Today, Wells Fargo announces the nationwide expansion of Wells Fargo Mobile® Deposit (pdf), making it more convenient for customers to conduct banking transactions. Using an iPhone or Android device, customers across the nation can easily deposit checks into their eligible Wells Fargo accounts by taking pictures of the front and back of the check.
“The exponential growth of mobile banking is fueling the thirst for more futuristic, easy-to-use applications such as mobile deposit,” said Brian Pearce, head of the Retail Mobile Channel. “Mobile deposit is a very popular service among our customer base—they love the added convenience of depositing checks while on the go.”
In addition to the convenience of banking 24/7, Mobile Deposit helps customers deposit checks quickly, which in turn enables rapid access to their funds. This innovation continues Wells Fargo’s tradition (161 years in March!) of providing dependable financial services, anytime and anywhere.
Wells Fargo & Co.’s Express grew to number thousands of offices in US cities, towns and settlements by 1918. Wells Fargo offices were often part of other businesses, such as Post Offices, real estate and insurance offices. Wells Fargo Agents sent money by the fastest means available: For example, convenient Bills of Exchange moved funds quickly across distance. Customers presented funds and three Bills were issued. The first to arrive to the consignee was honored and the others were immediately voided. Later, the telegraph transferred funds in seconds. In 1926, a Wells Fargo Bank Union Trust Co. customer had $500 sent from Honolulu to San Francisco by “Photoradiogram,” a wireless transmission via radio waves. The funds were received at night, the original check verified and cancelled—perhaps the very first “Mobile deposit.”
Customers can use today’s Mobile Deposit service through the latest version of the Wells Fargo Mobile app available for both Apple and Android-supported devices. To make a deposit, customers choose the eligible consumer or business account where they want to deposit their check, enter the check amount, and use their mobile device to take a picture of both the front and back of the endorsed check. After they submit their deposit, Wells Fargo sends a confirmation message. Very 21st century.
- Checks are not stored on the mobile device. Wells Fargo’s Online Security Guarantee provides added protection against unauthorized access to customers’ accounts.
- Wells Fargo is a leading provider of online and mobile financial services for individual consumers, small and middle market businesses, and large corporations with a full range of banking, money movement, investing, asset management, and other financial and risk management products.
- Wells Fargo was recognized by Global Finance magazine as the best internet bank in the U.S. (2012); and on “The Innovators” list at Bank Technology News for its online banking services (2012).
- Keynote’s Mobile Banking Scorecard named Wells Fargo winner in two categories: Privacy & Security, and Quality & Availability (2012).
- Keynote’s Small Business Scorecard named Wells Fargo #1 overall four straight years for its service to small businesses online (2012).