The government has begun distributing $600 stimulus checks to millions of Americans. But actually getting the money may be another matter.
Even if a record number of Americans were unemployed for months during the coronavirus pandemic, Congress still spent months agreeing to issue another round of stimulus measures and raise unemployment benefits after the final bailout package expires. During this period, millions of Americans suffered, New York Times In the report, overdrafts often had to be drawn from bank accounts to pay for groceries and other essentials. In return, banks charge these people for overdraft fees and often keep people out until these fees are paid.
This means that the government often deposits $600 stimulus checks directly into bank accounts, which may not be affordable for those who need them most. Including Morgan Banke, who told the Financial Times Times She can only pay rent or car insurance each month, and has overdrawn from the Iowa Credit Union to pay the rest. She asked the credit union to temporarily waive the fee so that she could use the stimulus funds, but because she had done this three times in the past, she refused.
Many major banks (including Bank of America, Citibank, JPMorgan Chase and Wells Fargo) have stated that they will give up their overdraft status when the check arrives. But many regional banks and credit unions did not make the same promise, and even closed accounts with overdraft balances, allowing Americans to obtain checks in another slower way.read more New York Times.
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