Pa Treasurer wants stimulus fees waived
Paper checks will soon begin arriving in the mail for some Pennsylvanians
Treasurer Joe Torsella called on financial institutions to waive any fees for customers cashing their stimulus checks.
HARRISBURG » Pennsylvanians that didn’t have their stimulus checks direct deposited will soon begin receiving their paper checks in the mail. Paper stimulus checks will arrive through the mail over the coming days and weeks, according to the Pennsylvania Treasury Department.
Ahead of those deliveries, Wells Fargo and PNC have agreed to cash stimulus checks — for both customers and non-customers — without fees, and will not offset stimulus payments to customers against penalty fees.
Pennsylvania Treasurer Joe Torsella made the announcement on Monday — and called on other Pennsylvania financial institutions to waive the fees, as well. Wells Fargo and PNC are Pennsylvania Treasury’s two largest active depositories, according to the department.
“The stimulus checks coming in from the federal government are meant to help Pennsylvanians get through this crisis,” Torsella said in a statement. “Now is the time to make sure every penny stays in the pockets of our families and neighbors. This is an opportunity for financial institutions to help play a critical role in the financial health of those they serve.”
Torsella said he is grateful the two institutions agreed to waive fees, adding that “tens of millions of dollars”
in unnecessary check cashing fees could be saved if all financial institutions in Pennsylvania adopt the same policy.
Check processing fees
can vary, with some fees as much as $25 per check, the release stated.
“Pausing the collection of negative balances for 30 days and cashing stimulus payment checks for customers and non-customers in our branches, with no fees charged, are important ways we can help the
communities we serve during this challenging time,” David Miree, Wells Fargo northeast lead region president, said in a press release, adding the financial institution wants Pennsylvanians to get access to those funds as quickly as possible, “and support those experiencing financial hardships due to
the pandemic.”
“PNC appreciates the importance of the Economic Impact Payments to individuals throughout the nation, and we stand ready to help our customers and non-PNC customers access their funds,” Todd Barnhart, executive vice president and head of retail distribution
for PNC Bank, said in the release. Adding that while PNC will process the checks for non-PNC customers at no charge, “we strongly encourage those with accounts elsewhere to use their own financial institutions to cash their checks.”
Torsella urged Pennsylvanians
to contact their financial institution prior to cashing their stimulus checks to inquire about any possible fees.
The stimulus checks are direct payments made to Americans and issued by the IRS to help combat the adverse economic effects of the COVID-19 outbreak.