Wells Fargo Launches New Low-Cost Account With No Overdraft Fees
September 01 2020 - 08:00AM
Business Wire
Clear Access BankingSM supports bank’s commitment to make
banking easy to understand, convenient and transparent
Wells Fargo (NYSE: WFC) today announced the launch of Clear
Access Banking, a new, low-cost, convenient bank account with no
overdraft fees. Now available online and in branches, the new
account is part of Wells Fargo’s broader effort to simplify its
products and services, and make banking convenient and easy to
understand.
“Our customers are seeking clear, easy to use, low-cost bank
accounts for day-to-day money management,” said Ed Kadletz, head of
Wells Fargo’s Deposit Products Group for Consumer and Small
Business Banking. “Our new Clear Access Banking account
demonstrates our commitment to provide a simplified banking
experience. It gives customers the comfort of having one account
with a low monthly fee for money management, payments and access to
all digital banking experiences and services. This simplicity is as
important as ever to customers in the wake of the pandemic and
recent economic challenges.”
Clear Access Banking is a checkless account that helps customers
avoid spending more than the amount available in the account
without incurring overdraft or non-sufficient funds fees. It is
designed for consumers seeking an account to help manage their
spending, or who are new to banking, such as young adults. Clear
Access Banking also has been certified by the Cities for Financial
Empowerment (CFE) Fund for meeting its Bank On National Account
Standards for safe and appropriate financial products that can help
people enter or re-enter the mainstream financial system.
For a flat, $5 monthly fee – waived for primary account owners
13 through 24 years old – the account features a full array of
convenient banking services at no additional cost, including:
- Access to Wells Fargo Mobile® app and Wells Fargo Online®
banking tools, including Online Bill Pay.
- Account alerts to help customers stay on top of their finances
and track available funds.
- Access to Zelle®, which allows customers to send and receive
money with friends, family and others they know and trust who have
a U.S.-based bank account, typically in minutes1 directly from one
deposit account to another.
- A contactless Wells Fargo Debit Card with Zero Liability
protection2, and the capability to make debit card purchases in a
digital wallet.
- 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
branches across the U.S. and through Wells Fargo’s 24-hour Phone
Bank.
Wells Fargo plans to continue its efforts to simplify its
products in the coming year. Among Wells Fargo deposit product
improvements scheduled to roll out in 2021 is a streamlined version
of its Portfolio by Wells Fargo® relationship banking account.
“Our work to simplify our bank accounts is driven by listening
to our customers and understanding their needs,” said Kadletz. “As
a company, we’re moving with urgency to remove complexity, and
create a better experience for our customers. The fast pace of the
improvements we’re making is evident in our roll out of Clear
Access Banking, well ahead of our original target date of early
next year. These updates are supporting Wells Fargo’s larger
transformation and focus on earning trust and building lifelong
relationships with our customers.”
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified,
community-based financial services company with $1.97 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 7,300 locations, more than 13,000
ATMs, the internet (wellsfargo.com) and mobile banking, and has
offices in 31 countries and territories 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 2020 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
https://www.wellsfargo.com | Twitter: @WellsFargo.
© 2020 Wells Fargo Bank, N.A. All rights reserved. For public
use. Deposit products offered by Wells Fargo Bank, N.A. Member
FDIC.
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/20200901005405/en/
Media Jim Seitz, 612-328-6221 Jim.Seitz@wellsfargo.com
@JimSeitzWF
Investor Relations John Campbell, 415-396-0523
John.M.Campbell@wellsfargo.com
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