Wells Fargo (NYSE: WFC) today announced the launch of Clear Access Banking, a new, low-cost, convenient bank account with no overdraft fees. Now available online and in branches, the new account is part of Wells Fargo’s broader effort to simplify its products and services, and make banking convenient and easy to understand.
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“Our customers are seeking clear, easy to use, low-cost bank accounts for day-to-day money management,” said Ed Kadletz, head of Wells Fargo’s Deposit Products Group for Consumer and Small Business Banking. “Our new Clear Access Banking account demonstrates our commitment to provide a simplified banking experience. It gives customers the comfort of having one account with a low monthly fee for money management, payments and access to all digital banking experiences and services. This simplicity is as important as ever to customers in the wake of the pandemic and recent economic challenges.”
Clear Access Banking is a checkless account that helps customers avoid spending more than the amount available in the account without incurring overdraft or non-sufficient funds fees. It is designed for consumers seeking an account to help manage their spending, or who are new to banking, such as young adults. Clear Access Banking also has been certified by the Cities for Financial Empowerment (CFE) Fund for meeting its Bank On National Account Standards for safe and appropriate financial products that can help people enter or re-enter the mainstream financial system.
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For a flat, $5 monthly fee – waived for primary account owners 13 through 24 years old – the account features a full array of convenient banking services at no additional cost, including:
- Access to Wells Fargo Mobile® app and Wells Fargo Online® banking tools, including Online Bill Pay.
- Account alerts to help customers stay on top of their finances and track available funds.
- Access to Zelle®, which allows customers to send and receive money with friends, family and others they know and trust who have a U.S.-based bank account, typically in minutes1 directly from one deposit account to another.
- A contactless Wells Fargo Debit Card with Zero Liability protection2, and the capability to make debit card purchases in a digital wallet.
- Use of more than 13,000 ATMs across the country, each providing digital wallet access to funds and balance information.
- Full-service banking support offered by bankers face-to-face at branches across the U.S. and through Wells Fargo’s 24-hour Phone Bank.
Wells Fargo plans to continue its efforts to simplify its products in the coming year. Among Wells Fargo deposit product improvements scheduled to roll out in 2021 is a streamlined version of its Portfolio by Wells Fargo® relationship banking account.
“Our work to simplify our bank accounts is driven by listening to our customers and understanding their needs,” said Kadletz. “As a company, we’re moving with urgency to remove complexity, and create a better experience for our customers. The fast pace of the improvements we’re making is evident in our roll out of Clear Access Banking, well ahead of our original target date of early next year. These updates are supporting Wells Fargo’s larger transformation and focus on earning trust and building lifelong relationships with our customers.”