Wells Fargo Launches Electronic Images of Returned Item and Deposit Details for Small Business Customers
Wells Fargo & Co. (NYSE: WFC) today announced the launch of Returned Item & Deposit Details, an enhancement to the award-winning Wells Fargo Business Online® Banking service. With this rollout, Wells Fargo is one of the first major U.S. financial institutions to offer small- to mid-sized business customers access to electronic images of returned items, as well as an array of other electronic images, including cleared checks and deposited checks - as part of its online banking service.
“Our customers have told us their lives are busy and that they need time-saving solutions to help them focus on running their businesses. These new services were designed to do just that,” said Richard Weeks, senior vice president and head of Wells Fargo’s Business Internet Services. “At Wells Fargo, it’s not only what we deliver, it’s how we deliver. We’re focused on making it convenient and easy for our customers to succeed financially.”
Returned Item & Deposit Details allows customers to view, print, download and save electronic images of all deposits, including deposited checks and returned items, as well as summary details such as the date, total amount, and bank location where deposits were made. Fully integrated with Wells Fargo Business Online Banking services, Returned Item & Deposit Details will help small businesses boost productivity by enabling customers to:
* Save Time and Money - Customers have online access to view, print, download and save images of returned and deposited items from their secure online banking session, saving them a trip to the bank or waiting for mail delivery to obtain copies. Customers also reduce the effort and time involved with the common record-keeping practice of photocopying checks, deposit slips and returned items.
* Expedite Research - Online access provides customers copies of returned and deposited items to assist in collecting unpaid invoices or bills and reconciling deposits including any errors and adjustments. In addition, small businesses may authorize their accountants and employees - up to 25 individuals - with view-only access to the account for budgeting and tracking purposes.
* Enhance Safe and Convenient Record Keeping - Digital images of deposited and returned items provide back-up to their files when hardcopies are not readily available or cannot be found.
Access to information and images of returned and deposited items complements the Wells Fargo Online Payment SuiteSM, which helps customers speed up their management of cash flow including:
* Direct Pay - Solutions are a fast and secure way to make electronic payments to the personal bank accounts of employees, contractors or sales agents, as well as to the business bank accounts of vendors and service providers anywhere in the U.S.
o Employer Direct Pay allows business owners and authorized signers to directly deposit employee net pay, reimbursed expenses and commissions and make one-time or recurring payments to contractors or agents.
o Vendor Direct Pay provides business owners and authorized signers with the ability to electronically pay invoices up to $250,000 to vendors and suppliers. Payments can be scheduled in advance and business owners can choose for settlement to occur in one- or two-days via the Automated Clearing House (ACH).
* WellsTAX® - Service enables businesses to pay their business taxes online, anytime. The process is as simple as transferring funds between accounts, and ensures federal, state and many local business tax deadlines are met. Business owners receive immediate confirmation of tax payments.
* Business Bill Pay - Allows customers to make payments up to $50,000 and arrange payments in advance. By scheduling a payment of one-time or periodic expenses, such as rent and leases, customers can be assured that payments will be made securely and as scheduled, saving them the effort of manually submitting payments. In addition, customers can receive bills online from participating vendors - such as phone companies, utilities, insurance vendors and others - eliminating unnecessary paperwork and helping protect the environment.
“We understand the needs and concerns of small business owners and this familiarity allows us to provide customers with helpful solutions and resources to prevent fraud,” said Weeks. “Online banking makes it easier for business customers to protect themselves from fraud because they can uncover and react much faster with information that financial institutions, such as Wells Fargo, provide. Our free account-based alerts, for example, can be delivered to small business customers’ chosen email addresses - even their mobile devices.”
Wells Fargo’s small business Web site was recently named the top small business Internet site in Barlow Research’s 2007 Business Internet Banking Test Drive. Barlow Research also recognized Wells Fargo as Best Practice Bank for its online banking enrollment. Additionally, Change Sciences ranked Wells Fargo’s small business Web site #1 for best online customer experience for small business customers among the top 40 national and regional banks.
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