You dont mention what model car, this is my early 260 experience. I cant speak to the failure but there is a device inside the blower housing that looks like a set of resistors that control blower speed. Follow the wire back from your blower motor, it should connect to a Y type cable with one end going to the fan switch and one end going to the resistors. the resistor "panel" can be removed from the blower housing for inspection/cleaning. Mine was covered in ancient red antifreeze (most of the passenger side under the dash was) from some sort of tube bursting on a previous owner. I cleaned mine up with electrical cleaner and its worked since. That answers your question, i would still check fuses first.
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