Wells Fargo Enables Online Customer-To-Customer Transfers, Making It Quick And Simple To Send Money To Friends And Family – Just In Time For The Holidays
San Francisco — November 15, 2004
Wells Fargo today announced a new way for customers to transfer money to other customers. The innovative money transfer service – coupled with the surging popularity of online bill paying and last month’s implementation of Check 21 legislation – is sure to further fuel the declining volume of paper checks in the U.S.
The new transfer service makes it fast and simple to send money to friends and family via the Internet. This free service is available when the customer sending and the customer receiving have Wells Fargo checking and/or savings accounts. Family money transfers are of great value to customers who, up to this point, have had few options for sending and receiving funds electronically. Customer-to-customer transfer is by far the easiest way to send money between Wells Fargo customers. Currently, Wells Fargo is one of relatively few large financial institutions offering a service that can move funds between consumer accounts in real-time. This new capability represents a giant step toward reducing the number of paper checks exchanged between individuals, saving customers the time they would have otherwise spent visiting a store or ATM.Send Money Instantly This Holiday Season “Family money transfers can be especially convenient during the holidays because they allow you to send money quickly and easily while eliminating an extra trip to the bank,” said Jim Smith, executive vice president of Online Consumer Products. “They’re also a great way to send money to loved ones – like college students – hoping to fly home, or who are cash-strapped for gift buying.” The new service allows customers to transfer funds in a few easy steps. First sign on at wellsfargo.com and select “Transfer.” Then choose the account to transfer money from, type in the amount and click “Transfer.” The funds are then immediately moved into the other customer’s checking or savings. In the past, the only ways that Wells Fargo customers could directly move money from their account to other Wells Fargo customers’ accounts was to send a check, go into the store and make a deposit, or open a joint account. With customer-to-customer transfer capabilities, these time-consuming tasks are a thing of the past. Customers can move up to $1,500 daily in seconds. Wells Fargo’s new service was developed in direct response to input from customers on their money transfer needs. The bank’s research showed that a very significant portion of its customer base moves money between account holders. Close to half the people surveyed by Wells Fargo indicated a strong interest in the new money transfer service. Helping Newlyweds and Spouses Manage Their Finances Better “For many newlyweds, figuring out how to merge checking account, credit cards, and bills can be a source of tension and frustration,” said Stephanie Smith, senior vice president of Wells Fargo Online. “In fact, the number-one source of conflict between married couples is money. Customer-to-customer transfers case help ease some of this normal anxiety by allowing husband and wife to maintain separate checking accounts, if they so desire, while giving them the ability to move money to each other if needed.” Customer-to-customer transfers also benefit family members wanting to send funds to relatives in Mexico. “The family transfer service is a great way to pool money among family members in the U.S. prior to sending the money to Mexico,” said Liliana Salas-Grip, vice president, Wells Fargo Latino Segment. “Two brothers living in San Antonio, for example, can contribute money to one account before using Wells Fargo’s Intercuenta Express service to transfer the funds to their mother in Mexico City.” Wells Fargo’s new family money transfer service has a number of practical uses. For example,
- Students can use the money transfer service to get money from family and friends for schoolbooks and other living expenses. Parents can rest easy knowing there is a fast and free way to get money to their kids when they need it most.
- Newlyweds can set up a “Wishing Well” Fund so friends and family can contribute money to a wedding account that helps a couple pay for their big day. Instead of registering for dish sets and wall hangings, have your guests help out with the burdensome cost of the wedding itself.
- Married couples are able to transfer money to one another, allowing husband and wife to maintain separate checking accounts if they so desire. This option can ease some of the normal anxiety associated with marriage and money.
- Family members can send money across borders to relatives in Mexico and beyond. Those living in the U.S. can contribute money to an account and its contents can then be transferred in one lump sum to Mexico via an Intercuenta Express transaction.