Carver Federal Savings Bank's Customers Can Now Access Wells Fargo's Nationwide Network of ATMs

Rhea-AI Summary

Carver Federal Savings Bank has partnered with Wells Fargo, allowing its customers to make surcharge-free withdrawals at Wells Fargo's nationwide ATM network, effective immediately. This initiative enhances customer access to their funds nationwide, coinciding with economic recovery efforts. With this partnership, along with access to the Allpoint ATM network, Carver customers can utilize over 80,000 ATMs globally without fees. Wells Fargo's support includes an equity capital investment aimed at fostering economic growth in African-American communities.

Positive

• Partnership with Wells Fargo provides surcharge-free ATM access to Carver customers, enhancing financial accessibility.
• Availability of over 80,000 ATMs through Wells Fargo and Allpoint networks increases customer convenience.

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• None.

NEW YORK, May 17, 2021 /PRNewswire/ -- Carver Federal Savings Bank ("Carver" or the "Bank"), a certified Minority Depository Institution, announced today that its customers can make withdrawals at Wells Fargo's nationwide ATM network without incurring a surcharge fee. This service, being offered by Wells Fargo to Carver customers, is effective immediately.

"Carver's partnership with Wells Fargo will provide our customers with enhanced access points to their money nationwide at a time in which the economy is re-opening," said Michael T. Pugh, President, and CEO of Carver. "Combined with the Allpoint ATM Network service, our customers can now make withdrawals, transfer funds, and check account balances at more than 80,000 ATMs worldwide without incurring a surcharge fee."

Wells Fargo's ATM partnership with Carver is part of its equity capital investment in the holding company for Carver, announced last month. Wells Fargo first announced its commitment towards Minority Depository Institutions in March 2020 when it pledged to invest up to $50 million in MDIs, part of its broader commitment to foster economic growth in African-American communities.

Carver is a historic, Black-managed bank that proudly reinvests approximately $0.80 of each deposited dollar back into the diverse communities it operates in through competitively priced loans. The Bank was founded by a group of civically minded community leaders in 1948 and has consistently had its headquarters located in Harlem.

"We are proud to partner with Carver and work to drive positive, long-term economic impact within the diverse communities the Bank serves," commented Jonathan Jacob, Senior Vice President, Corporate Development at Wells Fargo. "In addition to our equity capital investment in Carver, and providing the Bank with a dedicated Wells Fargo relationship team, we are pleased to make our nationwide ATM network available to Carver customers, giving them increased access to their money across the U.S."

Mr. Pugh concluded, "We thank the Wells Fargo team for its ongoing commitment to economic empowerment in communities of color and its support of Carver. Our society is at a pivotal inflection point. The public and private sectors need to continue making strategic investments to build a more inclusive economy to help close the wealth gap across our great nation."

Carver customers interested in finding a Wells Fargo ATM location should click here.

About Carver Bancorp, Inc.
Carver Bancorp, Inc. (NASDAQ: CARV) is the holding company for Carver Federal Savings Bank, a federally chartered stock savings bank. Headquartered in Harlem, NY, Carver was founded in 1948 to serve African American communities whose residents, businesses, and institutions had limited access to mainstream financial services. The U.S. Treasury Department has designated Carver as a Community Development Financial Institution ("CDFI") because of its community-focused banking services and dedication to its local community's economic viability and revitalization. Carver is one of the largest African- and Caribbean-American managed banks in the United States. The Bank recently expanded its online presence to include consumer checking and savings accounts across nine states, from Massachusetts to Virginia, and Washington, D.C. For further information, please visit the Company's website at www.carverbank.com. Be sure to connect with Carver on Facebook, LinkedIn, and Twitter.

About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets and proudly serves one in three U.S. households and more than 10% of all middle market companies and small businesses in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management. Wells Fargo ranked No. 30 on Fortune's 2020 rankings of America's largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health and a low-carbon economy. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories. Additional information may be found at www.wellsfargo.com | Twitter: @WellsFargo.

Media:
Michael Herley for Carver
203.308.1409
mediainquiries@carverbank.com

Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors, risks, and uncertainties. More information about these factors, risks, and uncertainties is contained in our filings with the Securities and Exchange Commission.

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SOURCE Carver Federal Savings Bank

FAQ

What does the partnership between Carver and Wells Fargo entail?

The partnership allows Carver customers to withdraw money at Wells Fargo ATMs without surcharge fees, enhancing access to funds nationwide.

When did Carver's ATM partnership with Wells Fargo become effective?

The partnership became effective immediately on May 17, 2021.

What additional ATM access do Carver customers have aside from Wells Fargo?

Carver customers also have access to the Allpoint ATM network, totaling over 80,000 ATMs worldwide without incurring fees.

How does this partnership impact the financial community served by Carver?

This partnership is part of Wells Fargo's investment in Minority Depository Institutions, which aims to enhance economic growth within African-American communities.

What is the significance of Carver being a Minority Depository Institution?

As a Minority Depository Institution, Carver focuses on serving diverse communities, providing essential banking services that promote economic viability.