Reader arch reports getting a snail mail letter from Wells Fargo with an extension on the checking account qualification requirements due to the Covid situation. The letter stated that any accounts opened between December 27, 2019 and July 31, 2020 will get an extension on their qualification period through December 31, 2020.
I assume everyone got/will get this extension, but worth verifying that you got it before relying on it.
This will apply to the many readers who did this $400 Wells checking bonus and need to set up direct deposit within 3 months. You’ll now have through December to set up the direct deposit. We don’t know if they extended the qualification period for business checking bonuses too.
Got my letter too. I was nervous when it was in my USPS Informed Delivery as I expect my bonus payout within two weeks.
I got a letter in the mail today about this.
I opened an account and successfully completed the direct deposits in the required time frame. Interestingly enough, while I had the direct deposits within about 60 days from opening, they waited to pay out until after the 90 day period. A week after the 90 days, I received my bonus. It was the first time I’ve done this that a bank waited until the entire period was over because every other bank has credited me shortly after, regardless of distance from the end of the qualification period.
When I did the Wells Fargo personal checking bonus last year my bonus was paid to me 2 days after I qualified. I could understand the banks holding onto cash for as long as they possibly can in the current situation though (covid-19 causing cash shocks).
Most of the readers that game the direct deposit requirement with external bank transfers wouldn’t probably care but it is most useful for those that use real dd’s that it would help the most. I hope other banks would follow suit that require direct deposits.
Meh, it was much easier to just make 10 $1 payments to my utility bill to keep it fee free. I hate using bank ACH pushs. Do too much and both banks (sender and receiver) can shut you down.
Scared me for a minute with the other WF post about credit card gaming. I read this at first as “Wells Fargo Extends Duration for Disqualification on Checking Account Bonus”
That’s good news, But i hope the bonus payout for those who did qualify is Not delayed and they follow their terms. But its also good news if your DP failed you have time to find one that will work and correct it.