables direct deposits, said in a 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.”

The funds will hit accounts after a half-week of grumbling from customers at banks like Chase and Wells Fargo that had received the information from the IRS about who would receive the payments but not the money itself. As a result, many customers saw “pending” or “provisional” credits in their accounts but couldn’t actually withdraw or otherwise access the money.

Other banks, including at least two banking startups, chose to give their customers access to their funds early by simply allocating funds from their own reserves, which amounts to an interest-free loan for a few days.

Of course, millions of people who are due a stimulus payment won’t be part of this first wave of payments. The IRS has promised to the remaining payments out in batches over the coming days and weeks, although it hasn’t made public the order in which they would go out.

If your payment has yet to hit your account, you can use the IRS’s “Get My Payment” tool to see when it’s scheduled to be disbursed.