Summary:
Wells Fargo has announced the closure of its branch in the central business district of Chester, Pennsylvania. TD Bank will become the only bank or credit union with a retail location in the city. Also left are four check cashing stores, which often charge large fees so customers can have access to their paychecks. Wells Fargo apologized for any inconvenience caused and suggested alternative locations. The bank also said that it would keep an ATM at the current location and continue to support local organizations.
Lisa Gaffney, executive director of the Chester Economic Development Authority, commented that Wells Fargo had not communicated with city officials and that losing the branch was a blow to small businesses and those who were not able to use online banking.
“They definitely haven't called me. They didn't call the mayor. I spoke with one of the other [city council members] and he said he hadn't heard about it either,” Gaffney said. “So I found that kind of surprising that the city wouldn't have gotten a heads up, like maybe they're not required to under the Community Reinvestment Act. But I thought that would be something they would want to let us know, particularly since there's so many people that have accounts there are residents of the city and businesses in the city.”
Source:
"Wells Fargo's departure leaves Chester without bank branch in central business district"
By Jeff Blumenthal – Reporter, Philadelphia Business Journal
Apr 2, 2023
https://www.bizjournals.com/philadelphia/news/2023/04/02/wells-fargo-departs-chester.html?utm_source=sy&utm_medium=nsyp&utm_campaign=yh