| By Jim Bruene on May 26, 1997 10:32 AM | Comments (0) |
Wells Fargo Bank
www.wellsfargo.com
Wells Fargo’s new banking site on America Online.
Wells Fargo (San Francisco, CA; $109 billion; 10.8 million ATM cards) launched its online banking services on America Online. The AOL site is basically a launching pad, or shell, that takes users out to the Wells Fargo Web for account access, online transactions, and even most of the sales pitch.
In other news, on April 1, Wells began assessing a $3/mo fee for account access via Quicken or Money. Users signed up prior to April 1 may continue to use the service for free. The $3 monthly fee is in addition to the $5/mo fee for optional bill payment. The bill pay fee covers the first 25 payments, additional items are $0.40 each. Account access via AOL, Prodigy and the Web remain free-of-charge.
Contact: Susan Weinstein is VP at Wells Fargo, 415.477.1000. David Baird is GM Personal Finance at AOL, 703.918.2356, davidbaird@aol.com.
Analysis We have said all along that fees for value-added online services, such as automated bill payment, custom notification services, or data delivery in Quicken or Money format, could carry fees. But basic account access via the Web or online service should be free-of-charge for most customers. Wells Fargo wisely waited until its Web site offered full-service online banking before tagging its Quicken/Money users with a monthly access fee. Fee-sensitive users of these programs can easily migrate to the Web for free data. And in the case of Microsoft Money, data can be downloaded right into the Money register via ActiveStatements.
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