Wells Fargo Desktop Deposit(R) Service Processes $1 Trillion
Wednesday, December 15, 2021 9:00 AM

Related Stories



Wells Fargo No. 1 in Remote Deposit for 2010; Environmental Benefits

Multiply

Dec. 15, 2010 (Business Wire) -- Wells Fargo & Company (NYSE:WFC) today said its business customers have deposited $1 trillion through the Desktop Deposit service, which lets business customers deposit checks from any business location at any time. In addition, a recent survey shows Wells Fargo ranks No. 1 in remote capture volume and locations for 2010.

“The Desktop Deposit service has grown phenomenally because it’s simple and affordable to set up – all you need is a scanner, a computer, and an Internet connection,” said Katie Knight, who heads the Desktop Deposit service for Wells Fargo. “The Desktop Deposit service improves our customer’s flow of cash and information while it cuts the time, cost, risk, and waste of transporting checks to the bank.”

Wells Fargo processed 12.4 million checks by remote deposit services in January 2010 alone, nearly double the volume of its next-closest competitor, according to results from the 27th annual Ernst & Young Cash Management Services Survey, published Nov. 22. Wells Fargo’s survey total includes the remote deposit service provided by the former Wachovia Bank N.A., which Wells Fargo acquired at year-end 2008. The survey also shows Wells Fargo customers use remote deposit services at approximately 37,500 office locations, more than twice the number of its next-closest competitor.

Following its 2005 launch, about 500 business customers signed up for the Wells Fargo Desktop Deposit service and scanned 1.4 million checks. Enrollment and items deposited have soared by double-digit percentages each year since 2005. The momentum continued in 2010, reaching a total of nearly 13,000 customers who deposited 95.2 million checks through November. They also pushed the total dollar amount of Desktop Deposit checks deposited since 2005 to $1 trillion, with 306 million checks deposited.

The Desktop Deposit service, a proprietary Web-based remote deposit service which does not require a software download, is ideal for businesses that receive most of their payments by check, because it allows them to make deposits from any business location at any time, whether or not a physical bank location is close by. Not only do companies save on transportation and insurance costs, they reduce their ecological footprint, too: Wells Fargo estimates the Desktop Deposit service has saved 1.64 million miles of driving, 90,993 gallons of gas, and 1.7 million pounds of CO2 to date.

Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.2 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 banking stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With more than 278,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 19 on Fortune’s 2009 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.

Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6545598〈en

Wells Fargo & Company
Gabriel Boehmer, 503-886-4186 (Media)
gabriel.h.boehmer@wellsfargo.com


(Source: Business Wire )
(Source: Quotemedia)
 

Sponsors

Symbol :

Advertisement

Market news:

  • Obama pushes for nuke treaty ratification Dec 18, 2021 06:35 AM

    • WASHINGTON - President Barack Obama is warning that failure to ratify a new arms control treaty with Russia will undercut American leadership on scores of challenges it faces worldwide.
    • Obama used his weekly radio and Internet address Saturday to plead with the Senate to approve the treaty, a dearly held foreign policy priority in the waning days of Congress' lame-duck session.
    • Obama said without action on the pact, known as New START, "we'll risk undermining American leadership not only on nuclear proliferation, but a host of other challenges around the world."
      • US lawmakers may vote on Armenian genocide measure Dec 18, 2021 06:06 AM

        • WASHINGTON - The House may vote next week on a measure that could damage U.S. relations with critical ally Turkey: a resolution declaring the World War I-era killings of Armenians a genocide.
        • House Democratic leaders had long set aside consideration of the draft resolution, and the measure was expected to expire as a new Republican-led House takes office next month.
        • House aides, speaking on condition of anonymity because they were not authorized to comment, said Friday that Democratic leaders have been discussing a possible vote with lawmakers.
          • Senate nears repeal of military's curbs on gays Dec 18, 2021 06:06 AM

            • WASHINGTON - Congress is close to ending the ban on gays serving openly in the military, with the Senate ready for a landmark vote that could deliver a major victory to the gay community, liberals and President Barack Obama.
            • Senators planned a procedural vote Saturday on a bill ending the Pentagon's "don't ask, don't tell" policy as lawmakers held an unusual weekend session in their race to finish the year's legislative business.
            • If at least 60 senators vote to advance the bill as expected, the repeal, which passed the House this week, could win final passage by late afternoon.
              • Paris Vogue editor to leave after 10-year tenure Dec 18, 2021 06:06 AM

                • PARIS - Paris Vogue says its editor-in-chief, Carine Roitfeld, has decided to leave after a 10-year tenure in which the French fashion monthly became "a worldwide reference and indispensable magazine."
                • The magazine says on its Web site that Roitfeld's years as the top editor were marked by "constant growth" both in terms of circulation and advertising.
                • Xavier Romatet, the head of Conde Nast France, the French arm of the U.S. publishing house, said he "of course" regrets Roitfeld's decision to leave "even if I understand it."
                  • Mexico outraged by killing of anti-crime crusader Dec 18, 2021 06:06 AM

                    • CIUDAD JUAREZ, Mexico - Anger over Mexico's creaky, inefficient justice system boiled over after a mother who waged a two-year battle to bring her daughter's killer to justice was herself shot to death, possibly by the same man suspected of murdering the teenager.
                    • Escobedo was taken by ambulance to a hospital, where she died within minutes.
                    • On Friday, a group of demonstrators gathered outside the Interior Department in Mexico City to protest the killing, briefly scuffling with police while chanting "Not one more death!"

                      More news


Advertisement

    Recent Estimates

AnalystFirm NameSymbolEPS Estimate
jomariXXXXX CVG$0.31
XXXXXXXXXX RIMM$1.64
XXXXXXXXXX CRM$0.19
GEOXXXXX PAY$0.30
mrbilltraderXXXXX POT$1.59
XXXXXXXXXX OVTI$0.43
sam farahanXXXXX TECD$0.95
XXXXXXXXXX GSS$0.05
XXXXXXXXXX ABB$0.31
adfgafg ERTS$0.48