Wells Fargo to Introduce No Overdraft Fee Bank Account and a Limited Overdraft Fee Account
SAN FRANCISCO--(BUSINESS WIRE)--Mar 3, 2020--
Wells Fargo today announced plans to introduce two new bank accounts, which will offer convenient, secure banking services and customer support while eliminating or limiting overdraft fees.
The first new account will be a checkless account, which will limit spending to the amount available in the account and customers will not incur overdrafts or insufficient funds fees. In addition, Wells Fargo will introduce an account that includes checks and will cap overdraft or insufficient funds fees at one per month. This account is designed for those who want controls to limit certain fees, as well as the protection an occasional overdraft provides. Both accounts are expected to be available by early 2021.
“Wells Fargo is listening to our customers to make sure we are delivering the financial products and services they want, and we are meeting their needs for fast, secure and convenient banking,” said Mary Mack, CEO of Consumer and Small Business Banking. “We know many consumers are seeking low-cost bank accounts that help them avoid overspending and keep to a budget, as well as access to all our mobile, online, ATM, branch and phone banking services. These new offerings will help us satisfy the financial needs of more customers and further expand access to mainstream banking services.”
The new checkless account’s features will help meet the needs of consumers who are new to banking, such as young people opening a first account, or those seeking an account that will help them manage spending. When it is available, Wells Fargo plans to proactively reach out to existing customers – including those who have experienced overdrafts – and educate them about the new product and its features. The account is designed to meet Cities for Financial Empowerment (CFE) Fund’s Bank On National Account Standards for safe and appropriate financial products that can help people enter or re-enter the mainstream financial system.
“Bank accounts are an important part of a person’s financial stability and foundational for economic mobility, yet millions of adults across the U.S. continue to rely on alternative, costly financial services,” said Jonathan Mintz, President and CEO of the Cities for Financial Empowerment Fund. “We appreciate Wells Fargo’s longstanding commitment to the Cities for Financial Empowerment Fund and our Bank On National Account Standards, and our collaboration over the years to connect people to safe and affordable accounts and financial coaching. We’re excited about Wells Fargo’s new checkless account and its potential in helping more U.S. households to affordably manage their financial needs and achieve their goals.”
The checkless bank account will have a flat monthly fee of $5 and will offer customers convenient features, at no additional cost:
- Access to Wells Fargo Mobile ® app and Wells Fargo Online ® banking, giving customers quick, convenient ways to monitor their accounts, pay bills and send money to family and friends. The mobile app features Control Tower®, which provides customers a single, comprehensive view of their Wells Fargo digital financial footprint.
- Account alerts to help customers stay on top of their finances, including automatic zero balance alerts – sending emails to customers enrolled in online banking if their balance drops to zero.
- Zelle® , which allows customers to send and receive money with friends, family and others they trust who have a U.S.-based bank account, typically in minutes 1 directly from one deposit account to another.
- A Wells Fargo Debit Card with added Zero Liability protection 2 at no extra cost.
- Use of more than 13,000 ATMs across the country, each providing digital wallet access to funds and balance information.
- Full-service banking support offered by bankers face-to-face at approximately 5,400 branches throughout the U.S. and through Wells Fargo’s 24-hour Phone Bank.
Customers also will benefit from our automatic look-back service, in which a customer may avoid a returned payment and related merchant fees if the customer’s incoming direct deposit is sufficient to cover payments from the prior business day that would have otherwise been returned unpaid.
The additional account Wells Fargo is developing will have the same features listed above, but it will offer checks, have a $10 monthly service fee, and will cap overdraft or insufficient funds fees at one per month.
Wells Fargo is committed to providing its customers the personalized support, proactive guidance and convenient financial resources they need to take action to improve their financial health. These include giving customers access to their FICO ® Credit Score through online banking, and a Financial Health Conversations program that offers customers personalized plans to help them achieve their financial goals. Wells Fargo’s easy-to-follow financial health guidance and online tools are available at www.wellsfargo.com/financial-health.
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, investment and mortgage products and services, as well as consumer and commercial finance, through 7,400 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 32 countries and territories to support customers who conduct business in the global economy. With approximately 260,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune’s 2019 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.
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 “Forward-Looking Statements” discussion in Wells Fargo’s most recent Quarterly Report on Form 10-Q as well as to Wells Fargo’s other 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, 2019, available on its website at www.sec.gov.
Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license
1 Transactions typically occur in minutes when the recipient’s email address or U.S. mobile number is already enrolled with Zelle.
2 Cardholders won’t be held responsible for any unauthorized transactions if their Wells Fargo Debit Card is ever lost, stolen, or used without authorization and the cardholder notifies us promptly.
View source version on businesswire.com:https://www.businesswire.com/news/home/20200303005698/en/
Jim Seitz, 612-316-2447
John Campbell, 415-396-0523
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES FINANCE
SOURCE: Wells Fargo & Company
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PUB: 03/03/2020 11:10 AM/DISC: 03/03/2020 11:10 AM