Wells Fargo to Replace TCF
Effective July 1, Wells Fargo will replace TCF as Northern’s banking partner, operating a branch and ATM in the University Center and giving students and employees the option of linking their checking accounts to their Wildcat Express cards. Art Gischia (Business and Auxiliary Services) said existing cards will not have to be replaced unless the holder would like to link to a Wells Fargo account. In this case, a new card will be issued at no cost.
After TCF last month announced its plan to pull out of its only Upper Peninsula location, NMU solicited proposals from banks and credit unions in the region. Gischia said Wells Fargo has partnered with several universities throughout the nation and its recognizable name should make for a smooth transition at NMU.
“Wells Fargo has market penetration throughout the upper Midwest and there are other locations in the community, so the customer support will be there,” he said. “Parents might also see some benefit in being able to make electronic deposits into their student’s accounts with a familiar institution. It’s not mandatory to link a Wells Fargo account, but if they do, they can use their Wildcat Express card for ATM and debit transactions on or off campus.”
Because FDIC rules require a 90-day period before physically closing a branch, TCF cannot depart sooner than June 30. But the bank has allowed Wells Fargo a visible presence in the University Center in advance of summer orientation sessions that begin in May.
“Wells Fargo won’t be able to physically open new accounts, but they can take student information," Gischia said. "We’ve been working with them through weekly phone calls on a plan to sign up students, produce cards in the Wildcat Express office and link cards when students return for the start of the fall term. We think it will be a positive move in the long run.”