CNN, June 25, 2019: Startup bank Aspiration is trying to be the anti-Wells Fargo. It’s working
An online bank backed by Leonardo DiCaprio is luring hundreds of thousands of Wells Fargo’s customers by promising to be the opposite of the scandal-tarred big bank.
Aspiration is specifically marketing itself as an alternative to dissatisfied Wells Fargo customers. The California startup has a website urging customers to “switch banks from Wells Fargo” to save money and be with a lender they can trust.
Unlike Wells Fargo (WFC), which sparked national controversy by admitting it charged overdraft fees to customers for accounts they never signed up for, Aspiration allows customers to pay any fee they want — or no fee at all. Environmentalists have criticized Wells Fargo for financing controversial oil pipelines. Aspiration is trying to help save the planet by offering fossil-fuel free accounts.
Aspiration’s strategy of positioning itself as the anti-Wells Fargo is working: It has gained than 1.5 million customers since launching in 2015. The company told CNN Business that more than 200,000 Wells Fargo customers have signed up for Aspiration. It’s unclear how many of those customers remain with Wells Fargo.
