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Does Technology Prompt More Wells Fargo Branches To Close?

Wells Fargo Branches
Does Technology Prompt More Wells Fargo Branches To Close? (Photo: Delco.Today)

Wells Fargo branches will soon be shut down in Bosque Farms and Santa Teresa, New Mexico starting October 4. This step only implicates one thing, the prominence of online transactions led these Wells Fargo branches to scale down.

Wells Fargo Branches

Does Technology Prompt More Wells Fargo Branches To Close? (Photo: BestLife)

The Coming Decline In Wells Fargo Branches

Wells Fargo branches’ forthcoming closures are set in the coming weeks, BestLife reported. Prior to its latest announcement, one of the Wells Fargo branches had been shuttered in Santa Fe in May consecutively one of the Wells Fargo branches in Corrales in August had been axed. In the report, the upcoming closures were originally filed through regulations with the federal Office of the Comptroller of Currency (OCC) in early July, a filing which required at least 90 days before any branch closings.

Following the Wells Frago branches’ closures move, the consumer bank’s spokesperson said that there are still fifty-seven Wells Fargo branches across Mexico including twenty-three Wells Frago branches in Albuquerque, to accommodate the banks consumers need. But it seems that it’s not only in New Mexico that Wells Fargo branches will cut down. According to the OCC filings of the bank, there are also impending closures that will affect locations across sixteen states.

As per the filings, the closure list contains six Wells Fargo branches in California; four Wells Fargo branches each in Florida and Georgia; three Wells Fargo branches each in Pennsylvania and Virginia; and two Wells Fargo branches each in Colorado, Idaho, Maryland, New Jersey, and Texas. There will also be one of the Wells Fargo branches each in Arizona, Minnesota, Nevada, Oregon, Washington, and Wisconsin; and one of the Wells Fargo branches in Washinton, D.C. In total, the bank will be closing more than 100 Wells Fargo branches of its 4,000 branches nationwide this year.

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The Implications Of Technology In The Closure of Well Fargo Branches

Wherever you are around the globe, technology has been a vital component in the banking needs of customers. Just by using your phone or computer, cashing checks or transferring funds has become more convenient than ever. This might have contributed to the course of action performed by Wells Fargo. Digital tools have been very useful for many customers, however, as a result, more transactions are happening outside the Wells Fargo branches. In short, these changes have led Wells Fargo to decrease their physical locations to help save them money.

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