Wells Fargo launches customer-to-customer money transfers

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Wells Fargo has announced its new mobile customer-to-customer payment option, which allows its customers to transfer money to each other via the Wells Fargo Mobile Banking service.

‘More and more Americans are using mobile devices for banking, and we want to be there for our customers where and when they need us – whether they are waiting in line at a store or travelling by bus,’ comments Arah Erickson, head of Wells Fargo retail mobile banking. ‘The added ability to transfer funds while on the go will be especially helpful for parents who have kids in college this fall as well as for students who need quick access to money at the last-minute to cover living costs, textbooks, or to split an expense with a roommate.’

The money transfer service is free of bank charges. Customers log-on to online banking, add the account number of the customer to whom they wish to transfer money and make a first-time transfer. Subsequent transfers can be made from the customers’ mobile device by logging onto WF.com and following the prompts, or online from their computer. Customers can transfer up to $1,000 daily.

‘Our research shows there is strong interest in transferring money from a mobile device, as well as online,’ comments Adam Vancini, senior VP, Wells Fargo internet services group.

According to Javelin Strategy & Research, the immediacy of the mobile channel resonates most with consumers likely to use mobile person-to-person transfers, and sending and receiving money quickly is cited as the primary motivation for consumers to engage in mobile person-to-person transfers.