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Wells Fargo Launches Customer-to-Customer Mobile Money Transfers

Wells Fargo has announced a new mobile customer-to-customer payment option that allows Wells Fargo customers to transfer money to each other via the Wells Fargo Mobile 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 customers’ mobile devices by logging onto WF.com and following the prompts, or online from their computers. Customers can transfer up to $1,000 daily to another customer the moment they think about it, taking it off the “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.

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