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Wells Fargo Application \u0026 Interview Process

Customer Service

You can request a stop payment through Wells Fargo Online®, by phone or by visiting your local branch and speaking with a banker.

Simply sign on to Wells Fargo Online and access Manage Accounts through the Account tab.

To place stop payments for a check  via phone please call 1-800-TO-WELLS (1-800-869-3557). Please have the following information available when speaking to a banker: the Name of Payee, Account Number, Paper item number or range of paper item numbers, Paper item date and Amount of item.

More information about stop payments

  • The stop payment will remain in effect for six months. To remove a stop payment, please call 1-800-TO-WELLS (1-800-869-3557) or visit a local branch.
  • There is a stop payment fee. Wells fargo business banking customer service phone number fee information for your account, please refer to your Consumer Account Fee and Information Schedule or call us at 1-800-TO-WELLS (1-800-869-3557).
  • There is no fee for placing stop payments on lost or stolen blank checks.
  • Placing a stop payment order does not release you from any contractual agreements. You may still be held to the terms of the agreement.
Источник: https://www.wellsfargo.com/help/

Wells Fargo

American multinational banking and financial services company

For other uses, see Wells Fargo (disambiguation).

Wells Fargo Logo (2020).png

Company logo since 2019

Wellsfargohq.jpg

Wells Fargo's corporate headquarters complex in San Francisco, California

TypePublic

Traded as

ISINUS9497461015
Industry
Predecessors
Founded1929 (92 years ago) (1929) in Minneapolis, U.S. (as Northwest Bancorporation)
1983 (as Norwest Corporation)
1998 (as Wells Fargo & Company)
Founders (Wells Fargo Bank)
HeadquartersSan Francisco, California, U.S. (corporate);
New York, NY (operational)[1]

Number of locations

Area served

Worldwide

Key people

ProductsAsset management, banking, commodities, credit cards, equities trading, insurance, investment management, mortgage loans, mutual funds, private equity, risk management, wealth management
RevenueDecrease US$72.34 billion (2020)

Operating income

Decrease US$581 million (2020)

Net income

Decrease US$3.30 billion (2020)
Total assetsIncrease US$1.955 trillion (2020)
Total equityDecrease US$185.9 billion (2020)

Number of employees

268,531 (2020)
Subsidiaries
Websitewellsfargo.com
Footnotes / references
[3]
American Express Co. early receipts (1853, 1869)
Stagecoach with Christmas gifts Wells Fargo Bank San Francisco
Wells Fargo & Co. Express building circa 1860, Stockton, California
Wells Fargo & Co. $2 stamp and 10 cents stamped envelope with Pony Express cancellation, carried from San Franciscoto New York Cityin 12 days, during June 1861.

Wells Fargo & Company is an American multinational financial services company with corporate headquarters in San Francisco, California, operational headquarters in Manhattan,[4] and managerial offices throughout the United States hum bewafa hargiz na the old song mp3 download internationally.[3] The company has operations in 35 countries with over 70 million customers globally.[3] It upper case cursive m considered a systemically important financial institution by the Financial Stability Board.

The firm's primary subsidiary is Wells Fargo Bank, N.A., a national bank chartered in Wilmington, Delaware[3] which designates its main office in Sioux Falls, South Dakota. It is the fourth largest bank in the United States by total assets and is one of the largest as ranked by bank deposits and market capitalization. Along with JPMorgan Chase, Bank of America, and Citigroup, Wells Fargo is one of the "Big Four Banks" of the United States.[5] It has 8,050 branches and 13,000 ATMs.[3] It is one of the most valuable bank brands.[6][7]

Wells Fargo in its present form is a result of a merger between the original Wells Fargo & Company and Minneapolis-based Norwest Corporation in 1998. While Norwest was the nominal survivor, the merged company took the better-known Wells Fargo name and moved to Wells Fargo's hub in San Francisco, while its banking subsidiary merged with Wells Fargo's Sioux Falls-based banking subsidiary. With the 2008 acquisition of Charlotte-based Wachovia, Wells Fargo became a coast-to-coast bank. Wells Fargo is ranked 7th on the Forbes Global 2000 list of largest public companies in the world and ranked 37th on the Fortune 500 list of the largest companies in the US.[3][8] The company has been the subject of several investigations by regulators. On February 2, 2018, due to the Wells Fargo account fraud scandal, the Federal Reserve barred Wells Fargo from growing its nearly $2 trillion-asset base any further until the company fixes its internal problems to the satisfaction of the Federal Reserve.[9] In September 2021, Wells Fargo incurred further fines from the United States Justice Department charging fraudulent behavior by the bank against foreign-exchange currency trading customers.[10]

History[edit]

For history before 1998, see Wells Fargo (1852–1998). For history after 1998, see History of Wells Fargo.

A late 19th century Wells Fargo Bank in Apache Junction, Arizona
1879 Wells Fargo stagecoach

In 1852, Henry Wells and William G. Fargo, the two founders of American Express, formed Wells Fargo & Company to provide express and banking services to California, which was growing rapidly due to the California Gold Rush.

In March 1860, Wells Fargo gained control Butterfield Overland Mail Company, after Congress failed to pass the annual post office appropriation bill, thereby leaving the post office with no way to pay for the Overland Mail Company's services, and leaving Overland no way to pay Wells Fargo. Wells Fargo then operated the western portion of the Pony Express.[11]

Wells, Fargo & Co. 1868 display advertisement from The Salt Lake Daily Telegraph(Utah Territory)

In 1866, the "Grand consolidation" united Wells Fargo, Holladay, and Overland Mail stage lines under the Wells Fargo name.[12]

In 1872, Lloyd Tevis, a friend of the Central Pacific "Big Four" and holder of rights to operate an express service over the Transcontinental Railroad, became president of the company after acquiring a large stake, a position he held until 1892.[13]

In 1892, John J. Valentine, Sr., a long time Wells Fargo employee, was made president of the company. Valentine died in late December 1901 and was succeeded as president by Dudley Evans on January 2, 1902.

In 1905, Wells Fargo separated its banking and express operations; Wells Fargo's bank merged with the Nevada National Bank to form the Wells Fargo Nevada National Bank.[14]

In 1918, as a wartime measure, the United States government nationalized Wells Fargo's express franchise into a federal agency known as the US Railway Express Agency (REA). The federal government took control of the express company.[15] The bank began rebuilding but with a focus on commercial markets. After the war, the REA was privatized and continued service until 1975.

In 1923, Wells Fargo Nevada merged with the Union Trust Company to form the Wells Fargo Bank & Union Trust Company.[16]

In 1929, Northwest Bancorporation was formed as a banking association.

The company did well during the Great Depression; during a Bank Holiday in March 1933, the company actually gained $2 million of deposits.[17]

In 1954, Wells Fargo & Union Trust shortened its name to Wells Fargo Bank.

In 1960, Wells Fargo merged with American Trust Company to form the Wells Fargo Bank American Trust Company.[18]

In 1962, Wells Fargo American Trust shortened its name to Wells Fargo Bank.

In 1968, Wells Fargo was converted to a federal banking charter, becoming Wells Fargo Bank, N.A. Wells Fargo merges with Henry Trione's Sonoma Mortgage in a $10.8 million stock transfer, making Trione the largest shareholder in Wells Fargo until Warren Buffett and Walter Annenberg surpassed him.[19]

In 1969, Wells Fargo & Company holding company was formed, with Wells Fargo Bank as its main subsidiary.[20]

In 1982, Northwest Bancorporation acquired consumer finance firm Dial Finance, which was renamed Norwest Financial Service the following year.[21]

In 1983, Northwest Bancorporation was renamed Norwest Corporation.

In September 1983, a Wells Fargo armored truck depot in West Hartford, Connecticut was the victim of the White Eagle robbery, involving an insider who worked as an armored truck guard, in the largest US bank theft to date, with $7.1 million stolen and two co-workers tied up. The robbery was carried out with the support of the government of Cuba and the cash was initially moved to Mexico City.[22][23]

In 1986, Wells Fargo acquired Crocker National Bank from Midland Bank.[24][25]

In 1987, Wells Fargo acquired the personal trust business of Bank of America.[26]

In 1988, Wells Fargo acquired Barclays Bank of California from Barclays plc.[27]

In 1991, Wells Fargo acquired 130 june 1st holiday in California from Great American Bank for $491 million.[28]

In May 1995, Wells Fargo became the first major US financial services firm to offer internet banking.[29]

In 1996, Wells Fargo acquired First Interstate Bancorp for $11.6 billion.[30] Integration went poorly as many executives left.[31][32]

In 1998, Wells Fargo Bank was acquired by Norwest Corporation of Minneapolis, with the combined company assuming the Wells Fargo name.[33][34]

In 2000, Wells Fargo Bank acquired National Bank of Alaska.[35] It also acquired First Security Corporation.

