SAN FRANCISCO - January 17, 2014
Wells Fargo & Company (NYSE: WFC) announced today that the Wells Fargo Direct Deposit Advance® service will be discontinued.
New consumer checking accounts opened February 1, 2014 or later will not be eligible to access the Direct Deposit Advance service. There are no immediate changes for existing Direct Deposit Advance customers, who will be able to access the service until mid-year. Wells Fargo is finalizing a transition plan and will communicate the details to existing customers well in advance of the discontinuation.
Wells Fargo is dedicated to helping our customers succeed financially and will work with customers to help them understand the changes and their options. Wells Fargo offers a spectrum of credit products that are designed to meet customer needs, including unsecured credit (cards, lines and loans) and a secured credit card, which can help customers build or re-build their credit. As always, Well Fargo encourages customers to talk to a banker about their unique credit or account management needs.
Discontinuation of this service is not expected to have a material financial impact on the Company.
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 stores, 12,000 ATMs, and the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank’s customers who conduct business in the global economy. With more than 270,000 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. Wells Fargo perspectives are also available at blogs.wellsfargo.com.
Cautionary Statement about Forward-Looking Information
This news release contains forward-looking statements about our future financial performance and business. Do not unduly rely on forward-looking statements as actual results could differ materially from expectations. Forward-looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. For information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2012, as filed with the SEC and available on the SEC’s website at www.sec.gov.