WICHITA FALLS, Texas (TNN) - As millions of Americans continue to wait day and night for much needed stimulus checks to hit their bank accounts, some account holders may be thinking their banks are to blame for their delayed checks.
However, bankers say they have no control over when stimulus payments are deposited into holder’s accounts.
“I can only speak for what happened here. The the money from the Treasury Department and the ACH automated clearing house comes in direct deposit,” said Angel Clark, CEO/ President of Wichita Falls Teachers Federal Credit Union.
In the past few weeks, reports have shown based on where you bank, it could cause stimulus delays. According to banking experts, as soon as banks receive funds from the United States Treasury Department they go straight into accounts.
Clark says the credit union was notified on March 15 of incoming pending funds.
“It truly is pending and then it’ll be one, two, maybe three days before it actually is deposited into our system,” said Clarke.
However, it isn’t much help to millions of Americans in the same boat whose only income comes from disability and social security and have been looking forward to having those extra dollars.
“I’m on social security, I’m on disability. I have nine dollars and nine cents in my pocket. I only get $813 a month. If you don’t pay everything by the time you buy toilet paper, I still got a phone bill, electric, it’s still hard,” said Rebbeca Shape, Wichita Falls resident.
The latest round of stimulus payments were sent to banks and credit unions Wednesday and if you don’t see the money within the next few days, you should expect to see a check in the mail.