Accounts with limited overdraft fees could pique consumer interest, helping Wells Fargo steady the ship as it tries to leave its scandals behind
launched similar offerings, though they one-upped Varo by introducing $100 overdraft cushions.
Where Wells Fargo's new accounts differ significantly from neobank competitors' is that there doesn't seem to be any minimum deposit or transaction thresholds, unlike with Chime and Varo, which could help the incumbent's offerings gain appeal among consumers who are wary of depending on a neobank as their primary bank. Still, Wells Fargo's advantage could be blunted by its monthly fees, something that Chime and Varo customers don't have to deal with.
Accounts with gentler stances on overdrafts could draw interest among US consumers, helping Wells Fargo steady the ship as it tries to leave its scandals behind. There appears to be a significant opportunity for banks to appeal to consumers by offering overdraft protections: Americans paid more than in fees on bounced checks and overdrafts last year, and 9% of all accounts are frequent "overdrafters" who overdraw their accounts more than 10 times annually.
Launching products that can help these consumers could drive interest in Wells Fargo from prospective customers, bolstering new business as the bank Want to read more stories like this one? Here's how to get access:, Business Insider Intelligence's expert product suite tailored for today's decision-makers in the financial services industry, delivered to your inbox 6x a week. >>
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Wells Fargo announces limited-fee bank accounts and higher wagesA week before its top leaders testify on Capitol Hill, Wells Fargo announced two new bank accounts with limited fees and higher minimum wages.
Les mer »
Waters blasts Wells Fargo leaders, failures by regulators in sweeping reportThe House Financial Services Committee said its investigation into Wells Fargo shows that board members fell down on the job of oversight and the bank's management didn’t take regulators’ demands seriously enough in the wake of consumer abuse scandals
Les mer »
House panel rips Wells Fargo as ‘reckless’ and unwilling ‘to stop harming its customers’Lawmakers accused Wells Fargo & Co. of failing to comply with regulatory orders in a scathing report Wednesday, and said the bank poses a major risk to...
Les mer »
Deserted oil wells haunt Los Angeles with toxic fumes and enormous cleanup costsHundreds of unplugged oil wells puncture the urban landscape of Los Angeles. But the city has been reluctant to use its full powers to ensure cleanup and protect the public.
Les mer »
Wells Fargo announces limited-fee bank accounts and higher wagesA week before its top leaders testify on Capitol Hill, Wells Fargo announced two new bank accounts with limited fees and higher minimum wages.
Les mer »
House panel rips Wells Fargo as ‘reckless’ and unwilling ‘to stop harming its customers’Lawmakers accused Wells Fargo & Co. of failing to comply with regulatory orders in a scathing report Wednesday, and said the bank poses a major risk to...
Les mer »