YOUR FINANCES New Service Transfers Cash Online (NAPSA)—While Internet banking has ushered in a number of innovations, for many people, the basic task of instantly transferring money to another person’s account has remaineda challenge. However, a new service designed to facilitate the use of online alternatives to paper checks may changeall that. In the past, the only ways that a consumer could directly move money from an account to another person’s account was to send a check, go into the bank and make a deposit, or open a joint account. The new family money transfer service makes it possible to send money to friends and family via the Internet. This free service is available when the customer sending and the customer receiving both have Wells Fargo checking/savings accounts. Customers can move up to $1,500 daily in seconds. Experts say the service has a number of practical uses. For example: Students can use it to get money from family and friends for schoolbooks and other living expenses. Parents can rest easy, knowing there is a fast and free way to get money to their kids when they need it most. Newlyweds can set up a “Wishing Well” fund so friends and family can contribute money to a wedding account. Married couples are able to transfer money to one another, A new online banking service makesit possible to send money directly to friends and family via the Internet. allowing spouses to maintain separate checking accounts. Family members can send money across borders to relatives in Mexico and beyond. Thoseliving in the U.S. can contribute money to a single account and its contents can then be transferred in one lump sum. “Family money transfers can be especially convenient during the holidays because they allow you to send money quickly and easily while eliminating an extra trip to the bank,” said Jim Smith, executive vice president of Online ConsumerProducts. From a business perspective, these transfers, coupled with the surging popularity of online bill paying—are sure to further fuel the declining volume of papers checks in America. It also reduces customer visits to a store or ATM to make a deposit. Wells Fargo has more than 6 million consumers banking online. To learn more, visit the Website at www.wellsfargo.com.
