Wells Fargo eliminates monthly fees and funds expiration on gift cards
09 September 2010 | 3115 views | 0
Source: Wells Fargo
Wells Fargo & Company (WFC) today announced that it has enhanced its Wells Fargo Visa® Gift Cards and Wachovia Visa® Gift Cards and eliminated monthly service fees and the expiration of funds loaded on Gift Cards.
"Although a number of the changes are due to the new Federal Reserve regulations under the CARD Act, we made the additional enhancements to improve the overall gift giving experience for our customers," said Kathy Yee, head of Wells Fargo Prepaid Cards. "Wells Fargo Visa Gift Cards and Wachovia Visa Gift Cards are enormously popular with our customers because they offer an easy, convenient and flexible option when purchasing gifts. Our customers told us their biggest sticking points were the monthly service fees and the expiration of funds, and we listened."
The monthly service fee was previously $2.50 a month deducted from the gift card funds that remained on the card 12 months after activation. The funds loaded on Wells Fargo and Wachovia Visa Gift Cards will no longer expire, and customers can order a free replacement card for the remaining value on the card after the plastic card expiration date. Previously, the remaining funds expired on the same date as the card expiration date.
Additional changes include:
* Wells Fargo and Wachovia are increasing the Gift Card plastic expiration date to 7 years from the date of creation (minimum of 60 months left at time of sale). Previously, Wells Fargo's Gift Card expiration date was 4 years from the date of creation (minimum of 18 months left at the time of sale in a Wells Fargo store). Wachovia's Gift Card expiration date was 3 years from the date of creation (also a minimum of 18 months left at the time of sale in a Wachovia location).
* To replace Wells Fargo and Wachovia Gift Cards prior to expiration, the cost will be $7.50. The cost has not changed for Wells Fargo Gift Cards. Previously, the cost for Wachovia customers was $15.00. Do note, there is no charge to order a replacement card for the remaining value after the plastic card expiration date.
* Wells Fargo Gift Cards can no longer be used outside of the U.S. Wachovia Gift Cards have never been able to be used outside of the U.S.
The changes anganges are only applicable to the newly enhanced gift cards. Previous gift cards still maintain the original terms.
Wells Fargo and Wachovia Visa Gift Cards are $3.95 and are available in whole dollar amounts (up to $500 for Wells Fargo Visa Gift Cards/up to $600 for Wachovia Visa Gift Cards). Customers can specify if they want the card mailed to them or to the gift recipient. However, cards ordered online over $100 MUST be shipped to the purchaser. The gift card is not re-loadable and cannot be used for cash advances or withdrawals.
Each card comes with a level of security that cash and other gifts can't match. Like our other card products, the Wells Fargo and Wachovia Visa Gift Card offers protection against loss by providing Zero Liability for unauthorized purchases that are promptly reported. If the card is ever lost or stolen, the cardholder simply notifies the bank promptly and a replacement card can be issued.
Wells Fargo & Company (NYSE: WFC - News) 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 10,000 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 #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.