SAN FRANCISCO - March 27, 2014
Wells Fargo & Company (NYSE: WFC) – the first major U.S. bank to offer mobile services for corporate and commercial customers – today said that businesses have made more than $1 billion in mobile deposits through its CEO Mobile® Deposit service. With the free CEO Mobile iPhone app, customers can use an iPhone or iPad to quickly scan and deposit checks and money orders conveniently and securely, enabling them to speed up their cash flow.
“Businesses are looking at technology and innovations all the time. They want new ways to be more efficient and therefore save time that they can devote to serving their customers,” said Secil Watson, head of Wells Fargo Wholesale Internet Solutions. “Our CEO Mobile services are essential for these companies. For people who are always on the go or out of the office, mobile deposit capability is a major asset because it does something huge: it eliminates the time spent driving to the bank or the office to make deposits.”
McKinley Equipment Corporation, a distributor of material handling equipment and a provider of retail store maintenance services, and McKinley Elevator Corporation, a distributor of home elevators and accessibility equipment, are two family-owned businesses under the same roof in Irvine, Calif., whose 101 combined employees serve customers in California, Nevada, and Arizona. The two companies are typical of the growing number of businesses that rely on the CEO Mobile Deposit service.
“Before CEO Mobile Deposit, it took too long for our off-site teams to get checks into the office,” said Kevin Rusin, chief financial officer for both McKinley companies. “Now my sales team, installers, and service technicians always use CEO Mobile Deposit. They snap a photo of the check upon receipt and start the process. The account receivables time is down and customers’ orders are not delayed.
“Every single one of the CEO Mobile services allows me to stay on top of and run my business, whether I’m on vacation, traveling for work, out of the office or at a meeting,” added Rusin. “This allows my business to continue to push forward, and there are no delays, which ultimately makes my customers happier.”
About the CEO® portal and the CEO Mobile service
The Commercial Electronic Office® (CEO) portal offers Wells Fargo commercial and corporate customers single sign-on access to nearly 90 online banking applications and reports, including cash management, credit, investments,* foreign exchange, trade finance, capital markets, trust, insurance,* and health benefits. The CEO Mobile service is an extension of select CEO portal services, giving customers the ability to access accounts and make important decisions when they’re in a meeting, on the go, or traveling. Customers can use the CEO Mobile service to initiate and approve payments, make deposits, receive alerts, review balances and reports, transfer funds, manage business expenses, and administer and reset passwords.
For Wells Fargo’s retail customers, Wells Fargo Mobile® Deposit has been available nationally since November 2012. Using an Apple, Android or Windows device, these retail customers can easily deposit checks into their eligible Wells Fargo accounts by taking pictures of the front and back of the check.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.5 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 locations, 12,000 ATMs, and the internet (wellsfargo.com), and has offices in 36 countries to support customers who conduct business in the global economy. With more than 264,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune’ s 2013 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.