The TCF Bank branch at NMU will be closing this summer after nearly four years of serving as the campus bank for many students, faculty and staff.
The Minnesota-based bank had a branch located in the University Center (U.C.) and four ATMs on campus. TCF customers can maintain their accounts, which will not be affected despite the branch closing.
Wells Fargo, one of the largest banks in the United States in terms of assets, will replace TCF as NMU’s campus bank. TCF is expected to vacate their location in the U.C. by Wednesday, June 30 of this year.
Art Gischia, associate vice president of business and auxiliary services at NMU, said that TCF and the university had engaged in a five year contract which allowed for either party to opt out. TCF notified the university that they would be leaving in the fourth year of the contract. Gischia said that TCF cited the state of the economy as a reason for their withdrawal.
“It was a financially-driven decision, but the contract provided for that,” he said. “They decided that it didn’t work for them anymore. We took that notice and decided to develop a new plan.”
Gischia said that university officials sent out a notice to banks in the region, and Wells Fargo responded with a successful bid for NMU’s campus bank position.
“Wells Fargo has a strong local and upper Midwest base. The transition should be relatively seamless for (customers), and they are committed to making the transition as smooth as possible,” Gischia said.
TCF provided programs like “TCF Super Fan” to the NMU community and helped sponsor Make a Difference Day. Gischia said that he expects Wells Fargo, which has committed $10,000 for annual marketing efforts, to continue comparable involvement.
“We are hopeful they’ll be successful in this experience here at NMU; we’ll do everything we can to support that experience,” he said.
Ensuring that students would help staff the campus bank branch was something that NMU was heavily concerned with, Gischia said.
Mary Erspamer, the Marquette district manager for Wells Fargo, said that the bank employs NMU students at nearly all of their five area locations and plans to have between five and seven positions for students at the campus branch.
Erspamer said that she thinks Wells Fargo will be a good fit for NMU due to the bank’s multiple locations throughout town and its involvement in the community.
“I think it’s going to be a great opportunity for Wells Fargo to partner with NMU and our team is very excited about it,” she said.
Wells Fargo has a “College Combo” for students, which includes a free checking account, a free savings account and both text and online banking. The bank also offers a financial education program for students.
Erspamer said the bank will be present during the summer orientation period to set up accounts with new students. For current NMU students, Erspamer said that those wishing to open accounts with Wells Fargo should visit either the Third Street location or the main downtown location.
According to the Federal Deposit Insurance Corporation Improvement Act of 1991, a bank must inform its customers a branch closure at least 90 days in advance, which for TCF began on Tuesday, March 30.
For further information about TCF or the branch closure, call 1-800-TCF-BANK