Wells Fargo announced today it is rolling out a person-to-person money transfer service where its customers can send money to other Wells Fargo or Bank of America customers.
Send & Receive Money allows Wells Fargo customers to send payments to other Wells Fargo and Bank of America customers through online and mobile banking using an email address or mobile phone number. Wells Fargo customers no longer need to know their recipient's account number at Wells Fargo or Bank of America.
"Customers want options and convenience," said Brett Pitts, senior vice president at Wells Fargo's Internet Services Group in a written statement. "With Send & Receive Money customers can send payments electronically to others without having to know their sensitive financial information, such as bank account numbers. As mobile money transfer becomes more common, remembering multiple account numbers will be harder. Send & Receive Money allows customers to pay another person using information they typically either know or have programmed on their phone."
Customers can use their recipient's mobile phone number or email address to initiate a person-to-person payment via clearXchange, which was formed to facilitate the movement of funds between bank customers to better meet their needs. Wells Fargo is an owner of clearXchange.
The service is available to all Wells Fargo customers with a checking or savings account and online banking. Customers can sign up for Send & Receive Money during an online banking session or via Wells Fargo's mobile apps or at wf.com. Transfers take up to one business day between Wells Fargo customers and up to three business days between customers of different financial institutions. The service currently has no fee.