Daily Management Review

In Response To Coronavirus Outbreak Wells Fargo Issues Fee Waivers


In this extraordinary time when the world is dealing with coronavirus outbreak, Wells Fargo decides to help the strain on its customers besides boosting its charitable donation.

Source: flickr.com; (CC BY 2.0)
Source: flickr.com; (CC BY 2.0)
On Friday, March 20, 2020, Wells Fargo & Co stated that due to the emergency situation of coronavirus outbreak, it is putting on hold the sales of “residential property foreclosure”, along with “evictions and involuntary automobile repossessions”.
Moreover, the bank also reported it will temporarily close down certain branches and adjust the operating timing for other branches along with relocating employees and increasing its “charitable donations to $175 million”.
According to Reuters reports:
“The company is offering fee waivers, payment deferrals and other expanded assistance for credit card, auto, mortgage, small business and personal lending customers who contact the bank, it said in a statement”.
In fact, last week only, the chief executive officer of Wells Fargo & Co, Charlie Scharf had informed the Congress that nearly sixty two thousand of its employees were “already working remotely”.