SAN FRANCISCO - December 15, 2010
Wells Fargo & Company (NYSE: WFC) today said its business customers have deposited $1 trillion through the Desktop Deposit service, which lets business customers deposit checks from any business location at any time. In addition, a recent survey shows Wells Fargo ranks No. 1 in remote capture volume and locations for 2010.
“The Desktop Deposit service has grown phenomenally because it’s simple and affordable to set up – all you need is a scanner, a computer, and an Internet connection,” said Katie Knight, who heads the Desktop Deposit service for Wells Fargo. “The Desktop Deposit service improves our customer’s flow of cash and information while it cuts the time, cost, risk, and waste of transporting checks to the bank.”
Wells Fargo processed 12.4 million checks by remote deposit services in January 2010 alone, nearly double the volume of its next-closest competitor, according to results from the 27th annual Ernst & Young Cash Management Services Survey, published Nov. 22. Wells Fargo’s survey total includes the remote deposit service provided by the former Wachovia Bank N.A., which Wells Fargo acquired at year-end 2008. The survey also shows Wells Fargo customers use remote deposit services at approximately 37,500 office locations, more than twice the number of its next-closest competitor.
Following its 2005 launch, about 500 business customers signed up for the Wells Fargo Desktop Deposit service and scanned 1.4 million checks. Enrollment and items deposited have soared by double-digit percentages each year since 2005. The momentum continued in 2010, reaching a total of nearly 13,000 customers who deposited 95.2 million checks through November. They also pushed the total dollar amount of Desktop Deposit checks deposited since 2005 to $1 trillion, with 306 million checks deposited.
The Desktop Deposit service, a proprietary Web-based remote deposit service which does not require a software download, is ideal for businesses that receive most of their payments by check, because it allows them to make deposits from any business location at any time, whether or not a physical bank location is close by. Not only do companies save on transportation and insurance costs, they reduce their ecological footprint, too: Wells Fargo estimates the Desktop Deposit service has saved 1.64 million miles of driving, 90,993 gallons of gas, and 1.7 million pounds of CO2 to date.
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.2 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 banking stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With more than 278,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 19 on Fortune’s 2009 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.