Did Wells Fargo help during the Covid-19 pandemic?

Yes!

RATING: +9
  1. The company has suspended residential property foreclosure sales, evictions and involuntary auto repossessions (Wells Fargo)
  2. The Wells Fargo Foundation will distribute $175 million in donations to help address food, shelter, small business and housing stability, as well as to provide help to public health organizations (Wells Fargo)
  3. The bank said all of its domestic full-time employees who make less than $100,000 a year would receive a pre-tax payment of $600 and part-time employees would get a $300 bonus (Reuters)
  4. Changed its short-term disability plan for U.S.-based employees so employees impacted directly with COVID-19 aren’t using paid time off during the seven-day waiting period. In addition, the short-term disability schedule was enhanced. Employees with fewer than four years of service will be eligible for four weeks at 100% pay rather than 65% pay (Wells Fargo)
  5. Updated its U.S. medical plan to eliminate coinsurance and fully cover the cost of any medically necessary screening and testing for COVID-19 and, for the next 90 days, eliminated cost sharing for medical virtual office visits in most of the medical plans (Wells Fargo)
  6. Granted up to five paid business days off after a school system’s closure announcement to U.S. hourly employees who can’t work remotely so they can find child care (Wells Fargo)
  7. Provided financial support for child care for U.S. employees with children ages 13 and under (Wells Fargo)
  8. Purchased thousands of new desktops, laptops, and other equipment for remote workers (Wells Fargo)
  9. Installed see-through barriers at bank branches to make it safer for employees to serve customers (Wells Fargo)
  10. Established a set of protocols so high-risk or potentially infected employees can stay at home, as well as procedures for reporting suspected exposures and cleaning facilities after confirmed exposures (Wells Fargo)
  • Wells Fargo, Bank of America, JPMorgan Chase and U.S. Bancorp were sued by small businesses that accused the lenders of prioritizing large loans distributed as part of the virus rescue package, shutting out the smallest firms that sought money. The four banks processed applications for the largest loan amounts because they generated the highest fees, rather than processing them on a first-come, first-served basis as the government promised, according to lawsuits filed Sunday in federal court in Los Angeles (American Banker)
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