Wells Fargo Stimulus Check: A stimulus check is a check sent to taxpaying consumers by a government. Stimulus checks are given to boost the economy by providing consumers with funds to spend. Consumer spending is an essential component of a healthy economy and, in times of economic uncertainty, it usually contracts. Therefore, the government will provide stimulus checks to keep the consumer outlook strong and to encourage spending.
This post will tell you everything you should know about wells fargo stimulus check Payment, and the delay and resolution.
Understanding more about a Stimulus Check
Stimulus checks have been mailed out to U.S. taxpayers on several occasions. These checks vary in amount according to the taxpayer’s filing status. Joint taxpayers generally receive twice as much as those filing singly. In some instances, those who had unpaid back taxes saw their stimulus checks automatically applied to their outstanding balance.
Research posted on the National Bureau of Economic Research (NBER) found that the means of delivery of fiscal stimulus makes a difference to the overall spending patterns of consumers. Implementing fiscal stimulus by sending checks resulted in an increase in consumer spending activity. However, applying tax credits equal to the amount of money provided in a stimulus check did not result in an equivalent increase in consumer spending activity.
Examples of Stimulus Checks
Financial Crisis of 2008
One example of the use of stimulus checks occurred when the U.S. economy entered a severe recession after the financial crisis of 2008. The incoming Obama administration estimated that sending out checks would prevent unemployment rates from going beyond 8%.
The payments were part of the Economic Stimulus Act of 2008, which was enacted during the administration of President George W. Bush. The government sent out checks to those with at least $3,000 in qualifying income from, or in combination with, Social Security benefits, Veterans Affairs benefits, Railroad Retirement benefits, and earned income. The checks amounted to:
- Eligible individuals: between $300 and $600
- Married taxpayers filing joint returns: between $600 and $1,200
- With eligible children: an additional $300 for each qualifying child
In March 2020, the U.S. government approved a bill to send Americans stimulus payments to provide relief for economic hardships caused by the coronavirus pandemic. Among other provisions, the CARES Act specified tax rebates of $1,200 per adult and $500 per qualifying child. The amount of the rebate phases out for incomes above $75,000 per year for individuals and $150,000 for joint filers.
American Rescue Plan
A third round of stimulus checks, part of the Biden administration’s “American Rescue Plan,” has been signed into law.
Federal lawmakers enacted a $2 trillion economic stimulus package on March 27, 2020 that sent most Americans checks of up to $1,200, as a way to put money directly in the pockets of families struggling to manage the economic fallout of the coronavirus pandemic.
The legislation will give single adults who reported adjusted gross income of $75,000 or less on their 2019 tax returns a one-time check for $1,200. Married couples who filed jointly will receive $2,400. Families will get an additional $500 for each child under 17.
In a letter sent to Congress on March 17, AARP asked lawmakers to provide payments directly to Americans as part of any stimulus packages.
Wells Fargo Stimulus Check
Wells Fargo has processed all of the direct deposits received from the IRS and U.S. Treasury for stimulus payments to date. If the payments were received for closed accounts or accounts with invalid account numbers, those stimulus payments are returned to the U.S. Treasury.
If you have not received your stimulus payment or have questions about these payments, please check the IRS’s website for updated information.
The Wells Fargo stimulus check Outage
Wells Fargos’ customers expecting their $1,400 stimulus checks had reported outages via the international banks mobile and online banking most of the morning and afternoon Wednesday, according to several reports.
Technology outage reporting site Downdetector.com accumulated thousands of reports of outages in spread out corners of the country. As many as 12,700 customers have reported challenges accessing their accounts. About 73% of the complaints were related to online banking and 25% were related to mobile banking. The financial institution reported resolution.
The San Francisco-based financial institution posted a statement in response to complaints around 1:35 p.m. Wednesday. There were concentrated outage areas, according to the website’s live map, in California, Arizona, Texas, New York, Minnesota and Georgia.
“Our technical teams have resolved the issue and customers should now be able to access online banking again. We apologize for the issue,” a Wells Fargo spokesman told the Atlanta Journal-Constitution.
Stimulus checks were set to be deposited Wednesday in Chase and Wells Fargo accounts via direct deposit, according to a report by NBC news affiliate WSAV.
An estimated 85% of Americans are eligible for the payments, with a goal of having millions of payments disbursed in the next few weeks. Those who reported the online issues on Downdetector made mention of the nuisance of the outages as they were attempting to check for their government payments.
Frequently asked questions
What is a government stimulus payment?
As part of the American Rescue Plan Act of 2021, the federal government is providing stimulus payments to eligible recipients.
How will I know if I qualify?
Please note: Eligibility criteria outlined in the American Rescue Plan Act of 2021 differs from prior rounds of stimulus payments. Wells Fargo does not have the ability to determine whether you qualify. Your eligibility is determined by the government. To learn more about eligibility and payment amounts, visit IRS.gov/coronavirus.
How will I receive my payment?
If you’re eligible to receive a payment, you will receive the funds in one of these ways:
Once the IRS begins to distribute payments, the IRS’s Get MY Payment tool will be updated to reflect direct deposit or mailed payment date. The IRS is expected to update the payment status regularly.
- By direct deposit into the bank account reflected or reported on your 2020 tax return. If you have not filed your 2020 tax return, the payment will be deposited into the same account used when you filed your 2019 tax return.
- By paper check 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 may receive a US Treasury check.
- By prepaid card. Instead of receiving a paper check, some customers will receive a prepaid card in the mail. Customers are able to use this card like a debit card or transfer funds from their Economic Impact Payment (EIP) card to their bank account from the Eipcard.com website, from the Money Network Mobile App, or by calling 1-800-240-8100.
When will I receive my payment?
Wells Fargo has processed all of the direct deposits we received from the IRS and U.S. Treasury for stimulus payments to date. If the payments are received for closed accounts or accounts with invalid account numbers, those stimulus payments are returned to the U.S. Treasury. The IRS’s Get My Payment tool will be updated to reflect direct deposit or mailed payment date. The IRS is expected to update the payment status regularly. The U.S. Treasury has indicated that payments will be distributed in multiple phases and could take several weeks to distribute, so not everyone will receive payments at the same time. We will provide more detail on direct deposit, check and prepaid card delivery once the U.S. Treasury provides further guidance. You can check on the status of your stimulus payment using the IRS’s Get My Payment tool. If you have not received your stimulus payment or have questions about these payments, please check the IRS’s website for updated information. Please note that Wells Fargo branch and call center staff do not have access to any additional information regarding if or when customers will receive a check or prepaid debit card. Visit irs.gov/coronavirus for the latest information.
What if the Wells Fargo account I previously used to receive my IRS tax refund has since been closed?
If you’re eligible for a payment, and the account the U.S. Treasury directed your payment to was closed prior to the date the funds were received, Wells Fargo has returned the funds to the U.S. Treasury and they may redirect funds to you via check to the address they have on file for you. The method and timing of payment is dependent on the U.S. Treasury, and other options for delivery of these funds have not been provided. According to the IRS, the Get My Payment tool will be updated to reflect the date your payment will be mailed. Once a payment is mailed, the IRS reports it may take up to 14 days for you to receive it. Visit irs.gov/coronavirus for the latest information.