Wells Fargo & Company is a diversified, community-based financial services company with $1.9 trillion in assets. They are based in 7,400 locations in 32 countries and territories and offer services through more than 13,000 ATMs as well as internet and mobile banking. The company operates to satisfy its customers’ financial needs to help them succeed. They were founded in 1852 in San Francisco, and provide banking, investment and mortgage products, and services, as well as consumer and commercial finance. They were ranked No. 29 on Fortune’s 2019 rankings of America’s largest corporations and are committed to helping with foreclosure assistance.
The Wells Fargo CEO, Charlie Scharf, recently stated that the company is sensitive to the disruption caused by the viral pandemic and that they will take the necessary steps needed to support their customers, employees, and communities. During the nationwide lockdown, to prevent the spread of the novel coronavirus, Wells Fargo & Company announced that they had launched additional, comprehensive steps to aid customers, communities, and employees grappling with the impact of the pandemic. These measures include the suspension of residential property foreclosure sales, evictions, and involuntary auto repossessions, among others.
More specifically, funding has been allocated to critical housing needs that include assisting renters and homeowners stay in their homes through additional foreclosure prevention assistance, eviction assistance, and financial counseling and coaching offered by Wells Fargo. To further alleviate the financial stress brought on by the pandemic, the company also is offering debit and credit card fee waivers and payment deferrals for all lines of credit. Other expanded assistance includes help for a credit card, auto, mortgage, small business, and personal lending customers who contact the company for assistance. Mortgage assistance includes waiving of late fees as well as the potential restructuring of payments during the pandemic. More information on Wells Fargo’s COVID-19 response can be found on their website or by calling their helpline at 1-800-869-3557. Clients are advised that if they contact Wells Fargo sooner, more options will be available to them to help prevent foreclosure and loss of their homes.
Additionally, the Wells Fargo Foundation will distribute $175 million in donations to help address food, shelter, small business, and housing stability, as well as to provide help to public health organizations that include the Coronavirus Pandemic Financial Resilience Resource Center as well as the Wells Fargo WE Care fund.
Throughout the pandemic, Wells Fargo continues to ensure it can best serve its customers, while also prioritizing employee and customer safety. To further prevent the spread of the virus, the company is temporarily closing some branches, as well as adjusting the operating hours of other branches. Some employees have been relocated to busier branches and while other branches are utilizing drive-through services where possible. Customers can check the Wells Fargo’s branch locator for ATM locations and the status of branches before visiting. Alternatively, clients can make use of mobile and online banking tools from most locations and countries 24 hours a day, seven days a week.