Information Kit for Existing Customers

Wells Fargo no longer offers the Express Equity Line of Credit. For businesses that have equity in commercial property, we now offer a Commercial Equity Line of Credit (CELOC). However, you may continue using your Express Equity Line of Credit until February 2017. After that time, you will no longer be able to make advances from the account and it will transition to a new system. There will be other important changes including a new account number and payment address.

Will my account number or payment address change with the new system?

Yes, as part of the transition to a new system, you will receive a new account number and payment address with your first statement.

When will my account close, and is it possible to keep it open longer?

Your account will close on February 1, 2017. However, if you need to continue using your account after February 1, 2017, contact Customer Service by December 30, 2016, to request an extension. 

How can I continue to access money from this account?

If your account has been extended beyond the February 1, 2017, closure date, you can draw on your account through Wells Fargo Online Banking Transfers & Payments. You may also call Wells Fargo’s National Business Banking Center at 1-800-CALL WELLS (1-800-225-5935) to initiate a telephone transfer or check request starting February 15, 2017.

Can I access online statements on the new system?

Yes, but after May 2017 you will not be able to access existing statements on the old system. Be sure to download copies before May 1, 2017, if you want access to them. After May 2017, if you need a copy of an older statement, contact Customer Service. 

What if I do not have a balance on my account?

If you have a zero or credit balance on February 1, 2017, your account will not transition, but will be closed and processed for lien release within 90 days. If you’d like to close your account early and have the lien released now, contact Customer Service.

Can I continue to download my account activity on the new system?

No, when the account moves to the new system, you will be able to view your account activity, but not download (e.g., to Quicken or QuickBooks) your account information.

Will I still get the Monthly Service Fee waived on my deposit account after access to my line of credit account is closed?

Yes, even after access to your account is closed, as long as you still have a qualifying balance on the account you will continue to qualify for the fee waiver.

I currently have Overdraft Protection on my account. Can I keep it?

Yes, if you extend your account and are currently enrolled in Overdraft Protection, you will continue to have the service after your account moves to the new system. You do not need to take any action. However, if you do not currently have Overdraft Protection, you will not be able to add it after your account transitions.

Will I be able to use my current checks or MasterCard after my account moves to the new system?

No, the current MasterCard and checks are tied to the account on the current system. If you want to continue using your account until the repayment date, after it moves to the new system, you will need to request an extension with Customer Service before December 30, 2016.

Will I see my account in My Money Map after it moves to the new system?

No, after your account converts to the new system, it will not appear in My Money Map or My Spending Report.

Will I be able to access my account through Online Banking on the new system?

Yes, you will be able to view and manage your new account through Wells Fargo Business Online Banking. Please note: Your new account will have some features that differ from your current account which include:

  • Viewing statements/invoices and making payments will be located under the Commercial Lines & Loans sub-tab located below the Transfers & Payments tab.
  • To make recurring payments, use Wells Fargo Online Bill Pay or call us to set up Automatic Payments.
  • When using Online Banking Transfers & Payments, payments must be made in full. You can make a principal payment or advance funds as well.

What do I do if I can’t access my account in Online Banking after it moves to the new system?

Your Online Banking account should be available beginning February 15, 2017.  If you don’t see it, or if you can see it but can’t make transfers to/from it, please contact Customer Service at 1-866-895-6421, Monday - Friday, 6:00 a.m. to 6:00 p.m. Pacific Time.

Will I still have access to online billing?

Yes, you will continue to have access to online billing. However, the system will also generate paper statements. There is no need to sign up for online billing as long as you are signed up for Wells Fargo's Business Online Banking.

Will I continue to receive account alerts?

No, the new system doesn't support account alerts at this time.

Will I be able to manage my account on my smartphone or tablet after it moves to the new system?

No, currently the new system does not support Wells Fargo Mobile or Wells Fargo’s iPad and Tablet apps. However, you will be able to  access your account through your device’s browser at wellsfargo.com. In addition, we are constantly enhancing our online and mobile offerings, so please check for updates.

Will I receive a prorated refund of the annual fee I paid?

