Adios Wells Fargo In Amarillo? It’s A Definite Possibility.
It's one of the most recognizable logos in the world. The horses pulling the wagon across the plains. The moment you see it, your brain immediately thinks of just one thing.
Wells Fargo Bank.
Over the last year or so, we've seen a some of the Wells Fargo branches in Amarillo close down, leaving only two branches still operating. Now, it's possible this was done simply because logistics dictated there was no need for more than two branches in city the size of Amarillo.
Or maybe it was related to the drama and issues they're having. Back in 2020, Wells Fargo had to pay the Justice Department and SEC $3 billion. The reason behind it was that the bank set “unrealistic sales goals that led thousands of employees to provide millions of accounts or products to customers under false pretenses or without consent, often by creating false records or misusing customers’ identities.”
There were also reports of accounts being opened that customers had no knowledge of. Senator Warren also sent a letter last year asking for the bank to have to separate its banking side of the business from its other services such as auto and home loans.
People dealt with their cars being illegally repossessed, their homes erroneously foreclosed, etc. In other words, Wells Fargo was in a ton of hot water.
As branches in Amarillo started closing, Wells Fargo customers started wondering what they were to do. Was Wells Fargo setting up an exit from Amarillo? It sure looked that way. It would leave thousands of Amarillo residents without a bank.
This is something a lot of residents here will be keeping a close eye on because there have been rumbles as to the future of Wells Fargo itself.