What happens to my Wells Fargo accounts with Flagstar’s acquisition?

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FILE – In this July 14, 2014, file photo, a man passes by a Wells Fargo bank office in Oakland, Calif. Regulators announced Thursday, Sept. 8, 2016, that Wells Fargo is being fined $185 million for illegally opening millions of unauthorized accounts for their customers in order to meet aggressive sales goals. (AP Photo/Ben Margot, […]

With the announcement that Flagstar Bank is purchasing dozens of Wells Fargo branches, customers of Wells Fargo are wondering what will happen to their accounts. 

Here are some answers provided to NewsChannel 15’s Chris Darby by Steven R. Carlson, Vice President, Wells Fargo Corporate Communications.

Question: Will Wells Fargo customers need to switch their information to Flagstar in order to continue banking at their branches or will things be transitioned for them? 

Answer: Once the sale is complete, certain accounts belonging to customers at the branches being sold will move to Flagstar Bank. Those accounts include: consumer and small business deposit accounts, including debit cards; personal loans; small business loans; direct auto loans; business direct – both commercial and industrial. We will work with customers to ensure a smooth transition. 

The following types of accounts will remain with Wells Fargo:

  • Home loans
  • Consumer and small business credit cards
  • Indirect auto loans (through dealerships)
  • Investment and wealth management
  • Business banking
  • Wholesale banking
     

Question: Other than the name change, will there be any big changes to the Wells Fargo Branches?

Answer: All of our existing branches in Indiana are part of the sale. We will not be closing or opening any branches prior to the close of this transaction, which is expected early in the fourth quarter of this year. I would also note that we expect to maintain our presence and commitment in these communities. Multiple lines of business – including Wholesale Banking, Home Lending, and Wealth and Investment Management – will continue to maintain a presence here.   

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