In 2001, Wells Fargo acquired H.D. Vest Financial Services for $128 million, but sold it in 2015 for $580 million.[36]

In June 2007, John Stumpf was named chief executive officer of the company and Richard Kovacevich remained as chairman.[37]

In 2007, Wells Fargo acquired Greater Bay Bancorp, which had $7.4 billion in assets, in a $1.5 billion transaction.[38][39][40][41] It also acquired Placer Sierra Bank.[42] It also acquired CIT Group's construction unit.[43][44]

In 2008, Wells Fargo acquired United Bancorporation of Wyoming.[45]

In 2008, Wells Fargo acquired Century Bancshares of Texas.[46]

On October 3, 2008, after Wachovia turned down an inferior offer from Citigroup, Wachovia agreed to be bought by Wells Fargo for about $14.8 billion in stock.[47] On October 4, 2008, a New York state judge issued a temporary injunction blocking the transaction from going forward while the competing offer from Citigroup was sorted out.[48] Citigroup alleged that it had an exclusivity agreement with Wachovia that barred Wachovia from negotiating with other potential buyers. The injunction was overturned late in the evening on October 5, 2008, by New York state appeals court.[49] Citigroup and Wells Fargo then entered into negotiations brokered by the FDIC to reach an amicable solution to the impasse. Those negotiations failed. Citigroup was unwilling to take on more risk wells fargo business banking customer service phone number the $42 billion that would have been the cap under the previous FDIC-backed deal (with the FDIC incurring all losses over $42 billion). Citigroup did not block the merger, but sought damages of $60 billion for breach of an alleged exclusivity agreement with Wachovia.[50]

On October 28, 2008, Wells Fargo received $25 billion of funds via the Emergency Economic Stabilization Act in the form of a preferred stock purchase by the United States Department of the Treasury.[51][52] As a result of requirements of the government stress tests, the company raised $8.6 billion in capital in May 2009.[53] On December 23, 2009, Wells Fargo redeemed $25 billion of preferred stock issued to the United States Department of the Treasury. As part of the redemption of the preferred stock, Wells Fargo also paid accrued dividends of $131.9 million, bringing the total dividends paid to $1.441 billion since the preferred stock was issued in October 2008.[54]

In April 2009, Wells Fargo acquired North Coast Surety Insurance Services.[55]

In 2011, the company hired 25 investment bankers from Citadel LLC.[56][57][58]

In April 2012, Wells Fargo acquired Merlin Securities.[59][60] In December 2012, it was rebranded as Wells Fargo Prime Services.[61]

In December 2012, Wells Fargo acquired a 35% stake in The Rock Creek Group LP. The stake was increased to 65% in 2014 but sold back to management in July 2018.[62]

In 2015, Wells Fargo Rail acquired GE Capital Rail Services and merged in with First Union Rail.[63] In late 2015, Wells Fargo acquired three GE units focused on business loans equipment financing.[64]

In March 2017, Wells Fargo announced a plan to offer smartphone-based transactions with mobile wallets including Wells Fargo Wallet, Android Pay and Samsung Pay.[65]

In June 2018, Wells Fargo sold all 52 of its physical bank branch locations in Indiana, Michigan, and Ohio to Flagstar Bank.[66][67][68]

In September 2018, Wells Fargo announced it would cut 26,450 jobs by 2020 to reduce costs by $4 billion.[69][70]

In March 2019, CEO Tim Sloan resigned amidst the Wells Fargo account fraud scandal and former general counsel C. Allen Parker became interim CEO.[71]

In July 2019, Principal Financial Group acquired the company's Institutional Retirement & Trust business.[72]

On September 27, 2019, Charles Scharf was announced as the firm's new CEO.[73]

In 2020, the company sold its student loan portfolio.[74][75]

In May 2021, the company sold its Canadian Direct Equipment Finance business to Toronto-Dominion Bank.[76]

In 2021, the company sold its asset management division, Wells Fargo Asset Management (WFAM) to private equity firms GTCR and Reverence Capital Partners for $2.1 billion.[77] WFAM had $603 billion in assets under management as of December 31, 2020,[78][79] of which 33% was invested in money market funds.[80] WFAM was rebranded as Allspring Global Investments.[81][82]

Environmental record[edit]

In 2009, Wells Fargo ranked 1st among banks and insurance companies, and 13th overall, in Newsweek Magazine's inaugural "Green Rankings" of the country's 500 largest companies.[83]

In 2013, the company was recognized by the EPA Center for Corporate Climate Leadership as a Climate Leadership Award winner, in the category "Excellence in Greenhouse Gas Management (Goal Setting Certificate)"; this recognition was for the company's aim to reduce its absolute greenhouse gas emissions from its US operations by 35% by 2020 versus 2008 levels.[84]

In 2017, Wells Fargo ranked 182nd out of 500 in Newsweek Magazine's "Green Rankings" of the largest US companies;[85]

Newsweek's 2020 listing of "America's Most Responsible Companies" did not include Wells Fargo.[86]

Wells Fargo has provided more than $10 billion in financing for environmentally beneficial business opportunities, including supporting commercial-scale solar photovoltaic projects and utility-scale wind projects nationwide.[87]

In 2010, Wells Fargo launched what it believes to be the first blog among its industry southwest capital bank online to report on its environmental stewardship and to solicit feedback and ideas from its stakeholders.[88]

Wells Fargo History Museum[edit]

The company operates the Wells Fargo History Museum at 420 Montgomery Street, San Francisco. Displays include original stagecoaches, photographs, gold nuggets and mining artifacts, the Pony Express, telegraph equipment, and historic bank artifacts. The museum also has a gift shop.[89] In January 2015, armed robbers in an SUV smashed through the museum's glass doors and stole gold nuggets.[90][91][92][93] The company previously operated other museums but those have since closed.[94]

Operations and services[edit]

Map of Wells Fargo branches in August 2015

Consumer Banking and Lending[edit]

The Consumer Banking and Lending segment includes Regional Banking, Diversified Products, and Consumer Deposits groups, as well as Wells Fargo Customer Connection (formerly Wells Fargo Phone Bank, Wachovia Direct Access, the National Business Banking Center, and Credit Card Customer Service). Wells Fargo also has around 2,000 stand-alone mortgage branches throughout the country. There are also mini-branches located inside of other buildings, which are almost exclusively grocery stores, that usually contain ATMs, basic bank teller services, and an office for private meetings with customers.[3]

Consumer lending[edit]

Wells Fargo Home Mortgage is the second largest retail mortgage originator in the United States, originating one out of every four home loans.[95] Wells Fargo services $1.8 trillion in home mortgages, the one of the largest servicing portfolios in the US.[3]

Equipment lending[edit]

Wells Fargo has various divisions, including Wells Fargo Rail, that finance and lease equipment to different types of companies.[3]

Wealth and Investment Management[edit]

Wells Fargo Advisors headquarters in St. Louis, Missouri

Wells Fargo offers investment products through its subsidiaries, Wells Fargo Investments, LLC, and Wells Fargo Advisors, LLC, as well as through national broker/dealer firms. The company also serves high-net-worth individuals through its private bank and family wealth group.

Wells Fargo Advisors is the brokerage subsidiary of Wells Fargo, located in St. Louis, Missouri. It is the third-largest brokerage firm in the United States as of the third quarter of 2010 with $1.1 trillion retail client assets under management.[3]

Wells Fargo Advisors was known as Wachovia Securities until May 1, 2009, when it was renamed following Wells Fargo's acquisition of Wachovia Corporation.

Securities[edit]

The Seagram Building: Home of Wells Fargo Securities' New York offices and trading floors

Wells Fargo Securities (WFS) is the investment banking division of Wells Fargo & Co. headquartered in Charlotte, with other U.S. offices in New York, Minneapolis, Boston, Houston, San Francisco, and Los Angeles and with international offices in London, Hong Kong, Singapore, and Tokyo.

Wells Fargo Securities was established in 2009 after the acquisition of Wachovia Securities. It provides merger and acquisition, high yield, leveraged finance, equity underwriting, private placement, loan syndication, risk management, and public finance services

Cross-selling[edit]

A key part of Wells Fargo's business strategy is cross-selling, the practice of encouraging existing customers to buy additional banking services.[98][99] Customers inquiring about their checking account balance may be pitched mortgage deals and mortgage holders may be pitched credit card offers in an attempt to increase the customer's profitability to the bank.[100][101] Other banks have attempted to emulate Wells Fargo's cross-selling practices (described by The Wall Street Journal as a hard sell technique).[100]

International operations[edit]

Wells Fargo has banking services throughout the world, with overseas offices in Hong Kong, London, Dubai, Singapore, Tokyo, and Toronto.[102][103] Back-offices are in India and the Philippines with more than 20,000 staff.[104]

In 2010, hedge fund administrator Citco purchased the trust company operation of Wells Fargo in the Cayman Islands.[105]

Charter[edit]

Wells Fargo operates under Charter #1, the first national bank charter issued in the United States. This charter was issued to First National Bank of Philadelphia on June 20, 1863, by the Office of the Comptroller of the Currency.[106] Traditionally, acquiring banks assume the earliest issued charter number. Thus, the first charter passed from First National Bank of Philadelphia to Wells Fargo through its 2008 acquisition of Wachovia, which had inherited it through one of its many acquisitions.

