Wells Fargo & Company (WFC - Free Report) has introduced a low-cost and convenient bank account, Clear Access Banking that will not charge overdraft fees. The checkless account will be available for a monthly fee of $5.
The company is targeting younger adults with this account as they are new to banking ways. The account will help them better manage their spending, without incurring overdraft or non-sufficient funds fees. In fact, the monthly fee has been waived for primary account owners aged between 13 and 24 years.
The account has been made available on online platforms and at branches. Notably, it forms part of the Wells Fargo’s efforts to “simplify products and services”.
Ed Kadletz, head of Wells Fargo’s deposit products group for consumer and small business banking said, "It gives customers the comfort of having one account with a low monthly fee for money management, payments and access to all digital banking experiences and services. This simplicity is as important as ever to customers in the wake of the pandemic and recent economic challenges."
In 2021, the lender expects to launch a streamlined version of its Portfolio by Wells Fargo relationship banking account, which aims at deposit product improvements.
Following the fake accounts scandal, Wells Fargo has undertaken several restructuring measures to focus on its core operations, improve efficiency and strengthen the balance sheet. However, with the ongoing review process of business practices and a limit on asset growth, Wells Fargo’s top line might continue to remain under pressure.
Shares of Wells Fargo have lost 16.6% in the past three months compared with 4.6% decline for the industry.
Currently, Wells Fargo carries a Zacks Rank #4 (Sell).
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