Banks in Tokyo have been getting a lot of door-to-door inquiries from retired seniors lately because they surprisingly received a check from the Biden administration in the U.S. for the New Crown (Chinese Communist virus) bailout package and wanted to ask if Japanese banks could cash it. But this is apparently a big package from the IRS.
The Financial Times (FT) reports that the head of a major Japanese bank said the problem has caused congestion and confusion at some of the bank’s Tokyo branches, with bank employees trying to deal with the never-before-seen foreign currency checks.
According to the report, the Japanese retirees who received the checks appear to have worked in the U.S. when they were younger, underscoring the scale of the Biden administration’s $1.9 trillion bailout and the risk that the money will go to waste at a time when there are mistakes in the hustle.
Two of Japan’s three largest banks said they will continue to cash these checks for customers who claim to be eligible, but the banks requested anonymity to avoid having more people come to their branches to cash checks.
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