Expanded set of product features will give customers new options
to better manage their financial well-being
Wells Fargo today announced new efforts to limit
overdraft-related fees and give customers more flexible options to
meet their personal financial needs. These offerings, which include
earlier access to direct deposits, a 24-hour grace period before
incurring any overdraft fees, the elimination of several fees, and
a new, short-term loan, build on actions the company has taken over
the past several years to improve customer experience.
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https://www.businesswire.com/news/home/20220111006041/en/
Wells Fargo employee shaking hands with
customer in front of the teller line. (Photo: Wells Fargo)
“Core to Wells Fargo’s evolution is making sure we stay focused
on our customers, first and foremost,” said Mary Mack, CEO of Wells
Fargo Consumer and Small Business Banking. “The enhancements we’re
announcing today add to changes we’ve made previously and give our
customers more choice and flexibility in meeting their needs.”
The actions Wells Fargo is announcing today build on services
the company has introduced over the past several years. Clear
Access BankingSM, which Wells Fargo introduced in September
2020, is a consumer bank account that charges no overdraft fees. It
now has over 1.1 million customers. In 2017, Wells Fargo introduced
its Overdraft Rewind® service, which automatically “rewinds”
overdraft fees when a covering direct deposit is received by the
next morning. Wells Fargo also sends more than 1.3 million
balance alerts every day to help customers avoid
overdrafts.
New actions announced today for consumer deposit
customers1
Elimination of transfer fees for customers enrolled in Overdraft
Protection – By the end of the first quarter, customers enrolled in
Wells Fargo’s Overdraft Protection service will no longer pay a fee
when funds from a linked account are used to cover transactions on
the customer’s checking account.2
Elimination of non-sufficient funds (NSF) fees – By the end of
the first quarter, customers will no longer pay a returned item fee
if Wells Fargo returns a check or electronic transaction unpaid
because the customer does not have enough available funds in the
deposit account to cover the payment.3
Early access to direct deposits – Customers who receive eligible
direct deposits will be able to access funds up to two days earlier
than scheduled, minimizing the potential to incur overdrafts. The
new service is expected to be available in the third quarter.
24-hour grace period – Customers who overdraw their deposit
account will have 24 hours to cover the overdraft before incurring
an overdraft fee. The 24-hour grace period is expected to be
offered in the third quarter. Together with early access to direct
deposit, the 24-hour grace period expands and replaces Wells
Fargo’s existing Overdraft Rewind® service.
New easy-access, short-term credit product – To give consumers
another option to meet personal financial needs, such as paying a
bill or making a small purchase, Wells Fargo will offer qualifying
customers a new, short-term loan of up to $500. The loan and an
upfront flat fee will be repaid through monthly installments. This
new product is expected to be offered by the end of 2022.
“The changes Wells Fargo is announcing are important steps in
helping consumers manage their finances. The changes increase
choices and flexibility, and as a result will bring more people
into the mainstream banking system and away from higher-cost
options outside of it,” said Marc H. Morial, President of the
National Urban League and member of Wells Fargo’s Banking Inclusion
Initiative Task Force.
“Today’s changes are meant to improve our customers’ experience
with Wells Fargo and make it easier for them to manage their bank
accounts,” Mary Mack said. “Embedding the customer perspective
directly into our decision-making has been a consistent focus for
Wells Fargo over the past several years. As a company, we’ve made
changes to products and services, we launched the Office of
Consumer Practices one year ago, and we will continue to maintain
this focus as our company’s transformation continues.”
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial
services company that has approximately $1.9 trillion in assets,
proudly serves one in three U.S. households and more than 10% of
small businesses in the U.S., and is the leading middle market
banking provider in the U.S. We provide a diversified set of
banking, investment, and mortgage products and services, as well as
consumer and commercial finance, through our four reportable
operating segments: Consumer Banking and Lending, Commercial
Banking, Corporate and Investment Banking, and Wealth &
Investment Management. Wells Fargo ranked No. 37 on Fortune’s 2021
rankings of America’s largest corporations. In the communities we
serve, the company focuses its social impact on building a
sustainable, inclusive future for all by supporting housing
affordability, small business growth, financial health, and a
low-carbon economy. News, insights, and perspectives from Wells
Fargo are also available at Wells Fargo Stories.
Launched in 2021, Wells Fargo’s Banking Inclusion Initiative is
a long-term commitment to help more people who are unbanked and
underbanked access affordable bank services.
Additional information may be found at www.wellsfargo.com |
Twitter: @WellsFargo.
Cautionary Statement about Forward-Looking Statements
This news release contains forward-looking statements about our
future financial performance and business. Because forward-looking
statements are based on our current expectations and assumptions
regarding the future, they are subject to inherent risks and
uncertainties. Do not unduly rely on forward-looking statements as
actual results could differ materially from expectations.
Forward-looking statements speak only as of the date made, and we
do not undertake to update them to reflect changes or events that
occur after that date. For information about factors that could
cause actual results to differ materially from our expectations,
refer to our reports filed with the Securities and Exchange
Commission, including the discussion under “Risk Factors” in our
Annual Report on Form 10-K for the year ended December 31, 2020, as
filed with the Securities and Exchange Commission and available on
its website at www.sec.gov.
Deposit products offered by Wells Fargo
Bank, N.A. Member FDIC.
© 2022 Wells Fargo Bank, N.A. All rights
reserved. For public use.
NR-1-2022
1- Timing of each product launch
is subject to change, and customers will be notified directly of
any changes that impact them.
2- Advances from a linked credit
account will continue to accrue interest from the date of each
advance.
3- Third party payees or
merchants may still assess a fee for returned payments.
News Release Category: WF-PS
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220111006041/en/
Media Jim Seitz 612-328-6221 jim.seitz@wellsfargo.com
(or)
Investor Relations John Campbell 415-396-0523
john.m.campbell@wellsfargo.com
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