Processing Issue Delays Payments To New Mexico Unemployment Insurance Debit Cards

Wed Jan 9, 2013 11:24am EST

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ALBUQUERQUE, N.M.--(Business Wire)--
Wells Fargo & Company (NYSE:WFC), announced today that a processing issue
occurred with an automated clearing house (ACH) transaction associated with the
New Mexico Unemployment Insurance Debit Card on Monday, January 7. As a result,
debit cardholders experienced a delay in fund availability. 

Approximately half of eligible benefit recipients that hold the New Mexico
Unemployment Insurance Debit Cards receive weekly funds at 5 a.m. MST every
Monday; the remaining recipients receive funds at 5 a.m. MST every Tuesday. The
processing issue delayed payment to all card holders until Tuesday, January 8,
at 10:30 a.m. MST. 

"We understand that access to these funds is critical for our New Mexico
Unemployment Insurance Debit Card holders and sincerely apologize for any
inconvenience that this may have caused," said Mark Jensen, regional vice
president, Wells Fargo Government and Institutional Banking. "Upon discovery of
this issue, we worked closely with our payments processing partner to ensure the
payments were processed quickly." 

The processing issue has been addressed, and the issue has been resolved. Any
fees charged to debit card holders as a direct result of the delay of payment
will be refunded. 

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based
financial services company with $1.4 trillion in assets. Founded in 1852 and
headquartered in San Francisco, Wells Fargo provides banking, insurance,
investments, mortgage, and consumer and commercial finance through more than
9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com), and has offices in
more than 35 countries to support the bank`s customers who conduct business in
the global economy. With approximately 265,000 full-time equivalent team
members, Wells Fargo serves one in three households in United States. Wells
Fargo & Company was ranked No. 26 on Fortune`s 2012 rankings of America`s
largest corporations. Wells Fargo`s vision is to satisfy all our customers`
financial needs and help them succeed financially.

Wells Fargo & Company
Dana C. Obrist, 704-715-6138 (Media)
Dana.C.Obrist@wellsfargo.com
Follow us on Twitter: @WellsFargo 

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