Wells Fargo Creates ‘Steps to Better Banking’

New offerings make opening a checking account simple, easy

SAN FRANCISCO--()--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*.

“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.”

“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.

Contacts

Wells Fargo & Company
Richele Messick, 651-205-6560 (Media)
Richele.j.messick@wellsfargo.com
@RJMessickWF

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Release Summary

Wells Fargo & Company today announced its ‘Steps to Better Banking’ initiative, which makes the experience of opening an account easier for the millions of consumers who choose Wells Fargo.

Wells Fargo & Company