Harlem Wells Fargo branch proves progress of Operation HOPE partnership

NEW YORK — Last year, the Harlem Wells Fargo branch opened its own HOPE Inside Center as part of an effort to address disparities among minorities, who make up the majority of Americans without a bank account.
Since it started offering free financial coaching services, the program has seen tangible results bankers hope can be expanded to benefit the entire community.
“We are incredibly focused on the unbanked and the underserved, and providing financial literacy and financial education, so we can take them from striving to thriving,” said Michael Martino, Wells Fargo’s Head of Diverse Customer Segments for Consumer, Small and Business Banking.
A stone’s throw from Striver’s Row, the team at Wells Fargo works well alongside Operation HOPE Coach Terry Peña, who has helped more than 500 clients take control of their finances so far.
“They can get ready to have their kids go off to college,” Martino said. “They can save for their retirement. They can really make their dreams come true.”
With an average income of just under $50,000 a year, three-quarters of Peña’s clients increased their credit score by an average 17 points, and 44% decreased their debt by a median $4,347, while 48% increased their savings by a median $2,800.
Program participant Jessica Guevara works as a cashier but admits her previous fear even thinking about finances.
“It’s scary because I didn’t understand how it works,” said Guevara, “but now that I have Terry, I know how it works. I know how to do it. I know how to manage, and now I feel like more comfortable.”
Her trust in Peña shows the point of the program, connecting communities with coaches who can communicate from a personal perspective.
“We come from these backgrounds,” Martino explained, “where we’ve had our challenges with understanding, how does money work? And so we believe that education is the key and is the foundation, and that through the Operation HOPE program, any and everyone can have success.”
Wells Fargo aims to open 50 HOPE Inside Centers in low-income neighborhoods nationwide in the next two years.
You do not need to be a Wells Fargo customer to receive coaching through the Operation HOPE program. To find a location near you, click here.
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