BusinessStacy M. Brown

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

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, go to IRS.gov/coronavirus under the “Economic Impact Payments”

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.

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