Here’s Why Your Stimulus Check Might Still Be Pending
Many Americans are wondering why the third round of stimulus checks have been pending in their bank accounts all weekend long. Stimulus payments began hitting bank accounts Friday, but the funds are still showing in pending status for many.
If you’re one of the many Americans who experienced this, the good news is, your bank isn’t holding your money — it’s waiting for the funds to clear, according to CNN. In other words, the bank showing your funds as pending means it’s waiting to receive the funding so it can fulfill your payment.
Wells Fargo addressed the situation on Twitter, stating, “Customers who are eligible to receive direct deposit of their stimulus payment may expect it as soon as March 17, 2021.” Chase Bank also tweeted that funds would be expected to clear as early as the 17th.
The latest round of stimulus checks are one part of the American Rescue Plan signed into law by President Joe Biden last Thursday. This $1.9 trillion dollar relief package is designed to help those hardest hit by the coronavirus pandemic.
Under this plan, single filers earning up to $75,000 will receive $1,400 and joint-filers earning up to $150,000 will receive $2,800, according to the IRS. Heads of household making up to $112,500 will receive $1,400. Americans will also receive $1,400 per dependent. Approximately 90% of families are expected to receive a stimulus check, according to CNN.
According to the IRS, individuals with direct deposit information on file can expect to see stimulus money first. Paper checks or debit cards will be issued for Americans without direct deposit information available.
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