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Wells Fargo selling branches in Midwest (IN, MI, OH)

Regular Contributor

Wells Fargo selling branches in Midwest (IN, MI, OH)

Just heard on the news about Wells Fargo selling branches in IN,  OH and MI.  Interesting.

 http://money.cnn.com/2018/06/05/news/companies/wells-fargo-sells-branches-indiana-michigan/index.htm...


Message 1 of 12
11 REPLIES
Regular Contributor

Re: Wells Fargo selling branches in Midwest (IN, MI, OH)

I've never heard of Flagstar.  We don't have WF branches in my part of OH...WF did have my last mortgage though, we had no issues with them.

Message 2 of 12
Regular Contributor

Re: Wells Fargo selling branches in Midwest (IN, MI, OH)


@cincydavid wrote:

I've never heard of Flagstar.  We don't have WF branches in my part of OH...WF did have my last mortgage though, we had no issues with them.


Currently I believe Flagstar is only located in Michigan.  With this new acquistion I guess they will be expanding to IN and OH as well. 


Message 3 of 12
Established Member

Re: Wells Fargo selling branches in Midwest (IN, MI, OH)

The only Wells Fargo branch in the entire state of OH is in Van Wert; which is near the Indiana border going towards Ft. Wayne. Since I'm a Wells customer and I started my account at that branch, I'm curious to see what changes Flagstar is going to make. I do know for a fact that Wells Fargo is keeping the credit card accounts; they're just giving up the checking/savings/CD's, etc.

Message 4 of 12
Moderator

Re: Wells Fargo selling branches in Midwest (IN, MI, OH)

Wow... this is a lousy arrangement for those who might actually want to keep their Wells account (and believe it or not, I'm sure there are some). 

 

In my case, I live in a different state from where my account was opened, and my statement and terms (and routing number) still reflect my original state - not where I live.

 

I know at one time BBVA/Compass was able to move an account from one branch to another; I have no idea if Wells Fargo has the ability to "move" an account from one state to another (in this case, to a state where they will still be doing business) but I do hope their customers in the impacted states at least have options.

 

My only reason for doing business with Wells Fargo to begin with is for the branches across the states where I travel; if that were to become fragmented I would have to look for better options.

Message 5 of 12
Super Contributor

Re: Wells Fargo selling branches in Midwest (IN, MI, OH)


@UncleB wrote:

Wow... this is a lousy arrangement for those who might actually want to keep their Wells account (and believe it or not, I'm sure there are some). 

 

In my case, I live in a different state from where my account was opened, and my statement and terms (and routing number) still reflect my original state - not where I live.

 

I know at one time BBVA/Compass was able to move an account from one branch to another; I have no idea if Wells Fargo has the ability to "move" an account from one state to another (in this case, to a state where they will still be doing business) but I do hope their customers in the impacted states at least have options.

 

My only reason for doing business with Wells Fargo to begin with is for the branches across the states where I travel; if that were to become fragmented I would have to look for better options.


Say what? Many of us on this forum bank across state lines and it is not relevant where we opened the accounts. For myself I use large banks and move around with "no matter" to the banks. Go into any branch and do business as well as online. Used to be a Wells Fargo customer and it mattered not where I lived. Where is this coming from?

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Message 6 of 12
Moderator

Re: Wells Fargo selling branches in Midwest (IN, MI, OH)


@Dinosaur wrote:

@UncleB wrote:

Wow... this is a lousy arrangement for those who might actually want to keep their Wells account (and believe it or not, I'm sure there are some). 

 

In my case, I live in a different state from where my account was opened, and my statement and terms (and routing number) still reflect my original state - not where I live.

 

I know at one time BBVA/Compass was able to move an account from one branch to another; I have no idea if Wells Fargo has the ability to "move" an account from one state to another (in this case, to a state where they will still be doing business) but I do hope their customers in the impacted states at least have options.

 

My only reason for doing business with Wells Fargo to begin with is for the branches across the states where I travel; if that were to become fragmented I would have to look for better options.


Say what? Many of us on this forum bank across state lines and it is not relevant where we opened the accounts. For myself I use large banks and move around with "no matter" to the banks. Go into any branch and do business as well as online. Used to be a Wells Fargo customer and it mattered not where I lived. Where is this coming from?


