When transactions are initiated, banks receive a notification indicating money is on the way, effective a given date. Large payments like paychecks and stimulus money flows through the banking world through the ACH system, which is run by the Federal Reserve. “Who doesn’t want to get paid sooner? It gives you flexibility to take care of your financial needs and live life, especially when people are struggling.”Īll of this raises the question: Why are Chime customers getting their checks from Washington before Chase customers? “Affluent people may ask: What’s the big deal? Well, it means a lot if you’re living paycheck to paycheck, trying to make ends meet,” Chime co-founder and CEO Chris Britt told CNN Business on Monday. And it’s a way for fintechs to stand out from their better-known and much larger rivals. The difference in timing can be significant to many customers, especially those whose careers have been sidelined by the pandemic. (Photo by Jabin Botsford/The Washington Post via Getty Images) Jabin Botsford/The Washington Post/Getty Imagesīiden's stimulus will keep America's economy humming for years, Goldman Sachs predictsĭigital bank Current says it immediately credited member accounts, with the funds beginning to flow at 11 am ET on Friday. WASHINGTON, DC - MARCH 12: President Joe Biden walks out with Vice President Kamala Harris, Senate Majority Leader Chuck Schumer of N.Y., and House Speaker Nancy Pelosi of Calif., to deliver remarks on the American Rescue Plan in the Rose Garden at the White House on Friday, Main Washington, DC.
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