Wells Fargo is allowing customers to cash out their credit card rewards at any of its 12,500 ATMS nationwide, making the bank the first major U.S. financial firm to provide such a service to its customers.
The San Francisco-based bank recently announced that cardholders participating in the Wells Fargo Rewards Program could withdraw their rewards in $20 increments from its bank-affiliated ATMs across the country.
The new option is arguably the easier way to redeem rewards and literally get “cash back.” Cardholders usually redeem their reward points by getting a statement credit, requesting a paper check, redeeming the cash for gift cards, or by getting money to a checking account via direct deposit.
The new ATM feature allows customers to either redeem their rewards in the form of a cash withdrawal, or in the form of a deposit or payment to a qualifying Wells Fargo account, including checking and savings accounts, credit cards, mortgages, home equity loans and personal loans.
“Customers live their lives on-the-go and being able to conveniently and simply access their accounts and rewards when and how they want is important,” said Alicia Moore, head of Wells Fargo ATM Banking.
The Wells Fargo Rewards Program offers thousands of rewards choices for consumer credit cardholders, including cash, gift cards, digital downloads, travel, popular brand-name merchandise and charitable donations.