From the article (emphasis mine):

 

All told, about $2.3 billion in deposits will leave Wells Fargo. The company said that all 490 employees will get offers to work at Flagstar.

 

and...

 

Flagstar said it agreed to pay a 7% premium for the deposits it is acquiring. That implies a purchase price of just under $2.5 billion. The deal is expected to close in the fourth quarter.

The acquisition will more than double the customer base of Flagstar, which is just a fraction the size of Wells Fargo.

 

I'm used to banking across state lines as well, but this reads to me like all the deposit accounts in the impacted states are being transferred to Flagstar, which would definitely not work for me at all. 

 

Either the article is written poorly, I'm not comprehending it correctly, or some folks are going to need to make some adjustments if they want to remain with WF (assuming that's an option; I'm sure the two banks already thought of that and have something arranged, though - at least I hope).

Message 7 of 12
Super Contributor

Re: Wells Fargo selling branches in Midwest (IN, MI, OH)


@UncleB wrote:

@Dinosaur wrote:

@UncleB wrote:

Wow... this is a lousy arrangement for those who might actually want to keep their Wells account (and believe it or not, I'm sure there are some). 

 

In my case, I live in a different state from where my account was opened, and my statement and terms (and routing number) still reflect my original state - not where I live.

 

I know at one time BBVA/Compass was able to move an account from one branch to another; I have no idea if Wells Fargo has the ability to "move" an account from one state to another (in this case, to a state where they will still be doing business) but I do hope their customers in the impacted states at least have options.

 

My only reason for doing business with Wells Fargo to begin with is for the branches across the states where I travel; if that were to become fragmented I would have to look for better options.


Say what? Many of us on this forum bank across state lines and it is not relevant where we opened the accounts. For myself I use large banks and move around with "no matter" to the banks. Go into any branch and do business as well as online. Used to be a Wells Fargo customer and it mattered not where I lived. Where is this coming from?


From the article (emphasis mine):

 

All told, about $2.3 billion in deposits will leave Wells Fargo. The company said that all 490 employees will get offers to work at Flagstar.

 

and...

 

Flagstar said it agreed to pay a 7% premium for the deposits it is acquiring. That implies a purchase price of just under $2.5 billion. The deal is expected to close in the fourth quarter.

The acquisition will more than double the customer base of Flagstar, which is just a fraction the size of Wells Fargo.

 

I'm used to banking across state lines as well, but this reads to me like all the deposit accounts in the impacted states are being transferred to Flagstar, which would definitely not work for me at all. 

 

Either the article is written poorly, I'm not comprehending it correctly, or some folks are going to need to make some adjustments if they want to remain with WF (assuming that's an option; I'm sure the two banks already thought of that and have something arranged, though - at least I hope).


Ah ... I see the light Smiley Surprised Glad you followed on this matter. Get the point. Where I live Wells Fargo is closing branches and they informed the customers to utilize another branch as their data base isn't restricted to an area ... but, as was set out in the articles, those account holders who were originally established in one of the states being sold would find their accounts would be transferred to the new bank of Flagstar. In my area the Wells Fargo branch shut downs start July 2018 and for the local small banks in the area it has been a windfall as they are finding several Wells Fargo account holders are permanently moving their business out of Wells and to them. When I think back, I have had my account(s) sold by banks before and the acquiring banks (not Wells Fargo) changed my products to fit their closest equivalent banking products. Interesting ... Smiley Embarassed

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Message 8 of 12
Regular Contributor

Re: Wells Fargo selling branches in Midwest (IN, MI, OH)

I just hope Flagstar joins the Zelle network, otherwise I don't think I will be keeping my Wells Fargo account open once the transition takes place. I originally opened my Wells Fargo online but I still got an email from them yesterday notifying me of the upcoming changes. Most likely because I live in one of the states where they are selling branches.


Message 9 of 12
Moderator

Re: Wells Fargo selling branches in Midwest (IN, MI, OH)


@outofcredit wrote:

I just hope Flagstar joins the Zelle network, otherwise I don't think I will be keeping my Wells Fargo account open once the transition takes place. I originally opened my Wells Fargo online but I still got an email from them yesterday notifying me of the upcoming changes. Most likely because I live in one of the states where they are selling branches.


Is there no option for you to remain a WF customer?

Message 10 of 12