Wells Fargo Confirms Privacy Principles
SAN FRANCISCO — June 11, 1999
Wells Fargo & Company confirmed today that it does not provide confidential customer information to any third party, including telemarketers, for their independent use. The company's policy is to have control and confidentiality agreements with all outside companies with whom it contracts.
"From time to time, we have worked with third parties in a few limited instances to offer non-financial products," said Wells Fargo Chief Executive Officer Dick Kovacevich. "To be absolutely certain that we maintain the trust of our customers, we are terminating any arrangements we have in which we sell non-financial products through outside telemarketers, so we can provide an extra measure of reassurance for our customers. Security, trust, dependability and protecting our customers' privacy have been hallmarks of our company since its founding in 1852. We intend to remain faithful to those customer commitments." The company's policy for working with third parties is to comply fully with the Fair Credit Reporting Act and other federal and state laws that apply.
Wells Fargo will continue its relationships with its insurance company partners to offer insurance products at competitive rates to Wells Fargo customers.
Under strict confidentiality agreements, Wells Fargo will continue to contract with outside providers to prepare customers' account statements, enter or calculate transactions and balances, market Wells Fargo products and services, or provide other materials or services.
Wells Fargo's policy is to limit the information the company shares with third parties only to that which it believes is appropriate to complete a given transaction. The company was one of the first in the industry to post Privacy Principles on its web site (www.wellsfargo.com).
"We will continue to give our customers easy access to their account information and our products and services across all our delivery channels - stores, ATMs, phone banks, our web site, and direct mail," said Kovacevich. "It's important that we continue to take advantage of technology to personalize customer service and serve our customers when, where and how they want to be served."
Wells Fargo is a $202 billion diversified, financial services company providing banking, insurance, investments, mortgage, and consumer finance from almost 6,000 stores and through other distribution channels across North America.