Wells Fargo Business Customers’ Paperless Deposits Surpass $1 Trillion
SAN FRANCISCO — July 23, 2009
Wells Fargo & Company (NYSE: WFC) said today its business customers sped past another paper-to-electronic milestone as deposits made via the internet surpassed $1 trillion during the year’s second quarter.
As of May 1, Wells Fargo business customers – excluding those from the former Wachovia Corporation – had electronically deposited 468 million-plus checks worth $1,003,355,000. Paperless deposits became possible with the Check Clearing for the 21st Century Act – known as Check 21 – in 2004. Since, Wells Fargo business customers have adopted paperless deposits at a dramatic pace.
“Our business customers were early adopters of Check 21,” said Laura Lee Orcutt, electronic payments group product manager. “They recognized that their information is easier to store and protect when it’s online. Our customers are also keen on the savings in time and money from paperless deposits.”
Environmental benefits multiply as more Wells Fargo business customers make paperless deposits. Remote deposit scanners have saved customers from driving an estimated 1.2 million miles to make deposits, or 63,000 gallons of gas and 1.2 million pounds of CO2.
Wells Fargo & Company is a diversified financial services company with $1.3 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 10,000 stores, over 12,000 ATMs and the internet (wellsfargo.com) across North America and internationally.