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Banking Inclusion Initiative

Connecting more people to banking

Our challenge

An estimated 24.6 million U.S. households are underbanked or unbanked, often resorting to higher-cost, less secure alternatives to manage their money.

Our 10-year commitment

Launched in 2021, the Banking Inclusion Initiative provides easier access to low-cost banking and financial education for underbanked and unbanked communities.

A story of hope

With no savings, Sonya felt overwhelmed by her financial situation. Determined to turn things around, she began a transformative journey to increase her credit score and learn the art of budgeting.

Sonya embarked on a journey to transform her financial habits, starting with a straightforward yet revealing task. She examined her bank statements from the past 90 days, marking her essential expenses (needs) in yellow and non-essential (wants) in green. Each month was treated as a separate unit, with expenses divided by the total income to gain insight into her spending patterns.

The process involved a meticulous review of each month’s expenses. Sonya then calculated the totals for her needs and wants separately, dividing these by three to establish average ratios. This method aimed to align her spending closer to the ideal 50/30/20 budgeting rule, which allocates income to needs, wants, and savings. Throughout these 90 days, Sonya diligently categorized every expenditure.

The task was eye-opening, revealing the extent of her spending on nonessential items. Although scrutinizing her financial habits required significant discipline, Sonya’s commitment to change was unwavering. As she clarified her spending patterns, Sonya started a bold new practice: paying herself first. She committed to putting 10% of her income into a savings account.

Starting from zero, this task seemed daunting at first. However, Sonya’s determination was unwavering. Each paycheck became a step toward her goal, and slowly but steadily, her savings account began to grow. The most remarkable change came in her credit score.

In just 90 days, Sonya reduced her debt-to-credit limit ratio from 69% to 33% and raised her score from 663 to 695, a 32-point increase that filled her with pride and motivation. This improvement was not just a number but a testament to her discipline and newfound financial wisdom.

Dr. Joaquin Wallace, Financial Wellbeing Coach, Credit and Money Management, HOPE Inside Oakland, CA - Wells Fargo

Inclusive banking in action

Bringing financial education to underserved communities

Financial coaching
With Operation HOPE, we’ve established more than 30 HOPE Inside centers within select Wells Fargo branches (PDF), where community members can get free one-on-one coaching. By 2026, we’re committed to expanding to 50 centers.

Digital tools
We provide support through Wells Fargo online tools, such as LifeSync® to track progress towards financial goals and Credit Close-Up℠ for credit monitoring and education.

Community connection branches
With nearly 30% of our branches in low-to-moderate-income (LMI) neighborhoods, we’ve introduced more than 100 community connection branches specially designed to meet the needs of the communities we serve.

Helping more people access affordable banking

Low-cost accounts
We’re increasing outreach about affordable and no-overdraft-fee accounts, such as Clear Access Banking – designed for those new to banking or have faced difficulties opening or maintaining a bank account.

Partnerships
Our collaboration with Cities for Financial Empowerment (CFE) and local Bank On coalitions allows us to pilot new strategies and develop solutions to help overcome roadblocks to banking access.

Advancing financial inclusion

Wells Fargo is proud to be an inaugural signer of the Aspen Institute's call for a national financial inclusion strategy. This strategy sets a collective vision and path forward to ensure a more accessible financial system for all.

Data and insights

2023 FDIC National Survey of Unbanked and Underbanked Households, released in October 2024

Other fees may apply, and it is possible for the account to have a negative balance. Please see the Wells Fargo Consumer Account Fee and Information Schedule and Deposit Account Agreement for details.

Wells Fargo Bank, N.A. Member FDIC.

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