In a move to deliver innovation and added convenience in the rapidly growing mobile banking space, Wells Fargo & Company (NYSE:WFC) today announced the nationwide expansion of Wells Fargo Mobile®Deposit. Using an Android or iPhone device, customers across the nation can easily deposit checks into their eligible Wells Fargo accounts by taking pictures of the front and back of the check.
“The exponential growth of mobile banking is fueling the thirst for more futuristic, easy-to-use applications such as mobile deposit,” said Brian Pearce, senior vice president, head of the Retail Mobile Channel, Digital Channels Group, Wells Fargo. “Mobile deposit is a very popular service among our customer base. Customers love the added convenience of depositing checks while on the go.”
“Our mobile banking customer base has grown by more than 30% this year alone to more than 9 million customers,” he added. “We attribute this growth to our customers’ adoption of a new mobile lifestyle. Customers increasingly use their mobile devices to complete every-day tasks including managing their finances.”
During the initial launch, which occurred June-October 2012 and spanned 15 states, customers used Wells Fargo Mobile Deposit to deposit more than 600,000 checks.
“As soon as I receive checks in the mail, I use Wells Fargo Mobile Deposit to quickly make a deposit and gain fast access to my funds,” said Chris Erlin, a Bay Area customer. “I’ve been a Wells Fargo customer for several years and have always enjoyed the variety of channels at my disposal, ranging from the ATMs for cash withdrawals; to the stores for specialized services like safe deposit box, currency and cashier’s checks, and now Mobile Banking to deposit paper checks.”
Customers can use Mobile Deposit through the Wells Fargo Mobile app for Apple and Android-supported devices. To make a deposit, customers choose the eligible consumer or business account where they want to deposit their check, enter the check amount, and use their mobile device to take a picture of the front and back of the endorsed check. After they submit their deposit, Wells Fargo sends a confirmation message. For more details, please see Wells Fargo’s Mobile Deposit video.
For added security, credentials and check images are not stored on the mobile device. In addition, Wells Fargo uses advanced encryption and security technology to mask sensitive information. Wells Fargo also recommends that customers select “Sign Off” when they complete their financial transaction. Wells Fargo’s Online Security Guarantee provides added protection against unauthorized access to customers’ accounts. To learn more, visit https://www.wellsfargo.com/privacy_security/online/guarantee.
About Wells Fargo Online, Mobile and Text 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 was recognized by Global Finance magazine as the best internet bank in the U.S. (2012) and Bank Technology News on "The Innovators" list for its online banking services (2012). Keynote’s Mobile Banking Scorecard named Wells Fargo winner in two categories: Privacy & Security and Quality & Availability (2012). Keynote’s Small Business Scorecard named Wells Fargo #1 overall four straight years for its service to small businesses online (2012).
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.4 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank’s customers who conduct business in the global economy. With more than 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 26 on Fortune’s 2012 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.