Here’s Why Your Stimulus Check Might Still Be Pending

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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.

See: If You Get a Stimulus Check, How Will You Use It? Take Our Poll
Find: Biden Just Signed the Stimulus – and It’s Giving Millions of Parents a Monthly Allowance

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.

Make Your Money Work for You

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.

See: Trillions of Dollars Have Been Spent on COVID-19 Relief – And It’s Still Not Enough
Find: Those $1,400 Stimulus Checks Are Costing Taxpayers $15,000 Per Household

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.

Taxpayers can check the status and payment method for the third stimulus payment using the IRS Get My Payment tool online.

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Last updated: March 15, 2021

About the Author

Courtney Johnston is an Indianapolis-based freelance writer with an emphasis on finance and small business. Her work has appeared on The Motley Fool, Investopedia, Fundera, JoyWallet, The Chicago Tribune, and Benzinga. She's passionate about personal finance and loves talking about money at www.courtneywrites.com.
Here’s Why Your Stimulus Check Might Still Be Pending
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