Announcing The Wells Fargo vSafe Service!

October 1, 2008 marks an exciting time for our company. Today, Wells Fargo announced the national availability of the Wells Fargo vSafeSM service, a personal online safe for Wells Fargo customers and the first storage solution of its kind from a major financial institution.

“Firsts” are not new to Wells Fargo. Thirteen years ago we were the first financial institution to introduce access to banking accounts on the Internet. Ever since then, we’ve been listening to our customers and developing innovative, online ways to meet and exceed their needs.

Innovation is one of Wells Fargo’s great strengths — going back 157 years to our founding as a banking and express company with stagecoaches that went five miles an hour and carried customers’ valuables in our legendary strong boxes (which were also referred to as treasure boxes). From the moment we opened our doors in 1852, we were in the business of safekeeping our customers’ money and information. In those early days in the West, money was in the form of gold. So money along with family documents such as birth and marriage certificates, deeds, passports, and financial records, were transported by stagecoach in the oak treasure boxes sealed with iron locks. These treasure boxes were then safeguarded inside Wells Fargo’s safes and vaults, often made of steel several inches thick and weighing tons, all across the western United States.

The new Wells Fargo vSafe service extends our rich heritage of safety and security into the electronic world of the 21st century—as we protect and secure customers’ assets and information. While grandmother’s diamond ring can’t be physically placed inside Wells Fargo vSafe, a photograph of it can be uploaded for insurance purposes—along with 1000s of electronic copies of other important information.

Customers told us that they wanted to be able to organize and store copies of their most important information from a secure location that’s available around-the-clock. Through the Wells Fargo vSafe service, customers can remotely access, reproduce and review their records if the originals become inaccessible or lost. Our vision is to satisfy all our customers’ financial needs and help them succeed financially. We also want to serve them anytime, anywhere to satisfy those needs with innovation solutions. We believe this service helps provide even more peace-of-mind for our customers in today’s light-speed electronic world.

This entry was posted in Uncategorized. Bookmark the permalink.

12 Responses to Announcing The Wells Fargo vSafe Service!

  1. Megan says:

    I’m curious: Does it do you any good to have a digital copy of important documents rather than the original, that may well be notarized, have water marks, official seals, etc.? I still rely on my good old fashioned safe deposit box at my Wells Fargo store.

  2. Michele, Vice President, Internet Services Group says:

    Thanks for asking. As it happens, we address this very question in the FAQs for Wells Fargo vSafeSM. You should never throw away the original versions of your important documents. Your Wells Fargo vSafe account should only be used to store copies of important records for you to use as a reference.

    Electronic copies of certain signed paper documents – such as wills, deeds, trusts, notarized paper documents, stock certificates, passports, and powers of attorney – do not carry the same legal effect as signed paper originals, which is why you should always keep and protect your signed original documents. However electronic versions of some documents – such as brokerage and bank account statements – usually do have the same legal standing as their paper counterparts. If in doubt, always consult your attorney.

    Even when the electronic documents don’t have the same legal effect as originals, many of our customers find it handy to have a secure copy available for reference from any Internet connection. In addition, if one of those original documents is inadvertently lost or destroyed, a copy can sometimes be used to help establish the contents of the original.

    So, by all means, keep your faithful Wells Fargo Safe Deposit Box. But consider using Wells Fargo vSafe as an efficient way to have copies of your important documents available for you to access and review from wherever you can access the Internet.

  3. rh says:

    Curious to know if Wells Fargo stores these documents in their own data centers which would meet the necessary standards required for security compliance or is Wells partnering with a 3rd party online storage provider?

    If the data is stored in encrypted format, who stores the key to that?

  4. Michele, Vice President, Internet Services Group says:

    Thanks for your question. All Wells Fargo vSafe data is stored at Wells Fargo. At Wells Fargo we’ve been earning the trust of our customers for financial services since 1852. Today, we remain as committed as ever to keeping your privacy and personal information safe. Wells Fargo employs some of the strongest forms of security commercially available for use on the Web today, including:

    • 256-bit encrypted file storage
    • Regular backups with geographically diverse servers
    • Multiple layers of security

    In fact, the Wells Fargo vSafe service offers the same security features as Wells Fargo Online® banking including individualized passwords, timed log-offs, firewalls, and continuous system surveillance and technology updates. Our two-factor authentication and encrypted file storage protects Wells Fargo vSafe customers’ highly confidential and personal information. Our proven back-up systems are designed and tested to keep data safe and accessible. In addition, The Wells Fargo vSafe service provides an additional layer of security through Advanced Access, a multi-factor authentication security tool that grants access to a customer’s Wells Fargo vSafe account via a unique, randomly generated numeric passcode. These multi-layer security safeguards are part of Wells Fargo’s commitment to being a leader in online security. I would also like to refer you to this location on our site for further details about Wells Fargo vSafe security:

    https://www.wellsfargo.com/wfonline/wellsfargovsafe/security

  5. Carol says:

    What is the fee for opening and maintaining a Wells Fargo vSafe??

