Wells Fargo Waives Collection of Negative Balances, Provides Stimulus Check Tips

If you filed a federal tax return in 2019 or 2018 and typically receive your tax refund through direct deposit, your government stimulus payment will likely arrive the same way. (Photo: iStockphoto / NNPA)

By Stacy M. Brown, NNPA Newswire Senior Correspondent
@StacyBrownMedia

Millions of U.S. residents have begun receiving government stimulus payments under the federal CARES Act.

Payments to eligible recipients will arrive by either direct deposit or a paper check, and Wells Fargo has issued six helpful tips that may help individuals access their funds as soon as possible.

The bank also has made some adjustments to ensure customers who are struggling financially, receive full payment.

In an email, Michael McCoy, who works in the bank’s corporate communications department, said Wells Fargo is pausing for 30 days the collection of negative balances existing at the time when stimulus payments are deposited.

“Many customers will automatically receive stimulus payments in their accounts. We encourage customers who receive a stimulus payment paper check to use mobile deposits or ATMs to deposit the checks, if possible,” McCoy wrote.

“We will also cash stimulus payment checks for non-customers in our branches, with no fees charged,” he stated.

Here are six tips from Wells Fargo for those expecting stimulus payments.

 1) Determine if you qualify for a government stimulus payment:

  • Your eligibility is determined by the federal government
  • To learn more about eligibility and payment amounts, visit IRS.gov/coronavirus under the “Economic Impact Payments” link

2) Learn how you’ll receive your stimulus payment

  • If you filed a federal tax return in 2019 or 2018 and typically receive your tax refund through direct deposit, your government stimulus payment will likely arrive the same way
  • If you did not file a tax return or have not given the IRS your direct deposit account information in the last two years, you’ll likely receive a U.S. Treasury check in the mail

3) Set alerts for your government stimulus payment deposit

  • Use mobile and online banking to check your account balances from home so you know when the stimulus payment is deposited
  • Set a deposit alert on your checking or savings account to be notified once you receive a direct deposit

4) Know where you can deposit a paper check

  • If you have a checking or savings account, you may be able to make a mobile deposit if your bank has a mobile app, or make a deposit at an ATM
  • Make sure to check your bank’s applicable daily and monthly mobile deposit limits

5) Look before you leave

  • Make sure to verify if your local bank branch is open, as they may have reduced hours or services
  • Wells Fargo customers can go to the Wells Fargo branch locator for the latest information on closures, hours and services, or visit wellsfargo.com/coronavirus
  • Wells Fargo customers can also visit Wells Fargo COVID-19 resources and support for additional information

6) Beware of scams

  • If you receive a suspicious email or text message, don’t respond, click on links, or open attachments. Check out IRS.gov for more tips to help avoid becoming a victim of fraud.

5 Comments

  1. Donnette Andren on May 20, 2020 at 2:37 pm

    I have not received my stimulas payment yet in my Wells Fargo account. I receive SSDI and it should be atomatic according to the IRS website site. I can’t get through on the Wells Fargo Stimulas payment site. I need this payment. I’ve had so many hackers in my online banking I’m seeking legal aid.

  2. sharon turman on June 17, 2020 at 9:29 am

    as usual wells fargo is up to no good with peoples money. they claim they waved negative account collection until after epedimic. hoewever i was negative 100.00 at the time of my stimulis deposit and it showed a 1200.00 deposit was made but they showed my balllance as 1100.00 . that was not a problem for me as i owed them the 100. however now over a month later there was a 100 devit i did not make. upon calling the bank i found that they had taken this money due to them depositing the 1200 without making the overdraft . and now they are taking it back. first off they didnt give anything to take back and second why would they not inform customers that they were taking it back before they did so. i am livid. they just found a confusing situation and took full advantage of the government money that belongs to their customers and in my case had no rights to do. they are hopeful that no one catches their dishonesty and likely that people did not. everyone needs to check their account activity shortly before and the day of the stimulus check was deposited for any discrapincies at that time and check your activity for unrecognized debits around june 16. i am willing to bet that their are several victims of wells fargo theft.

    • Jeannette Narvaez on June 26, 2020 at 4:38 am

      Same here , they took my money , I don’t get it

  3. sharon turman on June 17, 2020 at 9:34 am

    i am also supllying my information to the media so wells fargo will be forced to answer this and make peoples accounts whole again. its like restitution for stolen money that if done without court shows good faith and after court shows good prosecution. restitution or prosecution wells fargo? which epuld you prefer?

  4. sharon turman on June 17, 2020 at 9:36 am

    sorry for typos. wells fargo probably stole letters off my keyboard.. sorry bad joke but ya never know with them

Leave a Comment