However, there are plenty of signs that the company is trying desperately to recover any lost position, and it's got a new feature it likely hopes will help: tap-and-pay functionality at over 5,000 of its ATMs.
Customers can already access any Wells Fargo ATM without a physical card by generating a one-time access code through their mobile banking app. Wells Fargo points out that with the launch of the one-time access code in March 2017, it became "the first large bank in the USA with an entire fleet of card-free ATMs".
Now, customers can initiate an NFC-based ATM transaction instead by holding their phone or a wearable device (like an Apple Watch) near the ATM terminal. It does work with other wallets, though, like Samsung Pay, Apple Pay and Android Pay, however. All they need to do is generate a one-time access code through the bank's app.
Wells Fargo customers can already use the bank's ATMs without having a physical card. This feature was launched in March this year.
At the moment, only 40% of the 13,000 Wells Fargo ATMs across the country have Near Field Communication. It will be upgrading the rest of the machines by then. Those ATMs that have the capability will show as much clearly with a "contactless symbol" decal on the ATM's front.