Treasurer Torsella Calls On Financial Institutions To Waive Fees And Offsets On Stimulus Checks

Pennsylvania Treasurer Joe Torsella announced that Wells Fargo and PNC, Pennsylvania Treasury’s two largest active depositories, 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. Torsella also called on other Pennsylvania financial institutions to do the same. Paper stimulus checks will arrive through mail over the coming days and weeks.

“The stimulus checks coming in from the federal government are meant to help Pennsylvanians get through this crisis. 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. I’m grateful for the leadership and civic spirit shown here by these two institutions. If all financial institutions throughout the Commonwealth adopted the same policy, Pennsylvanians could literally save as much as tens of millions of dollars in unnecessary check cashing fees alone.”  Pennsylvania State Treasurer, Joe Torsella

Check processing fees can vary by institution and type of check with some fees as much as $25 per check.

“At Wells Fargo, we want to help Pennsylvanians who are receiving stimulus payments get access to those funds as quickly as possible, and support those experiencing financial hardships due to the pandemic. 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.”

 Wells Fargo Northeast Lead Region President, David Miree

“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. Subject to availability, and with the proper identification, PNC will process Economic Impact Check Payments for non-PNC customers at no charge. However, we strongly encourage those with accounts elsewhere to use their own financial institutions to cash their checks.”

 Executive Vice President and Head of Retail Distribution for PNC Bank, Todd Barnhart

Treasurer Torsella encourages all Pennsylvanians to contact their financial institution prior to cashing their stimulus check to inquire about any possible fees in an effort to preserve those funds.