Carver Federal Savings 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 Federal Savings Bank, 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.”