Wells Fargo to Introduce No Overdraft Fee Bank Account and a Limited Overdraft Fee Account
March 03 2020 - 11:10AM
Business Wire
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 minutes1 directly from one deposit account to
another.
- A Wells Fargo Debit Card with added Zero Liability protection2
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.
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 “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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200303005698/en/
Media Jim Seitz, 612-316-2447 jim.seitz@wellsfargo.com
@JimSeitzWF
Investor Relations John Campbell, 415-396-0523
john.m.campbell@wellsfargo.com
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