Wells Fargo has announced the introduction of a new account-to-account money transfer service for its customers.
Currently, Wells Fargo is one of relatively few large financial institutions offering a service that can move funds between consumer accounts in real-time. This new capability represents a giant step toward reducing the number of paper checks exchanged between individuals, saving customers the time they would have otherwise spent visiting a store or ATM.
Wells Fargo's new service was developed in direct response to input from customers on their money transfer needs. The bank's research showed that a very significant portion of its customer base moves money between account holders. Close to half the people surveyed by Wells Fargo indicated a strong interest in the new money transfer service.