Wells Fargo Creates ‘Steps to Better Banking’
August 25 2015 - 1:00PM
Business Wire
New offerings make opening a checking account
simple, easy
Wells Fargo & Company (NYSE: WFC) today announced its ‘Steps
to Better Banking’ initiative, which makes the experience of
opening an account easier for the millions of consumers who choose
a banking relationship with Wells Fargo. Wells Fargo serves over 22
million Retail Bank households, and through May of this year,
household growth was the strongest in four years, and primary
consumer checking customers increased 5.6 percent
year-over-year*.
“More than a year ago, we set out to look at every experience a
checking or savings account customer might have as they open an
account with Wells Fargo, and our goal was to make the experience
simple and easy,” said Erin Constantine, head of Consumer Checking
and Savings for Wells Fargo. “We listened and learned a lot, and
‘Steps to Better Banking’ is the result, which sets the tone for
how we help customers succeed financially.”
For example, most recently, a new customized welcome email was
introduced that is sent to a customer within one hour of opening a
checking or savings account. The email thanks the customer for
choosing Wells Fargo and its extensive network of approximately
6,200 retail bank locations, 24/7 phone bank, and 12,800 ATMs. It
includes a summary of the deposit accounts opened with Wells Fargo,
and details about how to avoid service fees. The email provides
several ways to contact the bank, including online, by phone and by
visiting a branch. The email is signed by the banker and store
manager, with a phone number that connects directly to the branch.
The email also includes other helpful resources related to the
customer’s new Wells Fargo relationship.
Other enhancements have included:
- Updated Consumer Account Agreement and
Fee and Information Schedule in plain-language style that seeks to
turn regulatory and legal language into terms and explanations that
are more readily understood by customers.
- Paperless ‘New Account Disclosure
Kits,’ which are emailed during the account opening, greatly
reducing the reliance on paper and offering a more convenient
option to customers.
- “A guide to your common checking
account fees” in English and Spanish, which provides a brief,
straight-forward overview of potential fees.
New Wells Fargo customers have additional opportunities to make
managing their accounts easy:
- Checking Account Quick Start Guide – a
handy website highlighting tools and tips for getting the most out
of a new account.
- Automatic linkage of new accounts to
the customer’s secure Online Banking session.
- Timely alerts for eligible account
transactions. Alerts give the status of account activities at a
glance and help customers monitor their accounts. Wells Fargo
offers more than a dozen different consumer deposit alerts that can
be sent by email or to a wireless device.**
- Greater visibility into pending
Automated Clearing House (ACH) and check transactions within secure
Online Banking. This can alert customers to a pending payment,
allowing them to make a deposit to cover the transaction if
necessary, and avoid overspending.
- Monthly service fee summary included in
print or online statements and within secure Online Banking. The
summary provides specific information for the account about the
monthly service fee and ways to waive the fee.
Additionally, educational information is conveniently available
online. A number of short videos have been created to help
customers with common questions around setting up account alerts,
direct deposit, using your debit card and more. Wells Fargo has
also created the “Making Sense” video series, available in English
and Spanish, where topics like understanding holds and overdrafts
are addressed.
“Technology advances have given us the opportunity to further
enhance the experience our customers have when it comes to opening
their checking account and managing their money,” said Constantine.
“We’re excited about how these changes will help our
customers.”
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide,
diversified, community-based financial services company with $1.7
trillion in assets. Founded in 1852 and headquartered in San
Francisco, Wells Fargo provides banking, insurance, investments,
mortgage, and consumer and commercial finance through 8,700
locations, 12,800 ATMs, the internet (wellsfargo.com) and mobile
banking, and has offices in 36 countries to support customers who
conduct business in the global economy. With approximately 266,000
team members, Wells Fargo serves one in three households in the
United States. Wells Fargo & Company was ranked No. 30 on
Fortune’s 2015 rankings of America’s largest corporations. Wells
Fargo’s vision is to satisfy our customers’ financial needs and
help them succeed financially. Wells Fargo perspectives are
also available at Wells Fargo Blogs and Wells Fargo Stories.
*Data as of May 2015, comparison with May 2014.
**Mobile carrier’s text messaging and web access charges may
apply for text message alerts.
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version on businesswire.com: http://www.businesswire.com/news/home/20150825006097/en/
Wells Fargo & CompanyRichele Messick, 651-205-6560
(Media)Richele.j.messick@wellsfargo.com@RJMessickWF
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