Many who received their third stimulus check were pleased to see $1,400 (or more) deposited directly into their bank accounts over the weekend, only to be told they could not access their checks until Wednesday the 17th. [Customers accused major banks such as JPMorgan Chase and Wells Fargo of exploiting the deposited stimulus funds for interest. Words like "criminal" and "unethical" flew around. Others asked how customers of small banks and credit unions could have access to their own money.

But if you ask the big banks and the systems that handle electronic funds transfers, the reason is simple: stimulus check deposits are still on hold because government funds have not yet moved to the banks.

"Regardless of the timing of the sending and receiving of payment files, settlement of payment funds will occur at 8:30 a.m. ET on Wednesday, March 17, as directed by the IRS," according to the National Association of National Clearinghouses (Nacha) website.

"This is literally the moment when money is transferred from the government to the settlement accounts of banks and credit unions at the Federal Reserve.

"From the time the first payment file is sent on Friday, March 12, until the money is made available to all recipients on Wednesday, there is no wonder where the money is.

Like a post-dated check, Nacha's post explains, the money is not legally released until the "settlement date" of the electronic transfer. The IRS chose March 17.

The fact that the Biden administration and the IRS hinted that the stimulus package would be paid out to some people this weekend did not help clarify matters.

"Some Americans may have their direct deposit payments put on hold or credited to their accounts as a provisional payment before the official payment date of March 17," the IRS noted mid-page in a statement announcing the third stimulus payment.

Wells Fargo and Chase each have pages on their websites explaining the situation.

"March 17, 2021 is the first official payment date for eligible customers to receive their stimulus payments via direct deposit," the Wells Fargo page states, and "customers may see their direct deposit as early as that morning."

A Virginia bank executive told WVIR-TV in Charlottesville that banks that let customers access their funds before Wednesday are probably using their own funds to cover withdrawals until the government funds come in. [Bill Callahan, chief operating officer of Blue Ridge Bank, said, "Usually the process is based on the effective date and is automated. We don't really want to tinker with it too much, to be honest."

To check the status of your stimulus payment, you can use the IRS's online Get My Payment tool. Also, here is how to find out if you qualify for the stimulus package and how much you will receive:[23