Lawsuits, fines and controversies[edit]

1981 MAPS Wells Fargo embezzlement scandal[edit]

In 1981, it was discovered that a Wells Fargo assistant operations officer, Lloyd Benjamin "Ben" Lewis, had perpetrated one of the largest embezzlements in history, through its Beverly Drive branch. During 1978 - 1981, Lewis had successfully written phony debit and credit receipts to benefit boxing promoters Harold J. Smith (né Ross Eugene Fields) and Sam "Sammie" Marshall, chairman and president, respectively, of Muhammed Ali Professional Sports, Inc. (MAPS), of which Lewis was also listed as a director; Marshall, too, was a former employee of the same Wells Fargo branch as Lewis. In excess of $300,000 was paid to Lewis, who pled guilty to embezzlement and conspiracy charges in 1981, and testified against his co-conspirators for a reduced five-year sentence.[107] (Boxer Muhammed Ali had received a fee for the use of his name, and had no other involvement with the organization.[108])

Higher costs charged to African-American and Hispanic borrowers[edit]

Illinois Attorney General Lisa Madigan filed suit against Wells Fargo on July 31, 2009, alleging that the bank steers African Americans and Hispanics into high-cost subprime loans. A Wells Fargo spokesman responded that "The policies, systems, and controls we have in place – including in Illinois – ensure race is not a factor."[109] An affidavit filed in the case stated that loan officers had referred to black mortgage-seekers as "mud people," and the subprime loans as "ghetto loans."[110] According to Beth Jacobson, a loan officer at Wells Fargo interviewed for a report in The New York Times, "We just went right after them. Wells Fargo mortgage had an emerging-markets unit that specifically targeted black churches because it figured church leaders had a lot of influence and could convince congregants to take out subprime loans." The report presented data from the city of Baltimore, where more than half the properties subject to foreclosure on a Wells Fargo loan from 2005 to 2008 now stand vacant. And 71 percent of those are in predominantly black neighborhoods.[110] Wells Fargo agreed to pay $125 million to subprime borrowers and $50 million in direct down payment assistance in certain areas, for a total of $175 million.[111][112][113]

Failure to monitor suspected money laundering[edit]

In a March 2010 agreement with US federal prosecutors, Wells Fargo acknowledged that between 2004 and 2007 Wachovia had failed to monitor and report suspected money laundering by narcotics traffickers, including the cash used to buy four planes that shipped a total of 22 tons of cocaine into Mexico.[114]

Overdraft fees[edit]

In August 2010, Wells Fargo was fined by United States district court judge William Alsup for overdraft practices designed to "gouge" consumers and "profiteer" at their expense, and for misleading consumers about how the bank processed transactions and assessed overdraft fees.[115][116]

Settlement and fines regarding mortgage servicing practices[edit]

On February 9, 2012, it was announced that the five largest mortgage servicers (Ally Financial, Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo) agreed to a settlement with the US Federal Government and 49 states.[117] The settlement, known as the National Mortgage Settlement (NMS), required the servicers to provide about $26 billion in relief to distressed homeowners and in direct payments to the federal and state governments. This settlement amount makes the NMS the second largest civil settlement in U.S. history, only trailing the Tobacco Master Settlement Agreement.[118] The five banks were also required to comply with 305 new mortgage servicing standards. Oklahoma held out and agreed to settle with the banks separately.[119]

On April 5, 2012, a federal judge ordered Wells Fargo to pay $3.1 million in punitive damages over a single what are f&o stocks, one of the largest fines for a bank ever for mortgaging service misconduct, after the bank improperly charged Michael Jones, a New Orleans homeowner, with $24,000 in mortgage fees, after the bank misallocated payments to interest instead of principal. Elizabeth Magner, a federal bankruptcy judge in the Eastern District of Louisiana, cited the bank's behavior as "highly reprehensible", stating that Wells Fargo has taken advantage of borrowers who rely on the bank's accurate calculations.[120][121] The award was affirmed on appeal in 2013.[122]

In May 2013, New York attorney-general Eric Schneiderman announced a lawsuit against Wells Fargo over alleged violations of the national mortgage settlement. Schneidermann claimed Wells Fargo had violated rules over giving fair and timely serving.[123] In 2015, a judge sided with Wells Fargo.[124]

SEC fine due to inadequate risk disclosures[edit]

On August 14, 2012, Wells Fargo agreed to pay around $6.5 million to settle U.S. Securities and Exchange Commission (SEC) charges that in 2007 it sold risky mortgage-backed securities without fully realizing their dangers.[125]

Lawsuit by FHA over loan underwriting[edit]

In 2016, Wells Fargo agreed to pay $1.2 billion to settle allegations that the company violated the False Claims Act by underwriting over 100,000 Federal Housing Administration (FHA) backed loans when over half of the applicants did not qualify for the program.[126][127]

In October 2012, Wells Fargo was sued by United States AttorneyPreet Bharara over questionable wells fargo business banking customer service phone number deals.[128]

Lawsuit due to premium inflation on forced place insurance[edit]

In April 2013, Wells Fargo settled a suit with 24,000 Florida homeowners alongside insurer QBE Insurance, in which Wells Fargo was accused of inflating premiums on forced-place insurance.[129]

Lawsuit regarding excessive overdraft fees[edit]

In May 2013, Wells Fargo paid $203 million to settle class-action litigation accusing the bank of imposing excessive overdraft fees on checking-account customers.[130]

Violation of New York credit card laws[edit]

In February 2015, Wells Fargo agreed to pay $4 million, including a $2 million penalty and $2 million in restitution for illegally taking an interest in the homes of borrowers in exchange for opening credit card accounts for the homeowners.[131]

Tax liability and lobbying[edit]

In December 2011, Public Campaign criticized Wells Fargo for spending $11 million on lobbying during 2008–2010, while increasing executive pay and laying off workers, while having no federal tax liability due to losses from the Great Recession.[132] However, in 2013, the company paid $9.1 billion in income taxes.[133]

Prison industry investment[edit]

Main article: Prison–industrial complex

The company has invested its clients' funds in GEO Group, a multi-national provider of for-profit private prisons.[134] By March 2012, its stake had grown to more than 4.4 million shares worth $86.7 million.[135] As of November 2012, Wells Fargo divested 33% of its holdings of GEO's stock, reducing its stake to 4.98% of Geo Group's common stock, below the threshold of which it must disclose further transactions.[136][137]

Discrimination against African Americans in hiring[edit]

In August 2020, the company agreed to pay $7.8 million in back wages for allegedly discriminating against 34,193 African Americans in hiring for tellers, personal bankers, customer sales and service representatives, and administrative support positions. The company agreed to provide jobs to 580 of the affected applicants.[138]

[edit]

In May 2015, Gregory T. Bolan Jr., a stock analyst at Wells Fargo agreed to pay $75,000 to the U.S. Securities and Exchange Commission to settle allegations that he gave Online business account no credit check C. Ruggieri, a stock trader, insider information on probable ratings charges. Ruggieri was not convicted of any crime.[139][140][141]

Wells Fargo fake accounts scandal[edit]

Main article: Wells Fargo account fraud scandal

In September 2016, Wells Fargo was issued a combined total of $185 million in fines for opening over 1.5 million checking and savings accounts and 500,000 credit cards on behalf of customers without their consent. The Consumer Financial Protection Bureau issued $100 million in fines, the largest in the agency's five-year history, along with $50 million in fines from the City and County of Los Angeles, and $35 million in fines from the Office of Comptroller of the Currency.[142] The scandal was caused by an incentive-compensation program for employees to create new accounts. It led to the firing of nearly 5,300 employees and $5 million being set aside for customer refunds on fees for accounts the customers never wanted.[143]Carrie Tolstedt, who headed the department, retired in July 2016 and received $124.6 million in stock, options, and restricted Wells Fargo shares as a retirement package.[144][145]

On October 12, 2016, John Stumpf, the then chairman and CEO, announced that he would be retiring amidst the scandals. President and Chief Operating Officer Timothy J. Sloan succeeded Stumpf, effective immediately. Following the scandal, applications for credit cards and checking accounts at the bank plummeted.[146] In response to the event, the Better Business Bureau dropped accreditation of the bank.[147][148] Several states and cities ended business relations with the company.[149]

An investigation by the Wells Fargo board of directors, the report of which was released in April 2017, primarily blamed Stumpf, who it said had not responded to evidence of wrongdoing in the consumer services division, and Tolstedt, who was said to have knowingly set impossible sales goals and refused to respond when subordinates disagreed with them. Wells Fargo coined the phrase, “Go for Gr-Eight” – or, in other words, aim to sell at least 8 products to every customer. The board chose to use a clawback clause in the retirement contracts of Stumpf and Tolstedt to recover $75 million worth of cash and stock from the former executives.[150]

In February 2020, the company agreed to pay $3 billion to settle claims by the United States Department of Justice and the Securities and Exchange Commission. The settlement did not prevent individual employees from being targets of future litigation.[151] The Federal Reserve put a limit to Wells Fargo's assets, as a result of the scandal. In 2020, Wells Fargo sold $100 million in assets to stay under the limit.[152]

Racketeering lawsuit for mortgage appraisal overcharges[edit]

