Banks Only Process Deposits On Business Daysĭirect deposits are only processed on business days (Monday to Friday). Many of these federal direct deposits take a long time because it takes a while for the government to process each person’s economic background and determine if they are eligible, especially when these payments are being distributed en masse.Ģ. There was a feature on the Internal Revenue Service (IRS) website to check the status of these payments, but the lack of information available did not quell the anxiety of citizens awaiting their money. Since the federal government is all publicly funded with antiquated technology and procedures, many of these deposits took longer than they should have. The reason these direct deposits took so long didn’t have much to do with the banks at all, but more with the federal government. In fact, many people who had been claimed as dependents in 2018 but were independent in 2019 did not receive their 2020 economic impact payments until 2021. People received their checks at varying intervals, and many wondered if they were going to get their checks at all. The first payment was up to $1,200, the second was up to $600, and the third was up to $1,400. government opted to give eligible adults economic impact payments to help them financially recover and put some of that money back into the marketplace.
![chime direct deposit issues chime direct deposit issues](https://i.pinimg.com/originals/49/f8/8d/49f88d8a511f4e3b2ad80788f3573eac.jpg)
It is a daunting and lengthy process to apply for and qualify for these federal payments, which adds more time to wait for a direct deposit.Īs a result, the U.S. Federal Funds Are Sent Out Unpredictably And Slowlyĭirect deposits may come from the federal government in the form of social security benefits, unemployment benefits, tax refunds, and most recently, stimulus checks. Read on to find out why your direct deposit may be taking so long.ġ. Longer wait times may also provide added profit benefits to the banks. Though it is an electronic transaction and should go faster, there is a lot of digital infrastructure to ensure that the deposits are valid.
![chime direct deposit issues chime direct deposit issues](https://i1.wp.com/www.childsupport.ny.gov/dcse/images/ddFormBank4.jpg)
![chime direct deposit issues chime direct deposit issues](https://www.coursehero.com/thumb/c7/c9/c7c95ed987e97d0aae8b99363d16cf5eb3ee20df_180.jpg)
However, direct deposits can take a long time to process, up to three to five days. One of the great things about direct deposit is that it eliminates the need for paper checks that can get lost and require more time to write and deposit at the bank. Often utilized for paychecks from employers, direct deposits are also used for social security benefits, unemployment benefits, tax refunds, investment-related dividends, and child support payments. Direct deposits provide tremendous benefits to time and money-conscious people.