4 Greater Minnesota Wells Fargo locations are shutting down - Bring Me The News

4 Greater Minnesota Wells Fargo locations are shutting down

Though the bank says it's more of a consolidation.

Wells Fargo is closing four of its Minnesota locations.

By this fall, Wells Fargo said it will have closed a motor bank in Ely (so it's drive-up with ATMs), as well as traditional branches in Carlton, Faribault and Owatonna, according to a news release sent to GoMN.

In each case, Wells Fargo still has physical locations in the city or nearby. 

There's a regular branch within walking distance from the Ely motor bank, for example. And both Faribault and Owatonna have additional Wells Fargo spots.

Carlton doesn't have another one, but there is a Wells Fargo over in Cloquet.

There are 164 Wells Fargo community banking branches in the state as of right now, Wells Fargo said.

The Business Journal says Wells Fargo is Minnesota's largest bank by deposits. According to state figures, it's the ninth-largest employer in Minnesota with about 20,000 workers.

These are part of more than 200 closures this year

Wells Fargo is shutting down locations across the country.

The bank closed 93 through the first six months of the year, and plans to have more than 200 crossed off the list by the end of 2017. Another 250 could be axed in 2018.

Part of the reason is more of an emphasis on digital. The bank said while "branches continue to be important in serving our customers’ needs," its digital investments mean a lot of people can get what they need that way instead.

Oh yeah, and then there's that giant fake account scandal that led to thousands of firings and the ouster of the Minnesota-born former CEO, plus probably caused a huge hit in the number of accounts being opened

And now it's dealing with a car loan scam, having reportedly forced customers to buy auto insurance they didn't need, CNBC reports.

Between the two scandals, Wells Fargo could end up paying out more than $200 million.

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