Wells Fargo

Company

Wells Fargo is a financial holding company and a bank holding company. Through its subsidiaries, Co. is engaged in providing banking, insurance, trust and investments, mortgage banking, investment banking, retail banking, brokerage and consumer finance through banking stores, the internet and other distribution channels to individuals, businesses and institutions in all 50 states, the District of Columbia and in other countries. Co. has three operating segments: Community Banking; Wholesale Banking; and Wealth, Brokerage and Retirement. As of Dec 31 2010, Co. had total assets of $1,258.13 billion and total deposits of $847.94 billion.

Question/ Answers

1) Name, Title and number of years working with that current company?

Tri Lee is Branch Manager of the Los Altos branch in Long Beach, California. Mr. Lee has been with the company for 8 years starting as a teller and moving his was up to his current position as Branch Manager for the last 3 years.

2) What is the total number of years they have been working in that specific field of specialty (i.e. Accountant, Control, Bookkeeper, Manager)?

Mr. Lee has been in retail banking for 10 years.

3) Do they use a computer-based accounting system or do they do their accounting manually (without computers)?

Computer-based accounting

4) Does the accountant/bookkeeper handle all of the accounting duties (i.e. accounts payables, receivables, bank deposits, mailing of checks, payroll)? If not, who else does?

All transactions are recorded by their internal computer software system.

5) Does the company have a security system covering the office/building protecting the company's assets (equipment, sensitive records etc.)? Do they use any other forms of security?

The company has a security system that rivals Las Vegas. In the Altos branch I visited, I observed multiple cameras in the lobby, behind the tellers, exterior doors and was told their where cameras in the vaults and behind the ATM machines. There was also a security guard present during business hours, but was only there for the holidays and would be resigned to another branch at the beginning of the year.

At each Tellers and Bankers desk is a panic button that can be pressed in case of a robbery.

Security is monitored at a central location near the company's headquarters in San Francisco, California.

In-order to gain access to a computer you must have a registered user name and password.

6) Does the Human Resource Dept. do background checks on new hires, and do they require bonding for personnel in sensitive positions?

All new hires are given a background check, credit check and a drug test if the applicant is questionable.

Employees are trained not to reveal financial information to anyone who is not on the account. Employee computers are monitored to prevent them from looking at an unnecessary account holder's information like a celebrity.

7) Do they have strong separation of duties?

Yes, there is a strong separation of duties. Examples are:

 Authorization - approving transactions and decisions

When a Teller is unable to cash a check because it is over their assigned limits, then service manager steps in reviews the transaction, if the service manager approves that transaction, then he/she takes full responsibility for it.

 Custody - handling cash, tools, inventory, or fixed assets; receiving incoming customer checks; writing checks on the organization's bank account

When a teller needs more cash at his/her box for customers they get it from the vault. In order to access the vault the teller is accompanied by a manger. The manger and teller have two different sets of keys or vault combinations (depending on the type of vault) that are need to access the vault; one cannot access the vault without the other. Duel custody is needed at all times when handling cash. This is also recorded twice; by hand and on the computer system

8) Do they maintain accurate records of all assets (periodically reconcile the recorded amounts of company

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