Wells Fargo’s Support of Military Members, Veterans Surpasses $100 Million
November 09 2017 - 7:00AM
Business Wire
Company rolls out financial education
addressing the Department of Defense’s new Blended Retirement
System
In honor of Veterans Day Nov. 11, Wells Fargo & Company
(NYSE:WFC) announced that it has donated more than $100 million
since 2012 to support military service members, veterans and their
families through financial education, career transition and housing
initiatives.
Wells Fargo also announced new enhancements to its Hands on
Banking® for Military money management curriculum to address the
Department of Defense’s new Blended Retirement System that goes
into effect in 2018. The new military retirement system combines
the traditional legacy retirement pension with a defined
contribution to service members’ Thrift Savings Plan account.
Previously, approximately 81 percent of service members left
military service without retirement benefits. According to the
Department of Defense, the modernized retirement system will
provide retirement benefits for nearly 85 percent of service
members.
“Wells Fargo is proud to support the needs of service members
and veterans in many ways. From providing important financial
education programs to donating to military and veteran-related
initiatives to hiring thousands of veterans, we care deeply about
these brave men and women who are serving and have served our
country,” said Wells Fargo CEO Tim Sloan. “Our company has a long
history of supporting the military from transporting troops in the
mid-1800s to hiring specially trained phone bankers to work with
service members beginning in 2013.”
Since establishing the Military Affairs Program in 2012, Wells
Fargo has:
- Donated more than 350 homes, valued at
more than $55 million, to veterans in all 50 states. This year,
Wells Fargo is presenting mortgage-free homes and payment-free
vehicles to veterans during eight of the 16 Veterans Day Parades
Wells Fargo is participating in across the country.
- Hired more than 7,000 veterans, and
participated in more than 950 military job fairs.
- Launched Hands on Banking for Military,
an online financial education program that has been viewed by more
than 380,000 since July 2013.
- Donated more than $47 million to
military- and veteran-related nonprofits.
Wells Fargo has helped military members and veterans succeed
financially for more than 164 years. Highlights in 2017
include:
Career transition
In May, Wells Fargo launched the company’s ApprenticeshipUSA
program for veterans. The program offers companies the tools they
need to develop a highly skilled workforce and provides veterans
the opportunity to earn a salary while learning additional skills
to succeed in high-demand civilian careers. In addition, Wells
Fargo offers veteran career transition initiatives, including the
Veteran Employment Transition Internship Program, American
Corporate Partners mentorships, and
scholarships and emergency grants through Scholarship America.
Housing
Wells Fargo provides financing options, dedicated service and
financial education to help military members and veterans achieve
homeownership. On Nov. 6–8, military families were invited to
attend free webinars on home financing, budgeting and saving, or
credit. The Wells Fargo Housing Foundation supports sustainable
housing for veterans with programs including VeteranWINS, which
granted $200,000 across six nonprofits in 2017, and $300,000 to
improve 100 veterans’ homes with Habitat for Humanity. In
collaboration with the Military Warriors Support Foundation, Wells
Fargo donates homes and vehicles that are awarded payment-free to
combat-wounded veterans.
Financial education
Wells Fargo collaborated with the nonprofit Guideposts to
provide 650,000 copies of “Financial Readiness: Sound Principles
for Successful Money Management” to military service members since
2014. The second edition, “Building Wealth: Time to Plan for Your
Future,” will include a section devoted to the new Blended
Retirement System and begins shipping to bases in late 2017. Both
publications leverage resources from the Hands on Banking for
Military program.
More information about Wells Fargo’s commitment to military
service members, veterans and their families is available at
www.wellsfargo.com/veterans
About Wells Fargo
Wells Fargo & Company (NYSE:WFC) is a diversified,
community-based financial services company with $1.9 trillion in
assets. Wells Fargo’s vision is to satisfy our customers’ financial
needs and help them succeed financially. Founded in 1852 and
headquartered in San Francisco, Wells Fargo provides banking,
insurance, investments, mortgage, and consumer and commercial
finance through more than 8,400 locations, 13,000 ATMs, the
internet (wellsfargo.com) and mobile banking, and has offices in 42
countries and territories to support customers who conduct business
in the global economy. With approximately 268,000 team members,
Wells Fargo serves one in three households in the United States.
Wells Fargo & Company was ranked No. 25 on Fortune’s 2017
rankings of America’s largest corporations. The Chronicle of
Philanthropy ranked Wells Fargo No. 3 on its most recent list of
the top corporate cash philanthropists. In 2016, Wells Fargo
donated $281.3 million to 14,900 nonprofits and Wells Fargo team
members volunteered 1.73 million hours with 50,000 nonprofits.
Wells Fargo’s corporate social responsibility efforts are focused
on three priorities: economic empowerment in underserved
communities, environmental sustainability, and advancing diversity
and social inclusion. News, insights and perspectives from Wells
Fargo are also available at Wells Fargo Stories.
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version on businesswire.com: http://www.businesswire.com/news/home/20171109005288/en/
Lisa Westermann,
415-845-7759Lisa.B.Westermann@wellsfargo.comTwitter:
@LWestermannWF
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