Wells Fargo Launches ‘Control Tower’ to Help Consumers Control Recurring Payments
Today, Wells Fargo unveiled a new service allowing customers to monitor and adjust their recurring monthly payments. With Control Tower, users can view which companies have their card information, and turn their cards on or off at any time.
Control Tower has been incorporated into Wells Fargo’s online and mobile platforms. It shows merchants that have run a recurring payment on a Wells Fargo debit or credit card during the last 12 months. Cardholders can stop future payments to those merchants within the Control Tower.
Control Tower also has a feature for out-of-country purchases, so users can prevent their card information from being run overseas. If they choose to travel at a later time, they can deactivate that service.
A recent survey on behalf of Wells Fargo showed 79% of Americans have recurring payments, and 31% of them pay for services they have not used within the past year. This includes subscriptions and monthly memberships.
While it is easy to turn off a debit or credit card if it is lost or stolen, Wells Fargo encourages customers to still report the incident and request a new card. “Turning your card off will not stop card transactions presented as recurring transactions or the posting of refunds, reversals, or credit adjustments to your account.”