Wells Fargo Rolls Out Business Online Bill Pay Solution For Small Business Owners

Business Wire, May 31, 2002

Business Editors

SAN FRANCISCO--(BUSINESS WIRE)--May 31, 2002

Wells Fargo Business Online(SM) Banking and Bill Pay Offers

Increased Convenience and Significant Time and Cost Savings

Wells Fargo & Company (NYSE:WFC) today unveiled Wells Fargo Business Online banking and Bill Pay for small businesses. Wells Fargo Business Online banking and Bill Pay provides distinct advantages for small businesses by simplifying their payment processes, as both business and personal bills can be paid with a single service from any Wells Fargo business or personal checking account. The majority of financial institutions require customers to enroll in separate personal and business versions of online banking and bill pay, thus incurring two charges. With Wells Fargo Business Online banking and Bill Pay, Wells Fargo delivers a streamlined way of managing business and personal finances to their customers, while also guaranteeing a secure environment from which they can carry out these transactions.

With Wells Fargo Business Online banking and Bill Pay, small business customers can view account balances, review account activity, transfer money and make payments between accounts, download transaction histories, and access Wells Fargo Online. Recurring expenses that are always the same amount -- an office lease, mortgage payment, or bills from an Internet Service Provider -- can be paid automatically through Bill Pay. Customers can also make one-time payments for different amounts for bills like phone or utility, and can also send money to any company or individual in the United States. Additionally, Wells Fargo Business Online banking and Bill Pay provides increased convenience by eliminating the need for written checks and stamps, while also helping these businesses better manage their financial records with detailed payment and reporting methods.

"It is always our goal to deliver innovative new products and solutions that improve our small business customers' overall experience and best meet their business needs," said Debra Rossi, executive vice president for Wells Fargo's Business Internet Services. "Rather than have separate personal and business bill pay services, Wells Fargo believes, and our customers confirm, that it makes sense to have anytime, anywhere access to a single, centralized service that fulfills all of their bill payment requirements."

Business Internet banking has become popular with customers looking to simplify their business and personal finances. More than 315,000 Wells Fargo small business customers utilize business Internet banking services, over 70% of which are active (regular users over a six-month period). The number of users has increased 120% from a year ago, while the small business Bill Pay customer base has increased 150% year-over-year.

"As a consultant who travels consistently throughout the year, I use Wells Fargo's Business Online banking and Bill Pay to pay my bills, pay taxes, and look up balances for my consulting business. It is a huge benefit for me to be able to move money between my personal and business accounts, while also having access to Wells Fargo's small business services," said Jerry Byrd, senior principal consultant for Consulting Professionals, Inc.

Wells Fargo Business Online banking is free, and Bill Pay is free for the first two months, and remains free for customers with a minimum combined balance of $25,000 at all times in their business and personal deposit accounts. For customers who maintain a balance less than this amount, the fee is $9.95 per month. For customers exceeding 25 payments per month, each additional payment is $0.40.

Customers interested in Wells Fargo Business Online banking and Bill Pay can enroll through multiple channels. The primary method of enrollment is through the Wells Fargo Resource Center for Small Business Owners, which can be found at www.wellsfargo.com/biz. Additionally, customers can also sign up at any of Wells Fargo's stores or via phone.

About Wells Fargo & Company

With 1.6 million small business customers, Wells Fargo is the largest small business lender in the United States. The Resource Center for Small Business Owners, featuring Wells Fargo Business Online banking, at http://www.wellsfargo.com/biz/ was ranked as top among 90 large- and mid-sized banks by financial services consulting firm, Speer & Associates. In the March 2002 issue of Institutional Investor, which ranks companies for e-finance innovation, Wells Fargo beat all other banks. Wells Fargo is a $312 billion diversified financial services company providing banking, insurance, investments, mortgage and consumer finance services through 5,400 stores, its Internet site and other distribution channels across North America as well as internationally.