In November 2016, Wells Fargo agreed to pay $50 million to settle allegations of overcharging hundreds of thousands of homeowners for appraisals ordered after they defaulted on their mortgage loans. While banks are allowed to charge homeowners for such appraisals, Wells Fargo frequently charged homeowners $95 to $125 on appraisals for which the bank had been charged $50 or less. The plaintiffs had sought triple damages under the U.S. Racketeer Influenced and Corrupt Organizations Act on grounds that sending invoices and statements with fraudulently concealed fees constituted mail and wire fraud sufficient to allege racketeering.[153]

Financing of Dakota Access Pipeline[edit]

Wells Fargo is a lender on the Dakota Access Pipeline, a 1,172-mile-long (1,886 km) underground oil pipeline transport system in North Dakota. The pipeline has been controversial regarding its potential impact on the environment.[154]

In February 2017, the city councils of Seattle, Washington and Davis, California voted to move $3 billion of deposits from the bank due to its financing of the Dakota Access Pipeline as well as the Wells Fargo account fraud scandal.[155]

Failure to comply with document security requirements[edit]

In December 2016, the Financial Industry Regulatory Authority fined Wells Fargo $5.5 million for failing to store electronic documents in a "write once, read many" format, which makes it impossible to alter or destroy records after they are written.[156]

Doing business with the gun industry and NRA[edit]

From December 2012 through February 2018, Wells Fargo reportedly helped two of the biggest firearms and ammunition companies obtain $431.1 million in loans. It also handled banking for the National Rifle Association and provided bank accounts and a $28-million line of credit.[157] In 2020, the company said that it is winding down its business with the National Rifle Association.[158]

Discrimination against female workers[edit]

Further information: Glass ceiling

In June 2018, about a dozen female Wells Fargo executives from the wealth management division met in Scottsdale, Arizona to discuss the minimal presence of women occupying senior roles within the company. The meeting, dubbed "the meeting of 12", represented the majority of the regional managing directors, of which 12 out of 45 were women.[159] Wells Fargo had previously been investigating reports of gender bias in the division in the months leading up to the meeting.[160] The women reported that they had been turned down for top jobs despite their qualifications, and instead the roles were occupied by men.[160] There were also complaints against company president Jay Welker, who is also the head of the Wells Fargo wealth management division, due to his sexist statements regarding female employees. The female workers claimed that he called them "girls" and said that they "should be at home taking care of their children."[160][161]

Overselling auto insurance[edit]

On June 10, 2019, Wells Fargo agreed to pay $385 million to settle a lawsuit accusing it of allegedly scamming millions of auto-loan customers into buying insurance they did not need from National General Insurance.[162][163]

Failure to Supervise Registered Representatives[edit]

On August 28, 2020, Wells Fargo agreed to pay a fine of $350,000 as well as $10 million in restitution payments to certain customers after the Financial Industry Regulatory Authority accused the company of failing to reasonably supervise two of its registered representatives that recommended that customers invest a high percentage of their assets in high-risk energy securities in 2014 and 2015.[164]

Steering customers to more expensive retirement accounts[edit]

In April 2018, the United States Department of Labor launched a probe into whether Wells Fargo was pushing its customers into more expensive retirement plans as well as into retirement funds managed by Wells Fargo itself.[165][166]

Alteration of documents[edit]

In May 2018, the company discovered that its business banking group had improperly altered documents about business clients in 2017 and early 2018.[167]

Executive compensation[edit]

With CEO John Stumpf paid 473 times more than the median employee, Wells Fargo ranked number 33 among the S&P 500 companies for CEO—employee pay inequality. In October 2014, a Wells Fargo employee earning $15 per hour emailed the CEO—copying 200,000 other employees—asking that all employees be given a $10,000 per year raise taken from a portion of annual corporate profits to address wage stagnation and income inequality. After being contacted by the media, Wells Fargo responded that all employees receive "market competitive" pay and benefits significantly above US federal minimums.[168][169]

Pursuant to Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, publicly traded companies are required to disclose (1) the median total annual compensation of all employees other than the CEO and (2) the ratio of the CEO's annual total compensation to that of the median employee.[170]

[edit]

Wells Fargo & Company reported Total CO2e emissions (Direct + Indirect) for the twelve months ending 31 December 2020 at 776 Kt (-87 /-10.1% y-o-y).[171] There has been a consistent declining trend in reported emissions since 2015.

In popular culture[edit]

Wells Fargo stagecoaches are mentioned in the song "The Deadwood Stage (Whip-Crack-Away!)" in the 1953 film Calamity Jane performed by Doris Day: "With a fancy cargo, care of Wells and Fargo, Illinois - Boy!".[177]

See also[edit]

References[edit]

  1. ^Wack, Kevin (February 26, 2020). "How New York became Wells Fargo's new center of power". American Banker.
  2. ^Eisen, Ben; Kellaher, Colin (August 10, 2021). "Wells Fargo's Black Takes Over as Chairman From Noski". The Wall Street Journal.
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  24. ^Pollack, Andrew (May 31, 1986). "CROCKER ABSORBED INTO WELLS FARGO". The New York Times.
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  38. ^"Wells Fargo, Greater Bay Bancorp Agree to Merge" (Press release). PR Newswire. May 4, 2007.
  39. ^Said, Carolyn (May 5, 2007). "Wells Fargo buys bank / Greater Bay has 41 branches in the Bay Area". San Francisco Chronicle.
  40. ^"Wells Fargo Gobbles Up Greater Bay Bancorp". The New York Times. May 7, 2007.
  41. ^Barris, Mike (May 4, 2007). "Wells Fargo Agrees to Acquire Greater Bay Bancorp for $1.5 Billion". The Wall Street Journal.
  42. ^"Wells Fargo to purchase Placer Sierra Bank, owner of four Bank of Lodi branches". Lodi News-Sentinel. January 9, 2007.
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  48. ^"Court tilts Wachovia fight baseball card stores in houston Wells". WABC-TV. October 5, 2008.
  49. ^"Court tilts Wachovia fight toward Wells Fargo". Times Internet. October 6, 2008.
  50. ^"Wells Fargo plans to buy Wachovia; Citi ends talks". USA Today. Associated Press. October 9, 2008.
  51. ^"Capital Purchase Program Transaction Report"(PDF). November 17, 2008.
  52. ^Landler, Mark & Dash, Eric (October 15, 2008). "Drama Behind a $250 billion Banking Deal". The New York Times.
  53. ^Temple, James (May 9, 2009). "Wells Fargo stock offering raises $8.6 billion". San Francisco Chronicle.
  54. ^Barr, Alistair (December 23, 2009). "Citigroup and Wells Fargo exit TARP". MarketWatch.
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  56. ^Ahmed, Azam (August 15, 2011). "Wells Fargo Brings Citadel's Investment Banking Unit Aboard". The New York Times.
  57. ^Moyer, Liz; Rieker, Matthias (August 16, 2011). "Wells Fargo Scores Citadel Investment-Bank Talent, Deals". The Wall Street Journal.
  58. ^Touryalai, Halah (August 16, 2011). "Don't Read Too Much Into Wells Fargo's Deal With Citadel". Forbes.
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  61. ^"Wells Fargo Rebrands Merlin Securities to Wells Fargo Prime Services" (Press release). Business Wire. December 3, 2012.
  62. ^"Wells Fargo Announces the Sale of Its Majority Stake in The Rock Creek Group" (Press release). Business Wire. July 5, 2018.
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Источник: https://en.wikipedia.org/wiki/Wells_Fargo

Emergency Contacts

We're Here to Help

In an emergency, the last thing you want to do is worry about your finances. Wells Fargo can help with your immediate financial needs and, if your home or business has been damaged or destroyed, we have services to help you start rebuilding.

For any questions you have about your property, business, or other general concerns, please call 1-800-TO-WELLS (1-800-869-3557). You can also call our business groups directly. Customer service representatives are ready to help you at the following numbers.

Wells Fargo Home Mortgage

1-888-818-9147
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1-866-355-1540
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1-877-269-6056
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Mon – Fri: 7 am – 9 pm 
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Credit, ATM and Debit Cards

Credit Cards: 1-800-642-4720
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Small Business Banking

1-800-225-5935
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Investment Services

  • The Private Bank 1-888-715-0380
  • WellsTrade 1-800-TRADERS or 1-800-872-3377
  • Wells Fargo Funds 1-800-222-8222
  • Wells Fargo Advisors: 1-866-817-7940
Investment and Insurance Products are:
  • Not Insured by the FDIC or Any Federal Government Agency
  • Not a Deposit or Other Obligation of, or Guaranteed by, the Bank or Any Bank Affiliate
  • Subject to Investment Risks, Including Possible Loss of the Principal Amount Invested

Wells Fargo Private Bank offers products and services through Wells Fargo Bank, N.A., and its various affiliates and subsidiaries. Wells Fargo Bank, N.A. is a bank affiliate of Wells Fargo & Company.

Wells Fargo Bank, N.A. offers various advisory and fiduciary products and services including discretionary portfolio management. Wells Fargo affiliates, including Financial Advisors of Wells Fargo Advisors, a separate non-bank affiliate, may be paid an ongoing or one-time referral fee in relation to clients referred to the bank. The bank is responsible for the day-to-day management of the account and for providing investment advice, investment management services and wealth management services to clients. The role of the Financial Advisor with respect to the Bank products and services is limited to referral and relationship management services.

