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Showing posts with label Wells Fargo Direct Deposit Advance. Show all posts
Showing posts with label Wells Fargo Direct Deposit Advance. Show all posts

Wells Fargo Direct Deposit Advance will be Discontinued Soon?

Friday, March 14, 2014 0 comments
The one and only bank that offers Direct Deposit Advance, Wells Fargo, will sooner discontinue the Direct Deposit Advance Service. This service has been used up by millions of Wells Fargo customers specially those who are independent with social security deposit. The Direct Deposit Advance loan has been considered as the quickest and easiest way to access emergency funds.

This coming May 25th, 2014 the direct deposit advance will no longer be available. The service can only be use until May 24th this year.

This is based on the studies and arguments. the service is not really helping most customers as it is very similar to other pay day loan and lenders that charges high interest rates and uses the borrower's upcoming paycheck as a collateral. In addition, this can also cause never ending cycle of high cost debt for the consumers who can hardly afford it.

Even though the service will no longer be available before the end of the 1st quarter this year, Wells Fargo have said "Wells Fargo offers spectrum of credit products that are designed to meet customer needs, including unsecured credit card, line of credits and secured credit card, which can help customers build or rebuild their credit. As always, Wells Fargo encourages customers to talk to a banker about their unique credit or account management need."

Acknowledgement: Wells Fargo Bank

What is Direct Deposit Advance by Wells Fargo?

Monday, March 10, 2014 0 comments
Direct Deposit Advance is very common to customers who are banking with Wells Fargo, specially to those that receives a qualifying direct deposit every month. Direct deposit Advance is a line of credit designed for short term borrowing needs. This is found to be more costly compared to other credit cards and line of credits since it charges $1.50 for each $20 borrowed. For example, if you borrow $500 you will be charged with $500 plus the $37.50 on top of it. This will be automatically taken out on the next qualifying direct deposit of $100 or more in an account.

Payment plan is another method of payment that can be used as well instead of the automatic deduction. Though, the bank is strict and consider some factors before an account gets approve for payment plan. The good thing about payment plan is it will allow the customer to pay $100 only in every qualifying direct deposit. By speaking to friendly Wells Fargo representative we can i identify if we may qualify. The fund is immediately available once borrowed.

 Here are some factors the bank consider before approving an account for a payment plan. 

1. The service should have already been used for 3 consecutive statement cycle
2. The account should have at least an outstanding balance of $300 or more, and lastly
3. State where the account was opened is also considered.

Admittedly, most of us are thankful since this service is available. We can either use the Wells Fargo automated response system or speak to a bank representative or do it through the online banking. Let's just be more mindful of borrowing as we also have to pay the same amount and even more as we get our next paycheck. 

Acknowledgement: Wells Fargo Bank

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