Wells Fargo

Wells Fargo is encouraging its student customers to take care of the security of their personal and financial information to minimize the risks of fraud and identity theft.

According to the stats by Javelin Strategy & Research (2010) people aged 18 to 24 detect fraud in twice as many days as other age groups, which makes them fraud victims for longer periods.

Bank of America nears to settle claims from its powerful investors to pay them $8.5 billion, according to the sources familiar with the situation. These investors lost their money on mortgage-backed securities.

Such a deal would encourage investors to seek compensation from other lenders like Wells Fargo & Co and JPMorgan Chase & Co, analysts believe.

Wells Fargo and Bank of America announced the shutdown of their joint venture launched three years ago to process automated clearing house transactions between the two banks. The two companies stated that they abandon the operation, which they called Pariter.

“It will shut down over the next few weeks,” a Wells spokesperson tells Digital Transactions News. “It will take a few weeks to figure out what the specific impacts are.”

“It was a mutual decision, amicable,” says the Wells spokesperson.

The three largest US banks Bank of America, JPMorgan Chase and Wells Fargo have unveiled their new P2P payments joint venture.

The banks say that their customers will be able to transfer and move funds directly from their existing checking accounts using an e-mail address or mobile number – instead of providing checking account and routing numbers.

The US Federal Reserve ordered Bank of America to adjust its plans for a modest dividend increase, which is a sign that regulators see the bank as being still financially weaker than other financial institutions.

BofA’s plans were to get into the second wave of banks raising dividends in the second half of this year. In comparison with its rivals like JPMorgan Chase & Co and Wells Fargo, Bank of America has less capital and is still heavily struggling to remain consistent.

Wells Fargo & Company has launched its first combined online banking and online statement sweepstakes which runs through December 15, 2010.

Customers of Wells Fargo and Wachovia who sign up for online banking; sign into their online banking session; and/or switch their statement delivery from paper to online only during the promotion period are automatically entered for a chance to win the grand prize of $50,000 or one of fifty prizes of $1,000.

This year Wachovia Bank surpassed Bank of America as the largest bank in the D.C. area by deposits, according the Federal Deposit Insurance Corp.

A recently released annual report by the FDIC revealed that Wachovia reversed from last year when Charlotte N.C. -based BofA showed big gains. Acquired by Wells Fargo at the end of 2008 Wachovia reported a $2.97 billion run-off of local deposits last year, but gained it all back this year. At present it owns $18.9 billion in local deposits, or 16.92 percent of the local market share, and 136 branches.

Wells Fargo & Company (WFC) enhanced its Wells Fargo Visa® Gift Cards and Wachovia Visa® Gift Cards by eliminating monthly service fees with the expiration of funds.

As it became known, Wells Fargo has become the latest banks to affirm its participation in trials of NFC-enabled mobile payments technology in association with Visa.

Wells Fargo probe appeared to be a part of a major push by Visa to have a commercially-viable product ready for launch in 2011.

As it became known, Wells Fargo has expanded its ExpressSend remittance network in Mexico through an agreement with Houston-based Transnetwork Corporation. Thus far the company is adding over 4,000 payout locations in Mexico for a total of more than 9,000 locations. These additional outlets have significantly widened Wells Fargo's remittance payout network in Mexico. 

As it became known, Moody's, that revised its outlook on a number of major banks Tuesday, changed its forecast over Bank of America, Citigroup and Wells Fargo from stable to negative.

The credit ratings agency cut the positive outlook due to weakening government support for the institutions under new US regulations.

Wells Fargo has launched a new mobile banking application for Android based phones as well as for BlackBerry and Palm phones. Now customers of Wells Fargo can select mobile banking services that best suit their needs from a menu of options on Wells Fargo's newly expanded Mobile Banking Resource Center.

Wells Fargo has introduced its new ATM e-receipt service to its all online banking consumers. The new option allows customers to decide on whether they want to have an ATM receipt sent an Online Banking inbox or to the specified email address. Wells Fargo is the first and only bank to launch the kind of service.

All Wells Fargo customers can use the service while Wachovia consumers will be able to access it soon after they convert to Wells Fargo. The conversion is scheduled to take place through 2011.

As Wells Fargo unveiled on Friday, Enhanced Identity Theft Protection, providing customers with an easy way to monitor their credit and check for inaccuracies that may indicate identity theft, is now available.

First Data Corporation has appointed Steve Boehm as senior vice president leading global product management and innovation for First Data’s Financial Services division. Boehm comes to First Data from Wachovia.