Cash-strapped Americans ask Mnuchin where their “stimmy” checks are

[webfact]

Cash-strapped Americans ask Mnuchin where their “stimmy” checks are

By Imani Moise, Anirban Sen and Michelle Price

 

FILE PHOTO: Treasury Secretary Steven Mnuchin testifies during a hearing in Washington, U.S., December 10, 2020. Sarah Silbiger/Pool via REUTERS

 

(Reuters) - Mixed messages from banks and the U.S. Treasury Department have caused confusion and frustration for millions of struggling Americans waiting for the government to deposit stimulus payments into their bank accounts.

 

Treasury Secretary Steven Mnuchin tweeted on Tuesday that $600 stimulus direct deposits could begin to arrive that evening prompting some banks to inform customers that their payments were on the way. But very few account holders said the money had hit their accounts as of Wednesday afternoon.

 

"Nobody with a real bank has received the stimmy," complained one twitter user, referring to one-time stimulus payments approved by Congress this month as part of a nearly $900 billion further rescue package to help Americans still reeling from the economic impact of the coronavirus pandemic.

 

According to industry sources, financial institutions have yet to receive the funds. They said Mnuchin was referring to the payment instructions the Treasury has begun sending to lenders, as opposed to the actual funds which are effective on January 4. The payments will not be funded until then, though some account-holders may see the payments as pending or provisional before then, they said.

 

That has left banks to decide whether to pre-fund customer accounts or wait until they receive the funds. Most lenders are likely to wait until Jan. 4.

 

"We will make the funds available in the customer's account no later than the morning of the effective date of the stimulus payment from the U.S. Treasury," said Wells Fargo & CO spokesman Jim Seitz. Customers may see the payments in their accounts as soon as Jan. 1, he added.Some smaller lenders are offering payment advances.

 

"You can get access to the funds today!" Park City Credit Union tweeted on Wednesday.

 

The Northern Wisconsin credit union clarified in a subsequent tweet that customers who opt for an early deposit will be charged a small fee.

 

Spokespeople for the Treasury did not immediate respond to a request for comment.

 

(Reporting by Imani Moise; Editing by Chizu Nomiyama and Richard Chang)

 

-- © Copyright Reuters 2020-12-31

 

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[bkk6060]

Should read "stingy" checks.

Munchkin with these 600 bucks can barely pay an electric/gas bill in many areas.

 

Edited December 30, 2020 by bkk6060

[PatOngo]

Things not so rosy in the home of the brave and the land of the free! Who was going to Make America Great Again?

[Tug]

Spot on bkk6060 old Mitch is all for tax breaks for the rich but let the folks who pay their tax get stiffed Mitch McConnell you ......

[Kelsall]

Got notification mine will be in my account Jan 1.

[FritsSikkink]

8 minutes ago, Kelsall said:

Got notification mine will be in my account Jan 1.

Sure

[Eric Loh]

10 minutes ago, Kelsall said:

Got notification mine will be in my account Jan 1.

A person of your stature living in luxury in Thailand should give back the stimulus money for those who really need it in America. 

[placeholder]

10 minutes ago, Kelsall said:

Got notification mine will be in my account Jan 1.

That's very credible. I mean, it's not like Jan 1 is a bank holiday.

[mtls2005]

Article mentions Jan. 4, 2021, which makes sense.

 

Article also details how banks may be handling provisional access before then.

 

 

[placeholder]

Just now, mtls2005 said:

Article mentions Jan. 4, 2021, which makes sense.

 

Article also details how banks may be handling provisional access before then.

 

 

But a bank wouldn't say that the money is in your account on Jan 1. Maybe Dec 31 or Jan 4. But not the first.

[mtls2005]

1 minute ago, placeholder said:

But a bank wouldn't say that the money is in your account on Jan 1. Maybe Dec 31 or Jan 4. But not the first.

 

Look, don't have a dog in this, and generally agree with you but the article does mention that some banks might offer access to the funds early.

 

examples:

 

3 hours ago, webfact said:

That has left banks to decide whether to pre-fund customer accounts or wait until they receive the funds. Most lenders are likely to wait until Jan. 4.

