Is the bank doing multiple overnight deals with stimulus checks and profit from them before paying folks their money?
They seem to be waiting to score an own goal again.
23 replies (most recent on top)
My credit union has mine pending for the 17th. Been that way since Friday.
Do tell... who is “The Other Big Bank”? Are you referring to the “Payday Loans” or the “Checks Cashed” store in the alley behind Fisherman’s Wharf?
Why would anyone involve their bank in getting a COVID payment? You give the IRS the transit and routing, your account number and it’s one and done. Are all of the snowflakes in California unaware of the answer to basic questions of doom and destiny such as “Anyone’s know do they keep it here for us.”
God help California and God help us all on this third time bailout of California.
THe amount of trolls in this thread vs people who actually work or have worked for WF never ceases to amaze me. WF and Chase are going by the date the funds are to be made available per the government. Other banks have chosen to give temporary credit. The treasury even gave a clarifying statement that both WF and Chase are not holding people’s stimulus payments. Anything to keep being sh– stirrers bs actually knowing facts.
Ats a bunch of Malarkey.
C’mon get your facts straight.
The IRS initiated 90 million ACH credits nationwide Fri 3/12. Those ACHs SETTLE on Wed 3/17 and must be available by 9am local time. So a bank can show the transaction as pending, but it would be generous to make the funds available any sooner.
If you understand how much EIP WF will process and consider what the fed is paying in overnight repo, you will quickly realize that a night of float on these funds is worth no more than a mere $10k. That float isn’t in play here, despite some of the comments, but even if it were it would be a non-starter.
Next conspiracy, please.
My family of four gets nothing so who cares?
Yes, it’s pretty tone deaf. While they are under no obligation to get the money to their customers before the 17th, if they REALLY put their customers first, they would do so just because they can. As other banks are.
But no. Not our Wells Fargo.
Put our customers before our own self interest? Not happening. Not now. Not ever.
Banks are floating... making money off interest. It's been in the news. Should be illegal to cause even one day of delay for profit. Makes me sick.
If the IRS has a bank account on file they direct deposit the check. If they don’t they mail it. If you get your tax refund via direct deposit you will get your stimulus check that way also.
Some banks are crediting the money to customer accounts as soon as they receive it. Wells Fargo, of course, is not.
Why the heck is Wells even involved? The IRS sends them out based upon tax records.
Please don’t tell me that we found another way to crime people.
It's just a couple days. Stop looking for BS, Elizabeth.
B of A hasn't paid
Not true I bank with the other big bank and my payment is scheduled for Wed ...the 17th is the pay day , others may see it but it’ll be “pending” not available
Post ID: @obw+19SqK9LK
Absolutely yes. That’s why they keep it here... for you. Just go to any WF branch with your employee ID card and let them know how many payments you’re missing. If you were a victim of multiple accounts you actually might be able to get more payments by going to multiple branches.
can they send mine in unmarked bills?
Cus our reputation is so fantastic now that we can kick people while we're down again.. this is disgusting.
I still havent gotten 2 from last year! Can HR fix this?
It’s Wells Fargo. Of course they’ll find a way to fuq it up.
Not true. I bank with another bank and haven't received mine.
Fake news.
If there is a way to self-deal, Wells Fargo will sell-deal. They have the money in hand, but why should they turn it over to their customers before they have to, when they can take advantage of it in the meantime? That way of thinking is who they are.
So much for putting the customer first. So sick of hearing that phrase.
Not true. Lot of banks haven’t paid. Don’t speak if you don’t know for sure.
So what if “other” banks have paid out? Those banks could have been fully funded by the Fed already. Who’s to know if all Wells, or any other bank for that matter, has is a promise to fund and aren’t willing to or can’t float it? You nor I do that’s for sure. All the lemmings posting in the ether about how they will close accounts and move them from WF and Chase are laughable. Nothing like moving your $2k of net worth to some other place that they’ll end up crying foul about for some other rando reason just to “stick it to the man”!!!! Let Wells hedge that money for 3 days and get this joint extra profitable!!! DIVIDENDS!!!!!!