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Banking Inclusion Initiative

Wells Fargo Bank, NA - San Francisco, CA

2022 Community Committment Awards Submission

  • Economic Inclusion
  • Asset Size: Large

The Banking Inclusion Initiative is Wells Fargo's 10-year commitment to accelerate the access of unbanked communities to affordable mainstream accounts and have easier access to low-cost banking. We're focusing on Black and African American, Hispanic, and Native American/Alaska Native families, who account for more than half of America's 7 million+ unbanked households. We're also assisting those who are underbanked and underserved, who may have a bank account yet still use high-cost, non-bank services. Wells Fargo launches Banking Inclusion Initiative https://www.youtube.com/watch?v=ilo-pkAFabs

Since introducing the Banking Inclusion Initiative in May 2021, Wells Fargo has organized the National Unbanked Task Force and collaborated with multiple national and community stakeholders to pursue solutions that increase access to affordable products, digital banking and financial guidance within unbanked communities. Other actions Wells Fargo has taken in the first twelve months of the initiative include:

•Launched HOPE Inside centers in Atlanta, Houston and Oakland markets starting in April of 2022, and announced plans to introduce HOPE Inside centers in a total of 20 markets that will serve as many as 150 Wells Fargo branches. • Eliminated Overdraft Protection transfer fees and non-sufficient funds fees. • Expanded support for 13 Black-owned Minority Depository Institutions (MDIs) • Introduced Our Money Matters, a comprehensive financial wellness initiative for students of color at 14 Historically Black Colleges and Universities (HBCUs) and Minority Serving Institutions (MSIs) who disproportionally face greater financial challenges and college debt.