Yes, when your account is closed on February 1, we will credit your account within 60 days. If your account has a zero balance, we will send your refund as a check to your primary mailing address.

What should I do with unused checks and my current MasterCard after February 1, 2017?

You should safely destroy the checks and MasterCard associated with this account. If you requested an extension, you will still need to safely destroy your checks and MasterCard, as they will not work with your converted account. You can access your line of credit through transfers, in-store checks, and direct deposit to your linked business checking account.

Will I be able to manage my account through Online Banking on the new system?

Yes, you will be able to view and manage your new account through Wells Fargo Business Online Banking. Please note: Your new account will have some features that differ from your current account which include:

  • Viewing statements/invoices and making payments will be located under the Commercial Lines & Loans sub-tab located below the Transfers & Payments tab.
  • To make recurring payments, use Wells Fargo Online Bill Pay or call us to set up Automatic Payments.
  • When using Online Banking Transfers & Payments, payments must be made in full. You can make a principal payment or advance funds as well.

What do I do if I can’t see my account in Online Banking after it moves to the new system?

Your Online Banking account should be available beginning February 15, 2017.  If you don’t see it, or if you can see it but can’t make transfers to or from it, please contact Customer Service at 1-866-895-6421, Monday - Friday, 6:00 a.m. to 6:00 p.m. Pacific Time.

What if I am enrolled in Automatic Payments?

If you are enrolled in Automatic Payments, the account information will be carried over to the new system. On the new system, the minimum amount due will be drafted in full each month. Any manual payments will reduce your balance, but they will not change the amount of the Automatic Payment draft. If you would like to cancel Automatic Payments or discontinue it on the new system, contact Customer Service.

Can I continue to make interest-only payments with the new system?

Yes, once your account is moved to the new system, you’ll continue making minimum, interest-only payments until the date specified in our April mailing to you. At that time, your account will convert to a 25-year, Prime Rate-based loan that is fully amortized. If you would like to close your account and set up a fixed-rate repayment plan now, contact Customer Service.

How do I set up Automatic Payments on the new system?

You cannot set up automatic payments online. To set up automatic payments, contact Customer Service at 1-866-895-6421, Monday - Friday, 6:00 a.m. to 6:00 p.m. Pacific Time.

Can I continue to use Wells Fargo Business Bill Pay with the new system?

If you use Wells Fargo Business Bill Pay, we will update the payee information for you when we move the account to the new system.

Will I be able to pay my bill using Wells Fargo Online Banking “Transfers & Payments”?

A. Yes, but please note these changes:

  • If you used Online Banking Transfers & Payments to schedule any one-time, future-dated payments to be paid after February 11, 2017, they will be canceled. Please plan accordingly.
  • Please do not make payments using Online Banking Transfers & Payments from February 11 through 13 while your account moves to the new system. If you need to make a payment during this time, call Customer Service. 
  • Once your account has moved to the new system on February 15, there will be several changes in how you can make payments using Online Transfers & Payments:
  • When visiting wellsfargo.com, navigate to a new sub-tab, “Commercial Lines & Loans” under the Transfers & Payment tab in one of the following ways:
    • Go to the Accounts main tab, then to the Account Summary sub-tab. Select Commercial Loan/Line account under the commercial lines and loans section, then select “COMMERCIAL LINES AND LOANS” for the new account, OR
    • Select the “Transfers & Payments” main tab, then the “Commercial Lines & Loans” sub-tab.
    • After reaching this new area, to pay your bill, select “View and Pay Invoice”. Select the invoice you wish to pay; then “Pay”. Select “Make payment from account” from the drop-down menu, then “Submit”
  • You will only be able to schedule payments for the day you submit them, not for a future date.
  • Using Transfers & Payments, you will only be able to use a Wells Fargo checking or savings account to make your payment for your new account. If you are accustomed to using a non-Wells Fargo account to make a payment, you will need to
    1. Open a Wells Fargo checking account, OR 
    2. Use the online bill pay service provided by your other financial institution, OR
    3. Call us to set up Automatic Payments from your non-Wells Fargo checking account.
  • You will be able to pay only the amount due when paying your invoice. You may select “Make Principal Payment” to make an additional principal payment or “Advance Funds” to draw on your account.