Investment products and services are offered through Wells Fargo Advisors. Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC (WFCS) and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.

WellsTrade® brokerage accounts are offered through WFCS.

Deposit products offered by Wells Fargo Bank, N.A. Member FDIC.

Источник: https://www.wellsfargo.com/help/emergency-contacts/

Wells Fargo business services and login

Business Banking and Credit

Checking and savings accounts and credit cards for your everyday business expenses and cash management.

Business Financing

Loans, lines of credit, and more financing options for a variety of business ventures.

Merchant Services

Accept card payments from customers onsite, online, or on the go.

Switch to Wells Fargo

It’s easy to switch to Wells Fargo. We’re here to help. 

Resources from Wells Fargo Works for Small Business®

Источник: https://www.wellsfargo.com/biz/

As business owners like you continue to feel the impact of these unprecedented times, we’re here to help. We’re proud to have served more than 200,000 customers already with Paycheck Protection Program (PPP) loans. Eighty-four percent of our PPP customers had fewer than 10 employees, and our average loan amount of $54,000 was the lowest among all of the participating large banks, showing our commitment to helping the smallest businesses in need. We’ve already contributed over $420 million of PPP loan fees earned by Wells Fargo to our Open for Business Fund that provides grants to non-profit food truck for sale san antonio that support small businesses facing COVID-19 challenges, especially those that work with minority-owned small businesses.

Important Paycheck Protection Program (PPP) Updates

We have stopped walmart money card 800 number applications for PPP loans due to the Small Business Administration (SBA) PPP funding being exhausted. We invite all of our PPP loan customers to visit our Forgiveness Center and prepare to apply for loan forgiveness.

We’re honored to have helped many small businesses with PPP loans since the beginning of the program, and have worked hard to process every loan possible before the program closed. We know some customers still have financial needs to move their business forward. Here are some available resources for small businesses:

  • The SBA offers additional options for temporary COVID-19 relief funding
  • Many local city, county and state governments provide grant or loan programs for impacted small businesses.
  • Wells Fargo offers several loans and lines of credit for small businesses.
  • The Wells Fargo Small Business Resource Center features tips, tools and guidance for adapting your business during COVID-19.

At least 60% of the PPP forgiveness amount must be used for payroll and the remaining funds for non-payroll costs to be eligible to have a loan forgiven. Forgivable expenses include:

  • Payroll costs that may include wages, salaries, retirement contributions, healthcare benefits, insurance premiums, covered leave, and other expenses.
  • Mortgage interest.
  • Rent wells fargo business banking customer service phone number payments.

Additional eligible expenses added with December 2020 legislation, and are retroactive to any previous unforgiven PPP loans, include:

  • Covered operations expenditure. Payment for any software or cloud computing service that facilitates business operations, product or service delivery, human resources, or accounting, among other things.
  • Covered property damage cost. Cost related to property damage and vandalism or looting due to public disturbances that occurred during 2020 that was not covered by insurance.
  • Covered supplier cost. Expenditure to a supplier of goods for the supply of goods that are essential to operations when the expenditure is made and is made pursuant to a contract, order, or purchase order in effect prior to taking out the loan. With respect to perishable goods, the contract, order, or purchase order must be in effect at any time during the covered period.
  • Covered worker protection expenditure. Operating or capital expenditure to facilitate the adaptation of business activities to comply with requirements or guidance issued by federal, state, or local authorities in relation to COVID-19, including personal protective equipment.

Please visit the SBA website for a full list of expenses that can be forgiven under a PPP loan.

The PPP loan will accrue interest at an annual rate of 1%. No payment is due during the deferral period, which ends the earlier of:

  • The date when the SBA remits the amount of forgiveness on your loan to Wells Fargo (or informs Wells Fargo that forgiveness is declined); or
  • 10 months after the last day of your covered period, if you have not applied for forgiveness.

If your loan is forgiven, any interest accrued during the deferral period is eligible for forgiveness.

After the deferral period any balance that is not forgiven (including any accrued interest on the unforgiven portion) will become a term loan. Monthly payments will be due up to the maturity date, which is generally:

  • Two years from the date your loan was made if your loan received an SBA bb branded promo code number before June 5, 2020; or
  • Five years from the date your loan was made if your loan received an SBA guarantee number on or after June 5, 2020.

 

PPP loans are eligible to be forgiven, in full or in part, if the SBA’s requirements are met. Borrowers can choose a covered period of any length between 8 or 24 weeks beginning on the date the borrower received the loan proceeds.

Please visit the Wells Fargo PPP Loan Forgiveness Center for additional guidance or resources regarding covered period, eligibility, use of proceeds, application procedures and documentation required to participate. You may also visit the SBA website for additional information.

All forgiveness applications for Wells Fargo PPP loans must be submitted online using the Wells Fargo PPP loan forgiveness application accessible through Wells Fargo Business Online® or Commercial Electronic Office®. We will notify you once the Wells Fargo PPP loan forgiveness applications become available.

If you received a PPP loan through Wells Fargo, your loan numbers will be automatically pre-filled for you within the application. You wells fargo business banking customer service phone number not need to have them ahead of time to be able to apply for forgiveness.

To help you prepare for the PPP loan forgiveness application, review the recommended supporting documents on the Wells Fargo PPP Loan Forgiveness Center.

PPP-eligible small business borrowers may include small business concerns as defined by the SBA, sole proprietors, independent contractors, self-employed individuals, nonprofit organizations, tribal business concerns, Veterans’ organizations, destination marketing organizations, some news organizations, and housing cooperatives.

The latest round of PPP loan funding provides separate eligibility requirements for First Draw PPP Loan customers vs. Second Draw PPP Loan customers. The SBA eligibility requirements of the PPP program are comprehensive and cover wells fargo business banking customer service phone number characteristics such as number of employees, type of industry, date of operation, qualifying payroll cost or self-employed compensation, and other requirements. Applicants are responsible for understanding the PPP eligibility requirements and providing accurate information on the PPP loan application. For more information about PPP loan eligibility requirements, please visit the SBA PPP site.

All PPP borrowers must:

  • Have been in operation on February 15, 2020, or have been a seasonal employer that was dormant or not fully operating as of February 15, 2020 but was in operation for a 12-week period between February 15, 2019 and February 15, 2020.
  • Meet all additional SBA PPP eligibility requirements.
  • Have an eligible Wells Fargo business checking account in the name of the business applying for a PPP loan and are enrolled in Wells Fargo Business Online® OR have Commercial Electronic Office® (CEO®) access.1Learn more about enrolling in Wells Fargo Business Online®.

For businesses that will be taking out a First Draw PPP Loan, they also must:

  • Employ 500 or fewer employees or otherwise satisfy size standards contained in the SBA PPP eligibility requirements.
  • Meet all additional SBA PPP eligibility requirements.

For businesses that will be taking out a Second Draw PPP Loan, different or additional eligibility requirements apply. Second Draw PPP Loan customers must:

  • Employ 300 or fewer employees or otherwise satisfy size standards contained in the SBA PPP eligibility requirements.
  • Have used or will use all loan proceeds from their First Draw PPP Loan before the disbursement of the Second Draw PPP Loan.
  • Demonstrate at least a 25 percent reduction in gross receipts during appropriate quarterly or annual time periods
  • Meet all additional SBA PPP eligibility requirements.
1 If you don’t have a business checking account, one of the fastest ways to open one is to gather your required documentation and make an appointment at one of our branches. You can schedule a branch appointment using our Make an Appointment tool, or by calling the nearest branch. All business owners need to be present to open an account. With all required documents, you can usually open the checking and online banking account* during your branch visit. While you’ll be able to submit an application for a PPP loan as soon as you open a new business checking account and set up online banking, until all required account validation checks are completed for the business owners on the new business checking account, your PPP application cannot be fully processed. The required checks are often completed in a matter of days, but can take weeks depending on the completeness and complexity of the business documentation provided to open the checking account.

*To activate your Wells Fargo Business Online account you will need to set up your new debit card PIN and online banking access during the session with the branch banker before applying for a PPP loan.

The SBA requires lenders to submit a customer’s “PPP First Draw SBA Loan Number” from their previous First Draw PPP Loan when they apply for a Second Draw PPP Loan. Here are a few tips to help gather this number depending on your situation. If you are a:

  • Wells Fargo customer who had a First Draw PPP Loan with us, and you would like to apply for a Second Draw PPP Loan with Wells Fargo – You do not need to obtain or provide a PPP First Draw SBA Loan Number. We will provide this number for you during your application process.
  • Wells Fargo customer who had a First Draw PPP Loan with us, and you would like to apply with a different lender for a Second Draw PPP Loan - You will need to contact us at (844) 304-8911 to request your PPP First Draw SBA Loan Number. This number is not listed on loan documentation provided for your First Draw PPP Loan.
  • Wells Fargo customer who had a First Draw PPP Loan with a different lender, and you would like to apply with Wells Fargo for a Second Draw PPP Loan – Please contact your First Draw PPP Loan lender to request your whole foods waugh street houston First Draw SBA Loan Number.” This number will be required on your Second Draw PPP Loan application.

