As millions of Americans across the country received their latest stimulus checks today, Wells Fargo banking customers could not access their accounts because of a widespread system failure.
The standard $1,400 stimulus checks hit bank accounts on Wednesday. However, Wells Fargo’s online and mobile app accounts were not accessible for its customers. Therefore, none of their customers could check on their stimulus checks to see if they had been deposited into their accounts.
Wednesday morning, Wells Fargo’s customer service Twitter account – Ask Wells Fargo – acknowledged their system failures. They also stated that the bank was researching the problem and would provide updates.
Later on Wednesday evening, the bank released a statement on their official Twitter page addressing the issue. Wells Fargo stated that the mass outage was due to a high volume of users this morning. In addition, the bank assured their customers that the government’s electronic deposits would go through as promised.
“We apologize to our customers who may be experiencing issues with our online banking this morning. This does not affect stimulus payments with a March 17 effective date which were credited to accounts today. Thanks for your patience,” Wells Fargo tweeted.
Wells Fargo also issued an apology for the inconvenience. As of now, all Wells Fargo customers should have access, once again, to their bank accounts. This will be welcome news to Americans in need of financial relief after a tough last year during the COVID-19 pandemic.
Stimulus Checks Delayed By Wells Fargo Creates Controversy
Although the announcement of recent stimulus checks was welcome news, it was followed by recent controversy.
The government announced that relief checks would be sent to bank accounts over the weekend of March 13. Yet some Americans realized that their banks would be delaying their stimulus checks.
According to the HuffPost, Wells Fargo and Chase customers are angry that they wouldn’t receive the funds until Wed., March 17. Even if customers received their money before Wednesday, the banks are withholding the stimulus checks.
The banks are waiting until the effective date the U.S. Treasury has given. This isn’t an uncommon practice from banks for stimulus checks. Sometimes larger banks have a waiting period before crediting the funds to an account.
The main complaint stems from banks prospering off Americans’ stimulus checks. The delayed payments allow banks to gain interest from the pending funds. Additionally, the delay will boost loans to other customers, which improves bank profits.
Meanwhile, the U.S. Treasury Department released a report stating that 90 million stimulus checks have been sent out. The funds total more than $242 billion in relief for Americans. The government sent the majority of the checks electronically by direct deposit. The treasury also said it mailed around 150,000 physical checks totaling nearly $442 million.