Wells Fargo and Visa Rollout Rapid Alerts
We’re going to talk about Wells Fargo & visa, they roll out a rapid alerts for credit card holders with text messaging warning system to protect consumers from potential fraudulent activity.
It’s good that something might be potentially not so good for you, so visa and Wells Fargo are very excited to announce the launch of rapid alerts for Wells Fargo visa credit card holders. Rapid alerts is a service that notifies customers of specific transactions that occur on their account. These alerts are delivered via text message in real time.
What means to me is that I get a text message when I pay money at the cashier. I give my kid my Wells Fargo visa credit card then I pay for a subway sandwich. I put it in there and before I know it, I’m getting a text message which let me confirm whether this is what I do or somebody else, so you can get a notification in your phone. Then you open that up and there’s the information here.
So this is good for everyone, it is a service that could be used by everybody. We have six different alerts. There is a learn type that you can sign up for and it spans a broad range of activities that a normal person would use or experience on their credit card.
Those sticks are when the transaction is declined. When the card is used at a gas pump for a gas purchase, or used by a merchant overseas for a transaction, or used for a cash advance at an ATM machine, or the card is used online, on the phone or through a mail-order telephone older type of merchant.
Lastly, it allows our customers to set a threshold amount and we’ll notify you when the transaction is above that amount you set. I said I’ve been with these for 30-plus years and this is the first time that it happens.
Some big piece of equipment was purchased one time. In the end, the company was totally honorable and dealt with that. The worst part of the situation is that I had to cancel my card and then start again. I have to call everybody whom I had direct payment with, which is a little bit torturous. In addition to that, this is a very good service, especially the text service you mentioned.
There are a number of different things that the service can help you out with. Unfortunately, if someone buys something with your card and at a merchant, although we take care of everything at the end of the day, the best thing to do is to replace your card with a new account number. But at least you know when that transaction happens, you’re notified that immediately versus you find out about it on your statement a month later in most cases, which is a great feature of the service.
Another thing you mentioned, which I think is interesting is that I could get a new account number and I have to notify others that I got a new card number and sometimes you may forget and miss somebody.
If you go to the health club and you can’t work out again, you have to pay a fee tip slope. The nice thing about the decline transaction alert is that it lets you know when the transactions are declined on the spot in case that the health club goes on a recurring bill pay, you get that text message, and it’s a quick reminder to you that you forgot to notify the health club. Hopefully, you can avoid the service fee and the embarrassment of not being able to get into the club.
There are some people who are not doing something nice, someone’s using somebody. If you’re able to deal with fraudulent situations earlier, that means you can deal with that. If all the companies work together, it gets stopped probably quicker and not everybody gets ripped off.
My dad got ripped off. Now he has to deal with what he has been asked to. He lost the merchandise. He potentially even lost the sailrite of that shoe, because he gave that shoe to somebody who was actually fraudulent. Personally speaking, it’s a great opportunity from a customer perspective.
So you can go to rapid alert Wells Fargo.com to learn more. We also understand that there are a number of Wachovia bank customers in the area. We are actually transitioning those Wachovia bank credit card customers to Wells Fargo on April 10th. After that date, Wachovia bank visa customers will also be able to enroll through rapid alert Wells Fargo.com. Thanks for your time.