 

3 hours ago, webfact said:

"You can get access to the funds today!" Park City Credit Union tweeted on Wednesday.

 

 

 

I expect I'll get mine via my 2021 1040 aorund July, 2022.

 

 

[placeholder]

1 minute ago, mtls2005 said:

 

Look, don't have a dog in this, and generally agree with you but the article does mention that some banks might offer access to the funds early.

 

examples:

 

 

 

 

 

I expect I'll get mine via my 2021 1040 aorund July, 2022.

 

 

They'll base the payments on your 2019 1040 form.. Unless you don't have to file because you're retired. Anyway, if you've gotten tax refunds via direct deposit in the past, that's how the refunds will be paid.

[mtls2005]

18 minutes ago, placeholder said:

They'll base the payments on your 2019 1040 form.. Unless you don't have to file because you're retired. Anyway, if you've gotten tax refunds via direct deposit in the past, that's how the refunds will be paid.

 

Tell me something I don't know.

 

 

[darksidedog]

A post accidentally providing personal information has been removed at posters request, along with a trolling reply.

[bunnydrops]

2 hours ago, Kelsall said:

Got notification mine will be in my account Jan 1.

Same here from my bank. But they may be a bit optimistic.

[Phoenix Rising]

2 hours ago, Kelsall said:

Got notification mine will be in my account Jan 1.

Good to see you're OK with socialism, well done!

[Bluespunk]

6 hours ago, webfact said:

The Northern Wisconsin credit union clarified in a subsequent tweet that customers who opt for an early deposit will be charged a small fee.

Ah huh...

[rskdev]

Got mine also, but says Pending. I guess next day or two it will clear. My Bank is in Hawaii.

[rskdev]

I hope 2021 is going to be better. So far its starting out well for me.

 

[gmmarvin]

I am still waiting for the first stimulus check. 

[earlinclaifornia]

20 minutes ago, gmmarvin said:

I am still waiting for the first stimulus check. 

Irs website for "Check my payment" on both

[RocketDog]

12 hours ago, PatOngo said:

Things not so rosy in the home of the brave and the land of the free! Who was going to Make America Great Again?

You gotta admit trump Made America Gasp Again, and again, and again,....... 

[placeholder]

5 hours ago, RocketDog said:

You gotta admit trump Made America Gasp Again, and again, and again,....... 

Groan more often than gasp.

[CrunchWrapSupreme]

The last paper check was mailed to my mom's place, where I had last changed my address. She then mailed it to my bank, who then deposited it. I needed it as I was between teaching jobs, and the schools had shut down.

 

I'm going to tell her to keep this one.

[Paul Henry]

Another Trump administration stuff up. Remember "I will only employ the best" Munuchin like most of the other Trump appointees would be battling to get a job in the real world. Bet Trumps children would already have it in their bank accounts.

[ChakaKhan]

On 12/30/2020 at 6:13 PM, webfact said:

the stimmy," complained one twitter user,

Said one stupid twitter user....Where is the survival crumbs off the GOP feast of tax cuts and personal bailouts?

[ChakaKhan]

20 hours ago, Phoenix Rising said:

Good to see you're OK with socialism, well done!

Seems American Farmers are, or as the GOP calls it "tax breaks".......bravo!!!

[ChakaKhan]

On 12/30/2020 at 6:53 PM, PatOngo said:

Things not so rosy in the home of the brave and the land of the free! Who was going to Make America Great Again?

Still waiting on Mexico to send the check for the Wall as well.....

[ThailandRyan]

22 hours ago, placeholder said:

They'll base the payments on your 2019 1040 form.. Unless you don't have to file because you're retired. Anyway, if you've gotten tax refunds via direct deposit in the past, that's how the refunds will be paid.

Why wouldn't you need to file if your retired?  Unless you have no pension, or social security and are living off of a cash windfall you still have to file in the US.

 

[PatOngo]

5 minutes ago, ChakaKhan said:

Still waiting on Mexico to send the check for the Wall as well.....

Mexico, along with the rest of the world laugh at the lying buffoon!