Wells Fargo’s suite of credit products for DACA recipients will be made available in phases from the first half of this year
Image: Wells Fargo branch in Durham, North Carolina. (Credit: Wikipedia.org/Ildar Sagdejev.)
American banking giant Wells Fargo is expanding its credit offering, by introducing a suite of credit products to Deferred Action for Childhood Arrivals (DACA) recipients.
For DACA recipients, Wells Fargo’s credit offering includes education loans, personal lines and loans, credit cards, auto loans and small business credit. The bank will also provide mortgage and home equity loans to eligible DACA customers except for those who have been prohibited by specific investors.
To be made available in phases starting in the first half of 2020, the new product offerings will continue through the first quarter of next year.
Wells Fargo consumer and small business banking CEO Mary Mack said: “Wells Fargo’s product set and customer reach enable us to contribute meaningfully to the opportunity DACA recipients have to succeed in the United States. We believe it is incumbent upon us to make credit as available as possible for these individuals as they seek to realize their aspirations.
“We appreciate the productive discussions with MALDEF that informed our efforts to make this expanded credit offering available in the coming months. This is part of our continuing commitment to provide responsible lending and to expand our financial support and partnership for the many diverse communities we serve.”
The expanded credit access is the result of an ongoing engagement with the Mexican American Legal Defense and Education Fund (MALDEF), which offered insights into the needs of the young individuals.
Wells Fargo and MALDEF to make financial compensation available to DACA recipients
Wells Fargo and MALDEF are also working together to make financial compensation available to DACA recipients who might have faced credit rejection in the past from the bank.
MALDEF president and general counsel Thomas A. Saenz said: “Wells Fargo’s agreement to extend consumer credit to DACA recipients on the same terms as others is a positive acknowledgement of these young immigrants’ ongoing contributions to our national economy. This is an important step forward for American banking.”
A few days ago, the bank announced the launch of two new bank accounts that offer secure banking services, while eliminating or limiting overdraft fees.
The first new account, a cheque-less account, is designed to limit the spending to the amount available in the account. The account enables customers not to incur overdrafts or insufficient funds fees.
Consisting of checks, the second account will cap overdraft or insufficient funds fees at one per month.