President Joe Biden declared "help is here" during a Friday address in the Rose Garden on the coronavirus relief legislation he has signed into law.
On social media, Americans were reporting that they had already had their $1,400 survival check deposited into their bank accounts.
"Americans waiting to get their stimulus checks were growing increasingly frustrated Saturday after discovering some banks won't make checks available to them for days, even if they've already been deposited by the federal government," HuffPost reported Saturday. "The official payment date for the "Economic Impact Payments" is March 17, but millions of dollars in checks had already landed in countless bank accounts by Friday, The Wall Street Journal reported."
Two major banks, however, will not be getting the money to their customers as quickly as possible.
"Chase, however, issued a statement that it will release the payments beginning March 17, apparently even if the money lands in accounts earlier," HuffPost reported. "Wells Fargo said the same: that it will treat all checks as arriving March 17, whether they arrive earlier or not. "Wells Fargo will process all of the direct deposits according to the effective date provided by the U.S. Treasury" March 17, the bank emphasized on its website."
The move will help the banks at the expense of their customers and those seeking to see the economy regain stability.
"Sluggish check processing only works to banks' advantage because of the increased 'float' created by a massive influx of government cash. They can juggle the delays to boost outgoing loans to other customers, and to boost their profits," HuffPost noted.
Read the full report.