The SBA provides requirements for how to calculate your maximum loan amount. These requirements are comprehensive.  Applicants are responsible for understanding how to calculate their maximum loan amounts and for providing accurate information on the PPP loan application.  For more information about santander one time payment to calculate your maximum loan amount, please view the SBA guidance documents for First Draw PPP Loans, or Second Draw Citibank na best buy credit card Loans.

Additional SBA guidance on First and Second Draw PPP Loans can be found here:

For those First Draw PPP Loan customers who have not previously received a PPP loan:

  • Borrowers can request a loan amount that is based on up to 2.5 times their average monthly payroll costs for the relevant time period.
  • The calculation for payroll costs varies based on your eligible time period.
  • The maximum loan amount is $10 million, or $20 million in the aggregate for a single corporate group (as defined by SBA PPP requirements).

For businesses that will be taking out a Second Draw PPP Loan:

  • Borrowers can request a loan amount that is based on up to 2.5 times their average monthly payroll costs for the relevant time period (or 3.5 times the monthly payroll costs for borrowers with a NAICS code beginning with 72 for the accommodations and food services sector).
  • The calculation for payroll costs varies based on your eligible time period.
  • The maximum loan amount is $2 million, or $4 million in the aggregate for a single corporate group (as defined by SBA PPP requirements).

Visit the SBA PPP site for additional information.

It is important that you supply all necessary documentation and that your documentation supports your requested loan amount to help prevent your application from being declined.

When you apply you will need to provide a requested loan amount. The SBA provides guides on calculating maximum loan amounts by business type.

Please be sure to submit necessary documents shown in the chart below, listed by entity type. This will help ensure that you include documents that support the loan amount you are requesting and to demonstrate that you meet eligibility requirements.  The documents you submit must correspond to the time period you use to calculate your maximum loan amount.

 

Category 1: Self-employed without employees

Category DefinitionDocuments to Justify Requested Loan AmountDocuments to Establish PPP Eligibility
Self-employed without employees (includes sole proprietors, independent contractors, LLCs that file a Schedule C and farmers and ranchers that file a Schedule F; does not include partners in a partnership)2019 or 2020 Schedule C or Schedule 1 and Schedule F (required)
  • 2019 or 2020 (whichever you used to calculate loan amount) IRS Form 1099-MISC detailing nonemployee compensation received (box 7), IRS Form 1099-K, invoice, bank statement, or book of record establishing borrower was self-employed during relevant time period. If using 2020 to calculate loan amount, this is required regardless of whether you filed a 2020 tax return with the IRS.
  • 2020 invoice, bank statement, or book of record establishing borrower was in operation on February 15, 2020
Self-employed farmers and ranchersSame as corresponding category above except use 2019 or 2020 IRS Form 1040 Schedule 1 and Schedule F in lieu of Schedule CSame as above

 

Category 2: Self-employed with employees

Category DefinitionDocuments to Justify Requested Loan AmountDocuments to Establish PPP Eligibility
Self-employed with employees (includes sole proprietors, independent contractors, LLCs that file a Schedule C, and farmers and ranchers that file a Schedule F; does not include partners in a partnership)
  • 2019 or 2020 Schedule C or Schedule 1 and Schedule F (Required)
  • 2019 or 2020 IRS Form 941/944/943 or third-party payroll processor reports or W-2s/W-3s (must include documentation that covers entire selected time period)
  • 2019 or 2020 state quarterly wage reporting forms
  • 2019 or 2020 Schedule C/F or records from a retirement administrator (if applicable)
  • 2019 or 2020 Schedule C/F or records from a health insurance company or third-party administrator for a self-insured plan (if applicable)
Payroll statement or similar documentation from the pay period that covered February 15, 2020 (showing borrower was in operation and had wanetta gibson net worth farmers and ranchersSame as corresponding category above except use 2019 or 2020 IRS Form 1040 Schedule 1 and Schedule F in lieu of Schedule CSame as above

 

Category 3: Partnerships

Category DefinitionDocuments to Justify Requested Loan AmountDocuments to Establish PPP Eligibility
Partnerships
  • 2019 or 2020 Schedule K-1 (IRS Form 1065)
  • 2019 or 2020 Form 941/944/943 or third-party payroll processor reports or W-2s/W-3s (must include documentation that covers the entire selected time period)
  • 2019 or 2020 state quarterly wage reporting forms
  • 2019 or 2020 IRS Form 1065 or records from a retirement administrator
  • 2019 or 2020 IRS Form 1065 or records from a health insurance company or third-party administrator for a self-insured plan
  • With employees: payroll statement or similar documentation from the pay period that covered February 15, 2020 (to establish the partnership was in operation and had employees on that date)
  • Without employees:  invoice, bank statement, or book of record (establishing the partnership was in operation on February 15, 2020)

 

Category 4: Corporations

Category DefinitionDocuments to Justify Requested Loan AmountDocuments to Establish PPP Eligibility
S and C Corporations
  • 2019 or 2020 Form 941/944/943 or third-party payroll processor reports or W-2s/W-3s (must include documentation that covers the entire selected time period)
  • 2019 or 2020 state quarterly wage reporting forms
  • 2019 or 2020 IRS Form 1120-S (S-Corp) / 1120 (C-Corp) tax return or records from a retirement administrator
  • 2019 or 2020 IRS Form 1120-S (S-Corp) / 1120 (C-Corp) tax return or records from a health insurance company or third-party administrator for a self-insured plan
Payroll statement or similar documentation from the pay period that covered February 15, 2020 (to establish the corporation was in operation and had employees on that date)

 

Category 5: Non-profits

Category DefinitionDocuments to Justify Requested Loan AmountDocuments to Establish PPP Eligibility
Non-Profits
  • 2019 or 2020 Form 941/944/943 or third-party payroll processor reports or W-2s/W-3s (must include documentation that covers the entire time period selected)
  • 2019 or 2020 IRS Form 990 or 990-EZ (if applicable)
  • 2019 or 2020 state quarterly wage reporting forms
  • 2019 or 2020 IRS Form 990 Part IX or records from a retirement administrator
  • 2019 or 2020 IRS Form 990 Part IX or records from a health insurance company or third-party administrator for a self-insured plan
Payroll statement or similar documentation from the pay period that covered February 15, 2020 (to establish the nonprofit was in operation and had employees on that date)
Other Non-Profits (Religious Institutions, Veterans Organizations, Tribal Businesses; Non-Profits that do not file an IRS Form 990 - typically those with gross receipts less than $50k)
  • 2019 or 2020 Form 941/944 or third-party payroll processor reports or W-2s/W-3s
  • 2019 or 2020 state quarterly wage reporting forms
  • 2019 or 2020 records from a retirement administrator
  • 2019 or 2020 records from a health insurance company or third-party administrator for a self-insured plan
Payroll statement or similar documentation from the pay period that covered February 15, 2020 (to establish the nonprofit was in operation and had employees on that date)

 
Tips to Avoid Common PPP Loan Application Errors:

  1. Consider sending a cover letter clarifying how you calculated your maximum loan amount. This will assist us in better understanding your calculations.
  2. Double-check the dates of the documents you submit in support of your loan application (e.g. 2019 or 2020) to ensure they match the time period you are using as the basis to calculate your maximum loan amount. For example, if you select the time period calendar year 2020 in the application, please make sure your supporting documents align to the year 2020 only.
  3. If you are using payroll documents to substantiate your loan amount, third-party payroll documents are acceptable. Examples include CARES SBA –PPP, ADP® Payroll, GustoTM Payroll, or Paychex® Payroll Reports. If you don’t have third party payroll documents, you may provide other documents, such as tax documents.
  4. If you include employer state and local taxes assessed on employee compensation in your loan amount calculation, be sure to only include state and local taxes (not Federal, Social Security, or Medicare taxes). State and local tax amounts can be found on state quarterly wage reporting forms or payroll processor reports, and commonly reference the State Unemployment Tax Act or SUTA.
  5. Please be sure that all documents are legible, there are no blank pages, the business name and Tax Identification Number on the supporting documentation match the application, and required signatures and initials are completed.
  6. (For Sole Proprietor business customers)
    • If you have employees and you are including employee compensation in your loan amount calculation, you must provide payroll documents supporting the employee compensation amount. If you are including owner compensation in your loan amount calculation, you must provide IRS Form 1040 Schedule C. Per SBA guidance, IRS Form 1099 cannot be used to support the loan amount calculation (though Form 1099 may be used as supporting documentation for eligibility).
    • If you are not a seasonal or a new business and will select to use either tax year 2019 or 2020, please ensure you send a full year of 941’s:
      • The 941 is the “Employer’s Quarterly Federal Tax Return” (all four quarters)
      • The 944 is the “Employer’s Annual Federal Tax Return”
      • The 943 is the “Employer’s Annual Federal Tax Return for Agricultural Employees”
  7. (For Partnership business customers) If you are including partner earnings in your loan amount calculation, please note that net earnings from self-employment of individual U.S.-based general partner(s) who are subject to self-employment tax must be supported by the IRS Form 1065 Schedule K-1.
  8. (For Non-Profit business customers) A housing allowance provided to an employee as part of compensation may be included in the loan amount calculation. Supporting documentation (such as a W-2) must reflect that the housing allowance was paid to the employee as compensation.