What if I use an online bill paying service at another bank?

If you are using a bill payment service at another financial institution, you will need to update your payment information after the account is moved to the new system. This information will appear on your new statements, going forward.

Will my payment due date change?

On the new system, your payment will be due on the 10th of each month. Your statements will be sent out approximately three weeks before your due date.

If I do not make a payment on time, will my late fee change?

Yes, your late fee will change. Currently, the late fee is $35 and it is assessed the day after the due date.

On the new system, the late fee will be $15 or 5% of the amount due, whichever is greater, and it will not be assessed until the 15th day after the payment due date.

If I pay more than the minimum amount due, will it go toward the next payment or toward principal?

Any amount paid in addition to the minimum amount due on the invoice will directly reduce your principal balance.

What if I can’t afford the new minimum payment?

If the estimated payment of principal plus interest will present a challenge for you, we can help. We have a team of dedicated specialists who will be able to help you identify options. It’s important to call us as soon as possible, as options may become more limited if you wait. Please call Customer Service at 1-866-895-6421, Monday – Friday, 6 a.m. to 6 p.m. Pacific Time.

Where do I send payments when my account moves to the new system?

Please refer to your first statement for the new payment address; however, if you need to make a payment before you receive your first statement, you can use the following addresses:

For accounts in Eastern and Central time zones:

P.O. Box 202902
Dallas, TX 75320-2902

For accounts in Mountain and Pacific time zones:

Dept. #34431
P.O. Box 39000
San Francisco, CA 94139-9000

Send all overnight or non-U.S. Postal Service payments to:

Attn: Payments D4004-03C
401 Linden St.
Winston Salem, NC 27101-4157

What you should know about the interest due when the account moves to the new system

  • Currently, your interest rate is calculated on your balance, up to and including the date of your statement (this retroactive billing method is called “in arrears”). When your account moves to the new system, your interest will be calculated from the prior payment due date to the next payment due date.
  • The difference between these two calculation methods means that when your account converts, you will owe two months’ interest (one month in arrears and one month in advance). To ease this transition, the amount of interest billed in arrears (the “capitalized amount”) will be added to your principal balance when the account is moved to the new system.

Options available to you

  • Pay the capitalized amount in increments – If you don’t take action, the capitalized amount will be paid over the remaining term of your account, and the interest owed for each payment period will increase slightly (typically less than one percent of your interest payment).
  • Pay the capitalized amount up front – If you pay the capitalized amount with the first payment due after the account converts, you won’t be paying additional interest on that amount over the life of your account.

We’ll let you know the capitalized amount in your confirmation letter the week after the system transition.

What you should know about how interest is calculated on the new system

On the system, interest will be calculated on a 30/360 simple interest basis, treating each monthly payment period as having 30 days and each year as having 360 days.

—With the exception of days that do not fall within a full payment period, monthly interest will be calculated by multiplying the applicable interest rate, times the outstanding principal balance, times 30 days and dividing by 360 days.

—Interest for the days that do not fall within a full payment period will be calculated on the basis of the actual number of days and a 360 day year. We will multiply the applicable interest rate, times the outstanding principal balance, times the actual number of days the principal is outstanding that are not within a full payment period, and divide by a year of 360 days.

What you should know about the principal repayment

Starting in your repayment month, your account will be converted into a Prime Rate-based adjustable loan. You can find your repayment month in our April mailing to you. Your interest rate will adjust on the same day the Wells Fargo Prime Rate changes, but this change typically will not affect your monthly payments until your annual payment reset. 

  • At the end of the first repayment year and annually thereafter, your monthly payment will be reset.  The monthly payments will be reset so that with timely repayments you will fully pay off the remaining loan balance by the maturity date. 
  • The only exception will be a monthly adjustment if the Prime Rate increases enough to cause your scheduled monthly payment to fall below the amount needed to pay the interest due that month.  If that happens, that month’s payment will be increased to fully cover the interest due that month.