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Wells Fargo Launches Customer-to-Customer Mobile Banking Money Transfers – Simple and Secure Way to Send Funds to Family and Friends


Mobile Money Transfers Expands Customer Convenience San Francisco, September 24, 2009 – Wells Fargo & Company (NYSE: WFC) today announced its new mobile customer-to-customer payment option, which allows Wells Fargo customers to transfer money to each other via the Wells Fargo Mobiles Banking service. “More and more Americans are using mobile devices for banking, and we want to be there for our customers where and when they need us – whether they are waiting in line at a store or traveling by bus,” said Arah Erickson, vice president and head of Wells Fargo Retail Mobile Banking. “The added ability to transfer funds while on the go will be especially helpful for parents who have kids in college this fall as well as for students who need quick access to money at the last-minute to cover living costs, textbooks, or to split an expense with a roommate.” Wells Fargo Mobile customer-to-customer money transfer service is free*, fast, safe and easy-to-use. Customers simply log-on to online banking, add the account number of the customer to whom they wish to transfer money and make a first-time transfer.  Subsequent transfers can be made from the customers’ mobile device by logging onto WF.com and following the prompts, or online from their computer.  Customers can transfer up to $1,000 daily to another customer the moment they think about it, taking it off their “to do” list. “Our research shows there is strong interest in transferring money from a mobile device, as well as online,” said Adam Vancini, senior vice president at Wells Fargo Internet Services Group. “Wells Fargo’s secure mobile banking ensures that key banking tasks such as transferring funds, paying bills, receiving alerts and reviewing account balances can all be done ‘on the go.’ We want to deliver a complete set of financial solutions to satisfy our customers’ needs and to deliver those solutions in new and convenient ways.” According to Javelin Strategy & Research, an independent research firm, the immediacy of the mobile channel resonates most with consumers likely to use mobile person-to-person transfers, and sending and receiving money quickly is cited as the primary motivation for consumers to engage in mobile person-to-person transfers. Wells Fargo provides two easy, free* and secure ways to bank on the go:
  • Mobile Web Site: Customers who browse the web on their mobile phone can go to Wells Fargo’s mobile web site at WF.com and sign on to their bank accounts to: review account balances, review account activity, transfer funds, pay bills and find the nearest ATM.
  • Text Message: Customers who send text messages on their phone can send a text message to the short code “93557” (for “WELLS” on traditional keypads) to automatically receive their balance within moments - without having to log in. Customers just type “bal” to review primary account balance, “bal all” to review all account balances, or “act” to review recent account activity.
BlackBerry® smartphone and iPhone™ and iPod® touch users can download a WF.com icon for “one-tap” access to Wells Fargo’s mobile web site.  WF.com is available free* from the App StoreSM on iPhone and iPod touch or at www.itunes.com/appstore/.  For more information, please visit www.wf.com Wells Fargo Mobile Banking is covered by the same Online Security Guarantee as Wells Fargo Online®.  In addition, the text banking service uses nicknames, instead of the account number, and features no more information than what’s listed on an ATM receipt. Wells Fargo’s mobile banking service recently earned an “Exceptional – A” ranking by ABI Research, a market intelligence company specializing in global connectivity and emerging technology, in its “Mobile Banking - U.S. Banks Report Card.” ABI Research evaluated and graded mobile banking offerings from 29 U.S. banks in four categories — reach, breadth of services offered, security, and discoverability of mobile banking services and consumer information. The Wells Fargo Mobile service is useful in everyday situations with:
  • Friends who can use customer-to-customer money transfer to pay each other money owed for splitting the cost of a restaurant bill.
  • Travelers who can locate nearby Wells Fargo ATMs and receive alerts with an account status, such as a deposit or low-balance.
  • Employees who don’t sit in front of an office computer can stay informed about their personal account through either the mobile web site or automated text message via short-code 93557.
  • Working parents who can pay a forgotten bill while sitting in the bleachers at their child’s high school football game. They can also move money between accounts to ensure the bill is covered.
Customers can also learn more about innovative services, such as WF.com for the iPhone, as well as still-in-development products by visiting Wells Fargo Labs. About Wells Fargo Online & Mobile Banking Wells Fargo is a leading provider of online and mobile financial services for individual consumers, small and middle market businesses and large corporations with a full range of banking, money movement, investing, asset management and other financial and risk management products. Wells Fargo launched its personal computer banking service in 1989 and was the first bank to offer Internet banking through wellsfargo.com in May 1995. Since January 2009, Wells Fargo has been named the No. 1 Consumer Internet Bank in the United States by Global Finance magazine, ranked the No. 1 web site out of 68 leading U.S corporations' websites for technology innovation by the Brookings Institution and was awarded two Monarch Innovation Awards by Barlow Research for online services for small business, including Foreign Exchange Online and My Spending Report with Budget Watch. About Wells Fargo & Company 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.
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