Wells Fargo Plans Two Accounts Intended to Expand Access to Mainstream Bank Services
March 03 2020 - 1:23PM
Dow Jones News
By Josh Beckerman
Wells Fargo & Co. plans to launch two new accounts intended
to further expand access to mainstream banking services by early
2021, including a checkless account that will limit spending to the
amount available in the account and won't have overdrafts or
insufficient funds fees.
The checkless account is designed to meet Cities for Financial
Empowerment Fund standards for "safe and appropriate financial
products that can help people enter or re-enter the mainstream
financial system," Wells Fargo said.
The other account will include checks, and will cap overdraft or
insufficient funds fees at one per month.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
March 03, 2020 13:08 ET (18:08 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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