Wells Fargo issued the following announcement on Nov. 8.
Company’s financial education program reached 1 million service members and families.
SAN FRANCISCO--(BUSINESS WIRE)--In honor of Veterans Day, Wells Fargo & Co. (NYSE: WFC) announced the company has donated a total of more than $130 million since 2012 to support military- and veteran-related nonprofits focused on housing initiatives, career transition and financial education.
Highlights include:
Donated more than 350 mortgage-free homes, valued at more than $55 million, to veterans in all 50 states.
Hired more than 8,400 veterans, and participated in more than 1,200 military job fairs.
Provided basic financial education to more than a million military service members, veterans and their families.
“Wells Fargo’s commitment to military service members, veterans and their families spans more than 165 years,” said Jerry Quinn, Military Affairs Program manager and Army reservist. “Our accomplishments are possible because of our coordination with military and veteran communities. We’re honored to support them in tangible ways.”
Wells Fargo Military Affairs Program includes:
Housing initiatives
Since 2012, the Wells Fargo Foundation has provided more than $15 million in grants in support of sustainable housing programs, such as VeteranWINS and the Team Member Volunteer Program.
NeighborhoodLIFT helps eligible service members and veterans receive a home down payment assistance grant.
Wells Fargo donates mortgage-free homes and sponsors payment-free vehicles for combat-wounded veterans in collaboration with the Military Warriors Support Foundation.
Wells Fargo provides financing options, dedicated service and financial education to help military members and veterans achieve homeownership. Several times a year, the company offers free financial education webinars for military families on home financing, budgeting and saving, and credit.
Career transition
Wells Fargo offers active guard and reserves supplemental pay designed to make up the difference between their Wells Fargo pay and military base pay; medical, dental, vision, and long-term care coverage; and pay for work missed due to weekend drill and annual training.
For those transitioning from military service, Wells Fargo offers Military Apprenticeships, Veteran Employment Transition internship program, American Corporate Partners mentorships, and scholarships and emergency grants through Scholarship America.
CEO and President Tim Sloan signed the Employer Support of the Guard and Reserve statement of Support in August 2018.
Financial education
In support of the Sharpen Your Financial Focus (Sharpen) initiative, National Foundation for Credit Counseling received a $1 million commitment from Wells Fargo in 2018 for financial counseling and education services for active military service members, veterans and their families. Since the 2013 launch of Sharpen, Wells Fargo has contributed a total of $5.5 million to the foundation in support of these services.
Wells Fargo collaborated with nonprofit Guideposts to provide 895,000 copies of “Financial Readiness: Sound Principles for Successful Money Management” to military service members since 2014.
Wells Fargo’s Hands on Banking® for Military — the company’s online financial education program — is available online at www.handsonbanking.org, in print through Guideposts Financial Readiness and Building Wealth booklets, and personal one-on-one and group sessions through National Foundation for Credit Counseling’s Sharpen Your Financial Focus program.
According to the 2018 Military Spouse and Family Survey, Pioneer Services and AmeriForce Media, one in three military spouses say they are not prepared to meet a financial emergency, and 82 percent state a financial emergency is a chief concern.
“Sound financial management is essential for our military service members and veterans,” added Quinn. “Wells Fargo takes a lot of pride in financially empowering them and their families through Hands on Banking for Military and other programs.”
More information about Wells Fargo’s commitment to military service members, veterans and their families is available at www.wellsfargo.com/military.
Original source can be found here.
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