In fact we also received one of these. It looks VERY legitimate–until you hover your mouse over the Proceed To Update Here link. If you’re using an email client program, like MS Outlook, Thunderbird, or similar, hovering your mouse over the link should cause the link’s target URL to appear in the program’s status bar at the bottom left of the window. You’ll see that the domain name is NOT wellsfargo.com, which means the link is bogus.
PLEASE DO NOT click this link. If you did click the link, and if you entered your wells fargo login credentials, CONTACT WELLS FARGO IMMEDIATELY by phone and take steps to protect your account.