 
How to demonstrate 25 percent reduction in gross receipts for 2nd Draw PPP Loans of $150,000 or more:

In determining whether you experienced at least a 25% reduction in gross receipts for Second Draw PPP Loans above $150,000, you must identify the 2020 Time Period meeting this requirement, the Reference Time Period, and include the gross receipts amounts for both time periods, as well as provide supporting documentation. Your supporting documentation must match both time periods you chose and substantiate the 25% gross receipts reduction.

For all loans, the appropriate Reference Time Period depends on how long you have been in operation:

  • For all borrowers, except those mentioned below, the borrower must demonstrate that gross receipts in any calendar quarter of 2020 were at least 25% lower than the same quarter of 2019. Alternatively, borrowers may compare annual suntrust small business services receipts in 2020 with annual gross receipts in 2019 if they were in business in 2019.
  • For entities not in business during the first and second quarters of 2019 but in operation during the third and fourth quarters of 2019, borrowers must demonstrate that gross receipts in any quarter of 2020 were at least 25% lower than either the third or fourth quarters of 2019.
  • For entities not in business during the first, second, and third quarters of 2019 but in operation during the fourth quarter of 2019, borrowers must demonstrate that gross receipts in any quarter of 2020 were at least 25% lower than the fourth quarter of 2019.
  • For entities not in business during 2019 but in operation on February 15, 2020, borrowers must demonstrate that gross receipts in the second, third, or fourth quarter of 2020 were at least 25% lower than the first quarter of 2020.

 
For ALL Second Draw PPP Loan Borrowers with loan requests of $150,000 or more, please plan on providing these additional documents:

Borrowers can provide the following documents to substantiate their 25% reduction in gross receipts (only one set is required):

  • Quarterly financial statements for the entity. If the financial statements are not audited, the Applicant must sign and date the first page of the financial statement and initial all other pages, attesting to their accuracy. If the financial statements do not specifically identify the line item(s) that constitute gross receipts, the borrowers must annotate which line item(s) constitute gross receipts.
  • Quarterly or monthly bank statements for the entity showing deposits from the relevant quarters. The borrowers what rights are listed in the 1st amendment annotate, if it is not clear, which deposits listed on the bank statement constitute gross receipts (e.g., payments for purchases of goods and services) and which do not (e.g., capital infusions).
  • Annual IRS income tax filings of the entity (required if using an annual reference period). If the entity has not yet filed a tax return for 2020, the borrower must fill out the return forms, compute the relevant gross receipts value, and sign and date the return, attesting that the values that enter into the gross receipts computation are the same values that will be filed on the entity’s tax return.
    • Self-employed other than farmers and ranchers (IRS Form 1040 Schedule C): sum of line 4 and line 7
    • Self-employed farmers and ranchers (IRS Form 1040 Schedule F): sum of lines 1b and 9
    • Partnerships (IRS Form 1065): sum of lines 2 and 8, minus line 6
    • S-Corporations (IRS Form 1120-S): sum of lines 2 and 6, minus line 4
    • C-Corporations (IRS Form 1120): sum of lines 2 and 11, minus the sum of lines 8 and 9
    • Nonprofit organizations (IRS Form 990): sum of lines 6b(i), 6b(ii), 7b(i), 7b(ii), 8b, 9b, 10b, and 12 (column (A)) of Part VIII
    • Nonprofit organizations (IRS Form 990-EZ): sum of lines 5b, 6c, 7b, and 9 of Part I.
    • LLCs should follow the instructions that apply to their tax filing status in the reference periods.

The SBA provides specific instructions for completing the PPP application. Those instructions can be found on the SBA web site.

In addition, please note the following in regard to the Wells Fargo PPP loan application:

  • Who can fill out the PPP loan application?
    • The PPP loan application must be completed by an authorized representative of the borrower (your business).
  • What should I use as my TIN?
    • If the business entity applying for the loan has an Employer Identification Number (“EIN”), please use that number as the TIN for your PPP loan application. A social security number may only be arvest 24 hour customer service in very limited circumstances, such as when applicants are sole proprietors, independent contractors, or LLCs without an EIN. Please remember that to claim payroll and benefit expenses for more than yourself, you must have and use an EIN when you apply for a PPP loan. Be sure your Tax Identification Number (“TIN”) provided or entered in your PPP loan application is accurate. If you are applying for a Second Draw PPP Loan, your TIN must match the TIN used for your First Draw PPP Loan.
    • For certain resident and non-resident aliens, you may enter a valid International Tax Identification Number (ITIN). All valid ITINs are a nine-digit credit karma savings account apy in same format as the SSN (9XX-8X-XXXX).
  • Which address should I use as my business address?
    • You should use the legal business address (e.g., your designated address with your Secretary of State, the wells fargo business banking customer service phone number on file with the IRS) of the business entity applying for the loan. Do not use a temporary address (such as if you are working from home because of COVID-19) unless that address has become the legal business address of the borrower.
  • How do I count number of employees?
    • For purposes of reporting Number of Employees, sole proprietors, self-employed individuals, and independent contractors should include themselves as employees (i.e., the minimum number in the box Number of Employees is one). Borrowers may use their average employment over the time period used to calculate their aggregate payroll costs to determine their number of employees. Alternatively, borrowers may elect to use the average number of employees per pay period in the 12 completed calendar months prior to the date of the loan application.
  • How do I select my “business category?
    • The application gives closest td bank in my location seven business categories to choose from, as described below. If the business applying for the loan is an LLC, you must select the category based on the LLC’s tax election, for example, if a LLC is taxed as a partnership, then you would select “Partnership” as your business category.
      • Self-employed Schedule C filers without employees (using net profit to calculate your PPP loan amount): includes sole proprietors, independent contractors, and LLCs that file a Schedule C, that do not have employees
      • Self-employed Schedule C or F filers without employees (using gross income to calculate your PPP loan amount): includes sole proprietors, independent contractors, self-employed farmers and ranchers, and LLCs that file a Schedule C or F, that do not have employees
      • Self-employed Schedule C filers with employees (using net profit to calculate your loan amount): includes sole proprietors, independent contractors, and LLCs that file a Schedule C, that have employees
      • Self-employed Schedule C or F filers with employees (using gross income to calculate your loan amount): includes sole proprietors, independent contractors, self-employed farmers and ranchers, and LLCs that file a Schedule C or F, that have employees
      • Corporation (including S-Corp and C-Corp): includes S-Corporations, C-Corporations, and LLCs that elect to be taxed as a S-Corporation or C-Corporation
      • Partnership: partnerships and LLCs that have elected to be taxed as partnerships
      • Non-profit: nonprofit organizations, eligible nonprofit religious institutions, veterans organizations, and tribal businesses
  • Which “Expense Time Period” should I select?
    • The SBA provides specific requirements for how to choose the time period used to calculate your maximum wells fargo business banking customer service phone number amount. These requirements are comprehensive. Applicants are responsible for understanding how to pick the required time period. For more information, please view the SBA guidance documents for First Draw PPP Loans, or Second Draw PPP Loans.
    • Additional SBA guidance on First and Second Draw PPP Loans can be found here:
    • Borrowers must submit documentation based on the time period selected. In other words, the documentation you submit to substantiate your loan amount must cover the time period selected here. If your documentation does not match your time period, your loan application may be declined.
    • Borrowers have the following “Expense time period” options:
      • 1-year period before the date on which this loan is made: for borrowers basing their loan calculation on the previous 1-year period; per SBA rules, this option is not available to self-employed entities (sole proprietors, independent contractors, self-employed farmers and ranchers, LLCs that file a Schedule C/F)
      • Calendar year 2019 or calendar year 2020: for borrowers basing their loan calculation on either calendar year 2019 or calendar year 2020
      • January and February 2020: for borrowers basing their loan calculation on January and February 2020; per SBA rules, this option is only available for businesses that were in operation on 2/15/20 but not in operation between 2/15/19 and 6/30/19
      • Any consecutive 12-week period between 2/15/19 and 2/15/20: for borrowers basing their loan calculation on a 12-week period; per SBA rules, this option is only available to seasonal businesses with employees
        • Note: for this option, you must provide the period start date and period end date for the time period you are using for your loan wells fargo business banking customer service phone number. Please include a 12-week time period. Including a time period that is less than or more than 12 weeks may result in your application being declined.
  • What amounts do I put in the “Payroll costs” section?
    • Borrowers must input their payroll costs on an annual basis in the blanks provided. The categories for payroll costs are:

Once you click the button “Calculate payroll costs,” your maximum loan amount will populate. If you change the entries listed above, you must click the “Calculate payroll costs” button again so that the numbers will update with the new information.

You will be given the opportunity to add any eligible EIDL loan amounts you wish to refinance. Only EIDL loans received between January 31, 2020 and April 3, 2020, are eligible to be refinanced with a PPP loan. Second Draw PPP Loans may not be used to refinance EIDL loans.

