Flagstar Bank prepares to acquire local Wells Fargo branches

Local News

Michigan-based Flagstar Bank is about to acquire the area’s Wells Fargo branches.

Flagstar officials hope to make this transition as easy as possible for its new 51,000 customers. 

Starting this Friday afternoon at 3 p.m., Wells Fargo branches will close for the weekend as the Flagstar name will be replaced throughout. If you have online payments scheduled for Friday, try to make sure they are sent before noon.

At midnight Saturday morning, your Wells Fargo ATM debit card won’t work anymore but your Flagstar debit card should. Some Wells Fargo ATMs may be offline briefly over the weekend but your card will still work at retail checkout or other ATMs. Flagstar says debit cards have been sent in the mail and should be activated right away.

Monday morning, the branches will open as Flagstar Bank. You’ll then be able to access the Flagstar website and app for online banking. Online access won’t start until Monday morning.

Flagstar says if you’ve written a check with your Wells Fargo account that hasn’t been cashed yet, don’t worry. They will continue to honor Wells Fargo checks through the end of the year. 

Direct deposit updates should happen with no customer involvement. Flagstar is working with employers behind the scenes to make the necessary changes. 

Most customers will keep the same account number but the bank routing number will change.

You can learn more at www.flagstar.com/welcomewells

Flagstar officials tell WANE 15 that they will acquire a total of 52 Wells Fargo branches:

  • 33 branches in Indiana, including 26 in Fort Wayne
  • 14 branches in the Upper Peninsula of Michigan
  • 4 branches in Wisconsin
  • 1 branch in Ohio

The most recent data from www.fdic.gov shows Flagstar is set to enter the market as the region’s number one bank in deposit market share with 23.28%. JPMorgan Chase is second at 15.63%, Lake City third at 10.73%. 

Copyright 2019 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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