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Wells Fargo hurting

New Contributor

Wells Fargo hurting

I read an article in a local paper today that said Wells Fargo is closing 400 branches nationwide as apparent fallout from the banking fraud scandal. The article said that new checking account applications fell 30% from December 2015 to December 2016 and that credit card applications fell a whopping 44% over the same period. Makes me wonder if Wells Fargo will start being more aggressive with credit card promos and/or less restrictive with its credit standards.

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Community Leader
Valued Contributor

Re: Wells Fargo hurting

I would say good!! it serves them right. But the reality is, regular everyday people are the ones who will pay for Wells Fargo's downward spiral. A good number of frontline employees will lose their jobs while the big shots keep their golden parachutes. Some executives wearing orange would have been a better ending to this story. I hope that some new leadership eventually takes charge and turns the Bank around and makes it more aggressive and competitive, legally this time of course. 

Valued Contributor

Re: Wells Fargo hurting


MaxEthan wrote:

I read an article in a local paper today that said Wells Fargo is closing 400 branches nationwide as apparent fallout from the banking fraud scandal. The article said that new checking account applications fell 30% from December 2015 to December 2016 and that credit card applications fell a whopping 44% over the same period. Makes me wonder if Wells Fargo will start being more aggressive with credit card promos and/or less restrictive with its credit standards.


Actually they are late to the branch closure party.  JPM and BOA have been far more aggressive in branch closures over the past few years.  Even with these closings WF will still have more branches than other banks.

 

Not saying this has zero to do with the scandal mess but it most certainly is not just because of the scandal and would have happened anyway, just without speculation it relates to scandal.



Regular Contributor

Re: Wells Fargo hurting

I bank at WF(among others Smiley Wink)...came by it after my bank(Century Bank) was swallowed up by them years ago. I went into my local branch last week to close out 2 savings accts (1 my nephew's that had a $0 bal, and 1 of mine I just don't need..not even sure why I opened it in the 1st place...LOL) and the banker never batted an eye, asked why, attempted to talk me out of it; which I slightly found surprising even though I don't keep a lot of cash with them.  Branch was pretty empty too...but a prev poster is correct, they did it to themselves. Hate to see ppl lose their jobs over it that had nothing to do with bigwig decisions.

Winter 2017 FICO 8 scores~ EX-757| TU-738| EQ-737 Gardening until Summer 2017....at least
Valued Contributor

Re: Wells Fargo hurting


FroggieMom wrote:

I bank at WF(among others Smiley Wink)...came by it after my bank(Century Bank) was swallowed up by them years ago. I went into my local branch last week to close out 2 savings accts (1 my nephew's that had a $0 bal, and 1 of mine I just don't need..not even sure why I opened it in the 1st place...LOL) and the banker never batted an eye, asked why, attempted to talk me out of it; which I slightly found surprising even though I don't keep a lot of cash with them.  Branch was pretty empty too...but a prev poster is correct, they did it to themselves. Hate to see ppl lose their jobs over it that had nothing to do with bigwig decisions.


There should be minimal net job losses.  Most will be offered opportunities at the other nearby branches.



Established Contributor

Re: Wells Fargo hurting

I cannot disagree with this assessment, especially given this easily exploited new account offer - I personally see very little chance of the new WF account I just signed up for remaining open once I have their money  Smiley Tongue

Community Leader
Senior Contributor

Re: Wells Fargo hurting


TygerHawke wrote:

I cannot disagree with this assessment, especially given this easily exploited new account offer - I personally see very little chance of the new WF account I just signed up for remaining open once I have their money  Smiley Tongue


To get a WF credit card you need a prior relationship with them, or at least you used to.  You may want to grab the World Propel before you close your checking account, just for the $400 signup bonus and the $100 airline credit.

 

http://www.doctorofcredit.com/wells-fargo-propel-world-40000-point-bonus-still-available-branch/

 

Established Contributor

Re: Wells Fargo hurting


CreditGuyInDixie wrote:

TygerHawke wrote:

I cannot disagree with this assessment, especially given this easily exploited new account offer - I personally see very little chance of the new WF account I just signed up for remaining open once I have their money  Smiley Tongue


To get a WF credit card you need a prior relationship with them, or at least you used to.  You may want to grab the World Propel before you close your checking account, just for the $400 signup bonus and the $100 airline credit.

 

http://www.doctorofcredit.com/wells-fargo-propel-world-40000-point-bonus-still-available-branch/

 


I might be tempted, but for the fact that my profile doesn't support anolther line right now - especially from a notoriously conservative and non-BK friendly lender, hehe

Community Leader
Valued Contributor

Re: Wells Fargo hurting


FroggieMom wrote:

I bank at WF(among others Smiley Wink)...came by it after my bank(Century Bank) was swallowed up by them years ago. I went into my local branch last week to close out 2 savings accts (1 my nephew's that had a $0 bal, and 1 of mine I just don't need..not even sure why I opened it in the 1st place...LOL) and the banker never batted an eye, asked why, attempted to talk me out of it; which I slightly found surprising even though I don't keep a lot of cash with them.  Branch was pretty empty too...but a prev poster is correct, they did it to themselves. Hate to see ppl lose their jobs over it that had nothing to do with bigwig decisions.


I banked with WF 1999-2010, and they were OK but a little fee happy. But it always amazed me how rude the staff in branches are. I worked in hotel management and we banked with them. I dropped in the Modesto CA branch with the hotel manager who intriduced me to the branch manager, I had noticed that most tellers had only 1 or 2 in line but one teller had at least 10 in line, so I asked the manager what that teller did. He smiled and told me that was the ONE teller that non-customers had to go to cash WF checks; he seemed proud of that. My response was: "So, my hotel employees who come to cash their paycheck get to wait in line for half and hour just because they don't bank with you like our company does?" He realized he'd screwed up and mumbled "well, maybe we can let your hotel employees go to a regular teller".

 

And I just recently opened an account online with them, for the $250 new account bonus TygerHawke linked in his comment above. But, I'll keep the account for now and see how it goes with them. So I stopped by a branch in a Safeway store to get a couple counter checks as I need a voided check to change my payroll direct deposit. I wasn't sure if a manager had to do that, so I stopped at the desk in front and told the lady I had a new account & wanted some counter checks. She jerks her head toward the teller line and just says "get in line". I replied "Oh, so a teller can print counter checks?", but she had already returned her attention to her computer screen. And, it was a $3 fee for 3 lousy counter checks; still fee happy. I'll see how it goes, I do everything electronically & should rarely have to go to a branch to get a dose of rudeness.

 


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Moderator

Re: Wells Fargo hurting

The more I read about rude WF staff I'm beginning to think my previous suspicion about it being regional might be accurate... and I'm not referring to people in different parts of the country being 'nicer' than others... I'm referring to branches that were previously Wachovia.

 

In the southeast, most if not all Wells Fargo branches were previously Wachovia, which was known at the time for being very friendly, sometimes even almost to the point of being over-the-top.  While I will say that it's been toned down a bit (they no longer shout "Welcome" across the branch lobby when you enter the door) at the branches I visit across a couple of southeastern states I've always had great service, even when I had little on deposit and when they didn't know me (at branches I don't frequent often). 

 

If I were to move to a different region where the customer service culture holdover from Wachovia wasn't present I might be willing to cut them loose, but for the moment I'm quite pleased with my local branches, so I'm keeping them around.