Wells Fargo Announces Aid for Customers and Communities Impacted by COVID-19
March 20 2020 - 6:40PM
Business Wire
Comprehensive response includes suspending residential
foreclosure sales, fee waivers and acceleration of $175 million in
donations to help the most vulnerable
Wells Fargo & Company (NYSE: WFC) today announced additional
comprehensive steps to help customers, communities and employees
grappling with the impact of COVID-19. The company has suspended
residential property foreclosure sales, evictions and involuntary
auto repossessions. Additionally, the Wells Fargo Foundation will
increase its charitable donations to $175 million to help address
food, shelter, small business and housing stability, as well as to
provide help to public health organizations.
“The coronavirus is disrupting the daily lives of many people
around the world, and Wells Fargo has taken — and will continue to
take — the steps needed to support our customers, employees and
communities during this difficult time,” said CEO Charlie Scharf.
“We will continue to evaluate this fluid situation and take
additional action as necessary.”
Wells Fargo is taking several other steps to meet the needs of
customers, operate safely and effectively and reduce the risk to
employees and customers, recognizing that the company provides
critical and essential services to the stability of the economy and
the financial wellbeing of customers.
Meeting customer needs
Wells Fargo is working on a daily basis to put measures in place
to support the needs of customers impacted by COVID-19 in the most
effective ways possible. Wells Fargo is suspending residential
property foreclosure sales, evictions and involuntary automobile
repossessions. The company also is offering fee waivers, payment
deferrals and other expanded assistance for credit card, auto,
mortgage, small business and personal lending customers who contact
the company.
Additionally, Wells Fargo continues to take the action needed to
ensure it can best serve customers, while also prioritizing
employee and customer safety. The company is temporarily closing
some branches, adjusting operating hours of branches, relocating
employees to busier branches and utilizing drive up instead of
lobbies where possible. Customers can check Wells Fargo’s branch
locator for ATM locations and the status of branches and can use
mobile and online banking tools almost anywhere 24 hours a day,
seven days a week.
Across the company, including in branches, contact centers and
corporate locations, the company is taking significant actions to
ensure safety, including enhancing social distancing measures,
staggering staff and shifts, enabling work from home for as many
employees as possible and implementing an enhanced cleaning
program.
Accelerated national and local giving
Donations from the Wells Fargo Foundation will be allocated via
expedited grant-making at the local level and also via relief
efforts in partnership with national organizations that work in a
number of key areas across the U.S. Resources will be focused on
helping nonprofits serve the immediate needs of the most vulnerable
populations including for food, housing and other emergency needs.
This includes a $1 million grant to Feeding America
to support their 200 member foodbanks as they work to feed people
during this time of crisis.
Charitable donations will also be focused on three key areas
through collaboration with a number of national and local
organizations - housing, small business and financial health:
- Housing stability: Funding will be allocated to critical
housing needs such as helping renters and homeowners stay in their
homes through foreclosure prevention assistance, eviction
assistance and financial counseling and coaching.
- Small business: Resources will be deployed to meet the
urgent needs of small businesses, $2 million of which will focus on
the deployment of flexible capital in collaboration with
Opportunity Fund and will also provide immediate cash boosts and
financial coaching support of entrepreneurs and their low-wage
workers in coordination with SaverLife.
- Financial health: Donations will support efforts to
ensure ongoing financial health for families and individuals
including for financial counseling and coaching and through grants
to help struggling hourly, part-time, lower-income and gig economy
workers navigate broad financial stability challenges due to loss
of income.
The Wells Fargo Foundation will also support the creation of the
Coronavirus Pandemic Financial Resilience Resource Center to help
the 100 million people with disabilities and chronic health
conditions nationwide with alternative and accessible information
and financial counseling, 24 hours a day, seven days a week.
Supporting employees experiencing hardship
In an effort to assist employees who may experience their own
hardships, the Wells Fargo Foundation will donate $10 million to
its WE Care Fund, which provides resources to colleagues who face a
catastrophic disaster or financial hardship resulting from an event
beyond their control. This program is available to those affected
by coronavirus and is intended to help employees, especially those
with limited resources, get back on their feet with basic
necessities.
Wells Fargo has made several significant enhancements to its
U.S. benefits and time away programs to provide additional support
to all U.S. employees during this public health emergency,
including benefit enhancements specifically for employees directly
affected by coronavirus through illness or school closures.
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.
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Beth Richek CORPCSF@wellsfargo.com 704-374-2545
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