Wells Fargo, Citi Pause Overdraft Collections as Stimulus Payments Hit
- Millions of people are getting payments of as much as $1,200
- ‘Goal is to get money in consumers’ hands,’ Wells Fargo says
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The country’s largest banks said they’re making adjustments to ensure stimulus payments are received in full by checking-account customers with negative balances.
Wells Fargo & Co., Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co. said they will temporarily stop collecting on negative balances to give customers full access to their payments. The firms are deviating from the typical practice of deducting a negative balance from incoming payments.