Wells Fargo Updates on Direct Deposit Advance Service to Be Discontinued

Wells Fargo & Company announced that the Wells Fargo Direct Deposit Advance service will be discontinued.

In a release on Jan. 17, the Company said new consumer checking accounts opened Feb. 1, or later will not be eligible to access the Direct Deposit Advance service. There are no immediate changes for existing Direct Deposit Advance customers, who will be able to access the service until mid-year. Wells Fargo is finalizing a transition plan and will communicate the details to existing customers well in advance of the discontinuation.

Wells Fargo said it will work with customers to help them understand the changes and their options. Wells Fargo offers credit products that are designed to meet customer needs, including unsecured credit (cards, lines and loans) and a secured credit card, which can help customers build or re-build their credit. As always, Well Fargo encourages customers to talk to a banker about their credit or account management needs.

Discontinuation of this service is not expected to have a material financial impact on the Company.

Wells Fargo & Company is a nationwide, diversified, community- based financial services company with $1.5 trillion in assets. 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, and the Internet, and has offices in more than 35 countries to support the bank's customers who conduct business in the global economy.

More information:

www.wellsfargo.com

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