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Wells Fargo Taps Young Adults With No-Overdraft Fees Account
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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.
Our Take
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).
Stocks to Consider
ETRADE Financial Corporation witnessed an upward earnings estimate revision of 18.9% for the current year over the past 60 days. Its share price has increased 12.7% over the past three months. It currently carries a Zacks Rank #2 (Buy).
The Zacks Consensus Estimate for TD Ameritrade Holding Corporation’s (AMTD - Free Report) current fiscal-year earnings has been revised 21.7% upward over the past 60 days. Its share price has declined 6.5% over the past three months. The company currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
First Western Financial’s (MYFW - Free Report) earnings estimates have moved significantly upward for 2020 in the past 60 days. Moreover, this Zacks #1 Ranked stock has gained 3.2% in the past three months.
Breakout Biotech Stocks with Triple-Digit Profit Potential
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Wells Fargo Taps Young Adults With No-Overdraft Fees Account
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.
Our Take
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).
Stocks to Consider
ETRADE Financial Corporation witnessed an upward earnings estimate revision of 18.9% for the current year over the past 60 days. Its share price has increased 12.7% over the past three months. It currently carries a Zacks Rank #2 (Buy).
The Zacks Consensus Estimate for TD Ameritrade Holding Corporation’s (AMTD - Free Report) current fiscal-year earnings has been revised 21.7% upward over the past 60 days. Its share price has declined 6.5% over the past three months. The company currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
First Western Financial’s (MYFW - Free Report) earnings estimates have moved significantly upward for 2020 in the past 60 days. Moreover, this Zacks #1 Ranked stock has gained 3.2% in the past three months.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
See these 7 breakthrough stocks now>>