When one looks for a bank there are many factors that must be taken into consideration. Consumers and business need to know what fees a bank charges on their accounts, the interest rate the bank pays on checking, saving, and on CD accounts, and the interest rate the bank charges on loans. Customers are looking for a bank that can meet all their needs and provide excellent customer service at a great rate. To meet these expectations Wells Fargo offers “Wholesale banking” (21). By offering “Wholesale banking” (21), the company is selecting to use a value pricing strategy. In addition to being able to do all their banking in one place, customers can also purchase insurance and manage their investment accounts at the same place (Maxfield,2016). …show more content…
The first pricing tactic is the product line pricing tactic. They offer 3 type of person checking accounts, each type of account has a different monthly service fee and has different features. For instance, the “Everyday checking” account has a monthly fee of $10.00 and no interest is earned on the account balance (22). The “Preferred checking” account has a monthly fee of $15.00 and interest is earned on the account balance (22). The third type of checking account offered is the “Portfolio” account. The monthly fee is $30.00, a higher interest rate than the “Preferred” account is earned (22). “Portfolio” account holders also receive discounts and have fees waved on other Wells Fargo products …show more content…
Velline said there are typically “600 million transaction” made at the brick-and-mortar stores and “900 million ATM transactions” each year (Velline, 2016). Since a large portion of banking transactions take place in store, Wells Fargo must ensure to provide excellent customer service. The company has strived hard to reach this goal and have succeeded. Due to their efforts to provide excellent customer service, in 2015 Wells Fargo was ranked # 7 of “the world’s 100 Most Respected Companies” (3: page