If you’re a Wells Fargo customer and you’ve logged into your account online or in the mobile app recently, you might have seen the following message:

“On November 15, 2019, Wells Fargo stopped charging late fees on student loans, and waived all unpaid late fees on student loans. No more late fees on student loans can make a positive difference in your payoff journey, but it’s still up to you to keep your payments current.”

Spinnaker obtained this response from Wells Fargo regarding late fees:

“Wells Fargo is committed to helping students and families succeed financially through transparency and simplifying processes to improve customer experience. With this in mind, Wells Fargo has decided to eliminate late fees across all private student loan products.”

For students who use Wells Fargo for their loans, this could be great news and for students who need to take out loans, maybe you should consider going with Wells Fargo.

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