Wells Fargo CEO on how bank is helping customers affected by government shutdown

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Wells Fargo is working with customers that have been affected by the partial government shutdown, the bank’s President and CEO Tim Sloan told CNBC on Friday in a “Mad Money” interview.

Roughly 800,000 federal employees have been furloughed — temporarily laid off — or asked to work without pay as a result of the shutdown, which stems from disagreements about border security between President Donald Trump and Democratic congressional leaders.

For many government workers, Friday marked their second missed paycheck as the longest-ever government shutdown continued into its 35th day.

Earlier in the shutdown, Wells Fargo and several other banks began offering relief for customers that had been affected by the Washington, D.C., standoff, an effort that is in full force at Wells Fargo today, Sloan told CNBC’s Jim Cramer.

“If, as of November of last year, you had a direct deposit, which was the most recent information we had, we automatically started to waive overdraft fees,” he said. “We then reached out to customers to say, ‘Look, if you’re affected and you’ve got a loan from Wells Fargo, give us a call.'”

Now, Wells Fargo is in discussions with some 14,400 of its customers about the best ways to provide relief. So far, the two main prerogatives are waiving overdraft fees and extending payment deadlines, Sloan said Friday.

“What we’re going to do is we’re going to waive fees … [and] we’re going to extend payments, whether it’s a credit card, mortgage, you name it,” he told Cramer. “That’s what they’re asking us for right now and that’s what we’re doing.”

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