Wells Fargo has announced new initiatives aimed at reducing overdraft fees and providing customers with more flexible options for meeting their personal financial needs. These offerings, which include earlier access to direct deposits, a 24-hour grace period before incurring any overdraft fees, the elimination of several fees, and a new, short-term loan, build on actions the company has taken to improve customer experience over the past several years.
“Core to Wells Fargo’s evolution is making sure we stay focused on our customers, first and foremost,” said Mary Mack, CEO of Wells Fargo Consumer and Small Business Banking. “The enhancements we’re announcing today add to changes we’ve made previously and give our customers more choice and flexibility in meeting their needs.”
The Clear Access Banking, introduced in September 2020, is a consumer bank account that charges no overdraft fees. It now has over 1.1 million customers.
By the end of the first quarter, customers enrolled in Wells Fargo’s Overdraft Protection service will no longer pay a fee when funds from a linked account are used to cover transactions on the customer’s checking account. By the end of the first quarter, customers will no longer pay a returned item fee if Wells Fargo returns a check or electronic transaction unpaid because the customer does not have enough available funds in the deposit account to cover the payment.
Customers who receive eligible direct deposits will be able to access funds up to two days earlier than scheduled, minimizing the potential to incur overdrafts. Customers who overdraw their deposit account will have 24 hours to cover the overdraft before incurring an overdraft fee.
