Banking giant Wells Fargo announced on Thursday the launch of its new banking app, Greenhouse. The company described the app as a new mobile banking experience that provides tools to help consumers manage their money and know where they stand financially.
According to Wells Fargo, consumers using the Greenhouse app will be able to have money management with two accounts that work together, immediate access to their Greenhouse account, and the ability to send and receive payments. Avid Modjtabai, Head of Payments, Virtual Solutions and Innovation at Wells Fargo, revealed details about the Greenhouse app during The BancAnalysts Association of Boston Conference in Boston.
“We believe the Greenhouse experience will appeal to a broad base of consumers, many of whom have several income sources or are paid infrequently, which can make budgeting a challenge,” said Modjtabai. “Whether you are new to banking, don’t have regular paychecks, or typically manage money with cash, we believe the Greenhouse experience can help you manage day-to-day spending while planning for the future.”
“Many people manage money with a rear-view mirror approach, only looking backwards at the end of each month. The Greenhouse experience helps consumers take control of their financial health by enabling them to become more hands-on with their finances. From creating a weekly spending budget, to working toward financial goals, the customer is in control — all on a mobile phone.”
Wells Fargo went on to add Greenhouse customers will never incur bank overdraft fees when using the new experience, and purchases and payments that would overdraw the accounts will generally not be processed.