  6. Michele, Vice President, Internet Services Group says:

    Hi Carol,

    The first 30 days of the Wells Fargo vSafe service are free, and then your monthly cost is based on the amount of storage space you choose. As of January 1, 2009, the Storage Plans are as follows:

    • The Base Plan, which holds 1 Gigabyte (GB) of storage space, is $4.95 per month. As a guideline, this service would enable you to store either approximately 10,000 Microsoft Word documents; 5,000 scanned pages; 2,000 Portable Document Format (i.e. PDF) files; 650 digital photos; or 200 music files. Or, a combination of these.

    • The Upgrade Plan, which holds 3 Gigabytes (GB) of storage space, is $9.95 per month. The Upgrade Plan would enable you to store approximately 30,000 Microsoft Word documents.

    • The Premium Plan, which holds 6 Gigabyes (GB) of storage space, is $14.95 per month. This service would enable you to store approximately 60,000 Microsoft Word documents.

    These Storage Plans are also listed in the Frequently Asked Questions (FAQs) at http://www.wellsfargo.com/help/faqs/wellsfargovsafe . Please note that Wells Fargo
    does reserve the right to change the storage plans and pricing without prior notice.

    In addition, Wells Fargo supports Wells Fargo vSafe customers by phone. You can also choose to have certain monthly Wells Fargo account statements uploaded automatically for your convenience.

  7. Prasad says:

    Does Vsafe offers subscription to banks and credit card companies to directly send statements to vsafe. This saves time for the users of vsafe customers.

  8. Michele, Vice President, Internet Services Group says:

    Online Statements for many Wells Fargo accounts may be imported directly into your Wells Fargo vSafe service as soon as they’re available in the statement cycle. You may adjust your preferences regarding these statements at any time within your Wells Fargo vSafe account service. While it’s not currently an option for other statement issuers to deliver statements directly into your Wells Fargo vSafe account, we appreciate knowing that this would be a service that’s of interest.

    There are several easy ways to prepare non-Wells Fargo statements and copies of other documents of your choice for uploading into your Wells Fargo vSafe account. They include:

    • Signing up for and receiving electronic statements from the provider;
    • Using a document scanner at home, or from one of many office supply or copy stores, to create an electronic version of the statement; and,
    • Taking photographs of the statement with a digital camera to create an electronic version.

    It then takes just a moment to manually upload these statements in a digital format, a process that’s similar to adding an attachment to an email in most email programs. Storing information in a secure online location enables you to protect, organize and conveniently access online copies of your most important documents and information.

  9. Ed says:

    Why does the vSafe homepage say that no new enrollments are being accepted? Is this temporary? Why are the enrollments no longer being accepted?

    • Hi Ed,
      Thank you for your inquiry regarding our Wells Fargo vSafe® service. The message you received on the vSafe® home page stating that “we are no longer enrolling customers in this service” is not a temporary message. The Wells Fargo vSafe® service is being discontinued on March 28, 2012. As a result of that, we have removed the option for customers that currently do not use vSafe® to enroll in the service. We apologize for any inconvenience this may cause you.

      • Anonymous says:

        I was also about to open a vSafe account, and am surprised it is being discontinued. The service seemed perfect for continuity plans.

  10. Dan says:

    Why is the service being discontinued. I thought it was a pretty good idea – although not having it connected to my actual physical safe isn’t ideal.

Guided By History

Leave a comment

Your email address will not be published.

Your questions and comments really matter to us! We're glad you want to join the conversation and connect with other readers. All we ask is that you keep some simple guidelines in mind:

  • Stay on-topic. Only comments that are related to the subject of the blog entry will be posted.
  • Be respectful. It's okay if you disagree with a post or comment, but please, no personal attacks or offensive language.
  • Maintain your privacy and confidentiality.Please do not provide any of your specific account details or other personal information! If you have immediate service needs, please contact your bank representative or Customer Service.
  • Wells Fargo team members: In the interest of full disclosure, if you are a current employee of or are associated with Wells Fargo, please make note of your affiliation.