Economics
Biggest Banks Plan to Distribute Stimulus Money on Wednesday
- JPMorgan, Wells Fargo drew consumer ire over payments’ timing
- Lenders said they’d transfer money as soon as it was received
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The biggest U.S. banks will start distributing stimulus money to eligible Americans on Wednesday morning, following some confusion over when the third round of pandemic transfers would be made available.
The banks won’t officially receive any of the cash until 8:30 a.m. in New York on Wednesday, a time selected by the Internal Revenue Service, according to Nacha, the organization governing the ACH Network payment system. Banks and credit unions must make the funds available to U.S. account holders by 9 a.m. local time that morning under Nacha rules, the group said in a statement.