You may request less than your maximum loan amount by entering a new loan amount on the “PPP loan amount requested” line.

 
Tips to Avoid Common PPP Loan Application Errors:

  1. Consider sending a cover letter clarifying how you calculated your maximum loan amount. This will assist us in better understanding your calculations.
  2. Double-check the dates of the documents you submit in support of your bank of america update address application (e.g. 2019 or 2020) to ensure they match the time period you are using as the basis to calculate your maximum loan amount. For example, if you select the time period calendar year 2020 in the application, please make sure your supporting documents align to the year 2020 only.
  3. If you are using payroll documents to substantiate your loan amount, third-party payroll documents are acceptable. Examples include CARES SBA –PPP, ADP® Payroll, GustoTM Payroll, or Paychex® Payroll Reports. If you don’t have third party payroll documents, you may provide other documents, such as tax documents. See a listing of documents required to support the loan amount requested as well as eligibility requirements under “What documents and information do I need to apply for a PPP loan?”
  4. If you include employer state and local taxes assessed on employee compensation in your loan amount calculation, be sure to only include state and local taxes (not Federal, Social Security, or Medicare taxes). State and local tax amounts can be found on state quarterly wage reporting forms or payroll processor reports, and commonly reference the State Unemployment Tax Act or SUTA.
  5. Please be sure that all documents are legible, there are no blank pages, the business name and Tax Identification Number on the supporting documentation match the application, and required signatures and initials are completed.
  6. (For Sole Proprietor business customers)
    • If you have employees and you are including employee compensation in your loan amount calculation, you must provide payroll documents supporting the employee compensation amount. If you are including owner compensation in your loan amount calculation, you must provide IRS Form 1040 Schedule C. Per SBA guidance, IRS Form 1099 cannot be used to support the loan amount calculation (though Form 1099 may be used as supporting documentation for eligibility).
    • If you are not a seasonal or a new business and will select to use either tax year 2019 or 2020, please ensure you send a full year of 941’s:
      • The 941 is the “Employer’s Quarterly Federal Tax Return” (all four quarters)
      • The 944 is the “Employer’s Annual Federal Tax Return”
      • The 943 is the “Employer’s Annual Federal Tax Return for Agricultural Employees”
  7. (For Partnership business customers) If you are including partner earnings in your loan amount calculation, please note that net earnings from self-employment of individual U.S.-based general partner(s) who are subject to self-employment tax must be supported by the IRS Form 1065 Schedule K-1.
  8. (For Non-Profit business customers) A housing allowance provided to an employee as part of compensation may be included in the loan amount calculation. Supporting documentation (such as a W-2) must reflect that the housing allowance was paid to the employee as compensation.

We will continue to keep applicants updated on their status by email and/or mailed letter. Because all applications are being handled online, our phone and branch bankers unfortunately will not be able to provide updates on the status of your application or reasons why a loan application was declined.

EIDL advances will no longer be deducted by the SBA from forgiveness amounts. Borrowers may be able to refinance EIDL loans funded between January 31, 2020 and April 3, 2020 with their first PPP loan.  Borrowers cannot refinance an EIDL loan with a Second Draw PPP Loan. For any questions related to the SBA EIDL program, or to obtain an EIDL loan payoff amount, contact the SBA Disaster Loan Servicing Center at (800) 736-6048 or refer to the SBA website.

If you’d like wells fargo business banking customer service phone number make a complete payoff of your PPP loan and are using Wells Fargo Business Online® or you are a Wealth & Investment Management customer, please call (844) 304-8911. If you are a Commercial Banking customer, please contact your relationship team or call 1-800-AT-WELLS (1-800-289-3557) option 1, and then follow the prompts for loans. If you would like a letter confirming the payoff of your loan, you may request one at the time of payment or afterwards using the same contact numbers provided. Customers requesting a complete payoff of their PPP loan may be responsible for paying all outstanding principal as well as any accrued interest.

According to guidance from the Small Business Administration (SBA), repayment of your PPP loan in full before you apply for loan forgiveness will make your loan ineligible for forgiveness.

Please visit the SBA website for additional guidance or resources regarding eligibility, use of proceeds, application procedures and how do you apply for social security benefits required to participate.

For previous rounds of PPP loans, a federal court order made information about PPP borrowers available to the public. As a result, PPP loan borrowers could receive fraudulent calls, emails or letters. If you receive a suspicious email or text message, don’t respond, click on links, or open attachments. Please know that we won’t ask for confidential information—such as your card PIN, access code or online banking password—if we reach out to you. Learn more about avoiding scams.

Источник: https://update.wf.com/coronavirus/paycheckprotectionprogram/

Wells Fargo tells customers it’s shuttering all personal lines of credit

Wells Fargo is ending a popular consumer lending product, angering some of its customers, CNBC has learned.

The bank is shutting down all existing personal lines of credit in coming weeks and has stopped offering the product, according to customer letters reviewed by CNBC.

The revolving credit lines, which typically let users borrow $3,000 to $100,000, were pitched as a way to consolidate higher-interest credit card debt, pay for home renovations or avoid overdraft fees on linked checking accounts.

"Wells Fargo recently reviewed its product offerings and decided to discontinue offering new Personal and Portfolio line of credit accounts and close all existing accounts," the bank said in the six-page letter. The move would let the bank focus on credit cards and personal loans, it said.

A man walks past a Wells I lost my global cash card Bank branch on a rainy morning in Washington.

Wells Fargo CEO Charles Scharf has been forced to make difficult decisions how to open a ncb account online the coronavirus pandemic, offloading assets and deposits and stepping back from some products because of limitations imposed by the Federal Reserve. In 2018, the Fed barred Wells Fargo from growing its balance sheet until it fixes compliance shortcomings revealed by the bank's fake accounts scandal.

The asset cap has ultimately cost the bank billions of dollars in lost earnings, based on the balance sheet growth of rivals including JPMorgan Chase and Bank of America over the past three years, analysts have said.

It has also affected Wells Fargo's customers: Last year, the lender told staff it was halting all new home equity lines of credit, CNBC reported. Months later, the bank also withdrew from a segment of the auto lending business.

With its latest move, Wells Fargo warned customers that the account closures "may have an impact on your credit score," according to a "Frequently Asked Questions" segment of the letter.

Another part of the FAQ asserted that the account closures couldn't be reviewed or reversed: "We apologize for the inconvenience this Line of Credit closure will cause," the bank said. "The account closure is final."

Sen. Elizabeth Warren, a frequent critic of the banking industry, denounced Wells Fargo's decision to pull back the credit lines.

Simplify offerings

Wells Fargo didn't directly answer questions as to what role, if any, the Fed asset cap played in its latest move.

The bank gave this statement: "In an effort to simplify our product offerings, we've made the decision to no longer offer personal lines of credit as we feel we can better meet the borrowing needs of our customers through credit card and personal loan products."

After publication of this article, a Wells Fargo spokesman gave additional remarks: "We realize change can be inconvenient, especially when customer credit may be impacted," the bank said, adding that it was "committed to helping each customer find a credit solution that fits their needs."

Customers have been given a 60-day notice that their accounts will be shuttered, and remaining balances will require regular minimum walmart pharmacy rogers ave fort smith ar at a fixed rate, according to the statement. When it was offered, the credit lines had variable interest rates ranging from 9.5% to 21%.

The move is a strange one given the banking industry's need to boost loan growth.  

After a burst of commercial lending during the early days wells fargo business banking customer service phone number the pandemic, loan growth has been hard to muster. Corporations have used money raised in stock and debt issuance to retire bank credit lines, and consumers stuck at home had fewer reasons to use credit cards.

In fact, last year big banks experienced the first aggregate drop in loans in more than a decade, according to Barclays bank analyst Jason Goldberg. Of the four largest U.S. banks, Wells Fargo saw the worst decline.

After banks saw that borrowers held up far better than they had initially feared, the industry recently began marketing new credit cards with large sign-on bonuses in an effort to boost lending.

Making the switch

Wells Fargo doesn't disclose how many customers used the credit lines it is eliminating. It had $24.9 billion in loans in a category called "other consumer" as of March, which was 26% lower than the year-earlier period.

One customer said the change is prompting him to switch banks after more than a decade with Wells Fargo. Tim Tomassi, a Portland, Oregon, programmer, said he used a personal line of credit linked to his checking account to avoid expensive overdraft fees.

"It's a bit upsetting," Tomassi said in a phone interview. "They're a big bank, and I'm a small person, and it feels like they're making decisions for their bottom line and not for customers. A lot of people are in my position, they need a cushion every once in a while from a line of credit."

Tomassi said he is considering opening an account at Ally or Chime, banking players that don't charge overdraft fees.

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Источник: https://www.cnbc.com/2021/07/08/wells-fargo-is-shutting-down-all-personal-line-of-credit-accounts.html

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Источник: https://www.wellsfargo.com/help/contact-us/
wells fargo business banking customer service phone number

5 Replies to “Wells fargo business banking customer service phone number”

  1. Insta saving account me upi turant activate ho jayega kya phonepe ya g pay par ya fir atm aane tak ka wait karna padega...

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