Reward Program Pays BOL Guru Barb Hurst recalled that Bill Wipprecht, VP, CPP, Director of Security, Wells Fargo Bank, N.A., originated one of the first robbery reward programs for a financial institution. We asked him to tell us about its background and successes.
BOL: When did your reward program get started?
Wipprecht: We initiated the Wells Fargo Reward Program in 1991, officially known as the John C. Hume Reward Program. It was named after the man who was the first Security Director for the Bank in 1873.
BOL: How does the program work and how often has it been used?
Wipprecht: We offer a standing reward of $5000 for "original" information that leads to the identification, arrest and conviction of any person who robs a Wells Fargo branch. Over the past 10 years we have paid as little as a couple hundred bucks to as much as $50,000 to informants.
BOL: Are the tips given directly to the bank, or funneled through another organization?
Wipprecht: While we work with many local silent witness type organizations, nationally we utilize "WeTip Annonymous" at 1.800.78.Crime to manage the tips and report them to law enforcement and us. Local annonymous tip organizations work okay at the local level, but too many robbers roam the states, so a national organziation is needed.
BOL: What has your experience been with the program?
Wipprecht: The program has been very successful in our opinion. Since 1991:
Total number of rewards offered:
203
$1,406,050
Total number of rewards paid:
166
$751,050
Suspects Captured:
228
Cost per bank robber:
$3,294
(some rewards resulted in multiple captures).
Overall, that's a pretty cheap price to put a bank robber in jail. We like to say that you have a better chance of knowing a bank robber than winning the lotto, so we're giving people the chance of a lifetime.!
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