SAN FRANCISCO - August 11, 2011
At a time when college students are facing high tuition prices and high unemployment rates, Wells Fargo & Company (NYSE: WFC) is helping students make the most of their budgets through a broad array of lending and financial management products and services that are accessible through multiple channels, including online banking and mobile banking .
“Students and their families are facing unprecedented challenges managing day-to-day finances in addition to finding the funds to pay for rising tuition costs,” said Angel Zapata, senior vice president, National Manager for Wells Fargo Foundation’s Office of Financial Education. “Wells Fargo is here to help them manage almost every aspect of their finances, from educational programs to affordable lending solutions to savings and checking accounts to services.”
Tracking and Staying on Top of Finances
Two of Wells Fargo’s innovations to help students track and stay on top of their finances include ATM Cash Tracker and My Money Map.
ATM Cash Tracker helps students budget their cash usage. Students can establish a monthly withdrawal budget at the ATM. Then each time they return to the ATM, they can see how they are doing on their budget right on the screen while they are transacting.
My Money Map is a free interactive online tool that provides a dashboard view of a customer's financial picture using data from their Wells Fargo transactions and accounts, including Wells Fargo Credit Card, Debit Card, Checking and Savings accounts, and Bill Pay transactions.
"Wells Fargo offers a suite of online tools that help students who may be worried about staying within their budgets during the school year," said Patrick Smith, senior vice president, Wells Fargo Internet Services Group. "Students can start the planning cycle for school expenses any time during the year with services such as My Savings Plan and use automatic transfers to their savings account to help them meet budget goals they identified in My Savings Plan. They can use balance and purchase alerts and My Spending Report during the school year to monitor where their money is going."
Additional online personal financial management tools and mobile banking services include:
- My Savings Plan® tool – Gives students with a saving account an easy way to save for their goals and automatically monitor their progress.
- Online Transfers– Allows parents to move funds from their accounts to their children’s accounts when both have Wells Fargo checking and/or savings accounts. Money is received in their account immediately.
- My Spending Report with Budget Watch – Helps students create a budget and monitor their progress throughout the month, so they can identify opportunities to spend less.
- Account Alerts – Helps students stay informed about account transactions. Students can choose alerts that are important to them and have them sent right to their email or mobile device. Alerts also help students detect potential fraud more quickly.
- Bill Pay – Allows students to pay bills in minutes online.
- Wells Fargo MobileSM banking – Provides students with three easy ways to bank on their mobile device, including a mobile web site (WF.com), four downloadable applications (iPhoneTM/iPodtouch®, AndroidTM-powered, BlackBerry®, Palm devices®) , and text banking to short-code 93557 (which spells "Wells" on traditional telephone keypads).
Banking and Credit 101
Students view the development of banking and credit card relationships as a “rite of passage” and a critical step in establishing a credit history. Many employers look at credit history as a basis for evaluating applicants. Wells Fargo offers The College Combo®, which features a Wells Fargo College Checking® account, free access to Online Banking with Bill Pay, Debit Card with free access to more than 12,000 Wells Fargo and Wachovia ATMs nationwide, a Savings Account, Way2Save Savings account and an opportunity to apply for a college credit card. Having a credit card, such as a Wells Fargo® Cash Back sm College Card, helps students build credit while also providing a payment solution to make travel arrangements, rent a car or purchase services over the phone and online. Since most students today are active mobile phone users they can stay on top of their spending with the new Rapid Alerts Service. The near real-time text alerts are a great way to keep control of one’s credit card usage by receiving text alerts whenever one’s card is used.
Financing School with Education Loans
Wells Fargo Education Financial Services serves more than 1.9 million student and family customers in all 50 states and has been in the student lending business for 43 years, helping customers make smart borrowing decisions to finance education. Wells Fargo offers a variety of fixed and variable rate loans for students and their parents, including Wells Fargo Collegiate Loan®, Wells Fargo Student Loan for Parents® , Wells Fargo Student Loan for Career and Community Colleges®, and Wells Fargo Private Consolidation Loan®. Wells Fargo also recently introduced new relationship pricing discounts. In addition, students who enroll in Wells Fargo’s CollegeSTEPS® Program receive electronic postcards that provide valuable information on college preparation, scholarships, budgeting and financial aid. Students and families interested in more information should call 1-800-378-5526, visit wellsfargo.com/student or speak with a personal banker at any Wells Fargo or Wachovia location nationwide.
Insure New Digs and Back to School Wheels
Wells Fargo Insurance can help simplify the insurance process, whether students need to protect their personal property in an apartment, insure their car, or assess their overall coverage.
Renters insurance: While a landlord’s insurance coverage typically covers the building a student lives in, it is up to the student to protect his or her personal property. Renters insurance helps protect a person’s personal property from loss or damage, and can even reimburse the student for reasonable living expenses if the student is relocated as a result of a covered event – like a fire. It also can include liability insurance, in case someone else is injured while visiting.
Auto insurance: Purchasing a car is a big decision and Wells Fargo Insurance can help protect it. Experienced insurance agents work with customers to quickly compare auto insurance quotes from multiple insurance companies and help them purchase the coverage that’s right for them, regardless of which insurance company they select.
Free Financial Literacy Programs Available
Whether the student’s preference is to learn and obtain information offline or online, Wells Fargo has many resources:
- Student Center (online center) – https://www.wellsfargo.com/student/loancenter
- Hands on Banking® (online educational program) – http://www.handsonbanking.org/en/
- The Student LoanDownSM (blog) – http://blog.wellsfargo.com/StudentLoanDown
- Practical Money Skills for Life - (http://wellsfargo.practicalmoneyskills.com)
- CollegeSTEPS® program (wellsfargo.com/collegesteps)
Available at Wells Fargo Banking Stores:
- The Getting Started Guide brochure – Helps them understand their new checking account.
- The Student Guide to Good Credit brochure – Covers how to build good credit, the importance of budgeting, online banking tools, how to read a statement and key financial terms.
- Preparing and Paying for College brochure – Provides planning information, a roadmap and calendar to help students stay on track with their college application process
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.3 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 stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With approximately 275,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 23 on Fortune’s 2011 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.
About Education Financial Services
Wells Fargo Education Financial Services serves more than 1.9 million student and family customers in all 50 states and has been in the student lending business for 43 years helping customers make smart borrowing decisions to finance education. Education Financial Services provides customers with financial tips and tools to keep their finances on track while in school and prepare them financially for when they finish college. Wells Fargo markets its education products to colleges and universities, directly to consumers and through Wells Fargo Bank and Wachovia Bank. As part of the organization’s commitment to education, during 2010 Wells Fargo provided $66 million to educational organizations, including $17 million in team member donations, which Wells Fargo matches dollar for dollar, up to $5,000 per team member.
Lisa Westermann 415- 222-6236
Michele Rene Scott 415-396-8380
Jim Rowe 415-396-8216