A sign at the Wells Fargo in Charlottetown notifies customers of the stores closure. All 120 Wells Fargo consumer locations across Canada closed June 9. Guardian photo
Wells Fargo Financial consumer locations have closed their doors across Canada, including the two locations on P.E.I.
A statement on the company's website said effective June 9 the company discontinued sales of new customer loans and closed its stores across the country.
"We have shifted our focus to serving existing real estate, auto and consumer loan accounts," said the statement.
"There will be no change to our customers' existing account terms and conditions."
Wells Fargo spokeswoman Erin Downs said
she didn't know how many customers would be affected by the closures on P.E.I. but a local company spokesperson said there were over 1,200 customers at the Charlottetown store alone.
She also didn't know how many staff members would be affected by the change, but she added the closure of Saskatchewan's five locations led to a loss of 25 jobs.
"It wouldn't be very many because each store has a few team members."
The closures mean customers can't make payments at the retail
locations, but there are still several payment options available including pre-authorized payments, making online payments and sending them in by mail, Downs said.
"There's no impact on existing customers."
Existing Wells Fargo adjustable rate mortgages or personal loans will not
be affected by the closure, but the company's website recommended customers with fixed-term mortgages that will come up for renewal make arrangements to renew them with a different lender before the mortgage's renewal date.
Downs said Wells Fargo is constantly reviewing its business and the closure of the 120 locations across Canada was a financial decision.
"This decision was made because the business was not generating sufficient financial
Although the consumer locations have closed, there will still be more than 400 Wells Fargo staff in Mississauga to support their existing customers, she said.
"We value our existing Canadian customers and will continue to focus on serving their needs."
The recent closure of consumer locations were not the first changes for Wells Fargo in Canada.
Downs said in November 2008 the company stopped indirect auto financing through car
dealerships and in July 2009 they stopped providing new real estate loans.
Wells Fargo is also ending their private label credit cards, which customers would hold under a store name such as a big box retailer, she said.
"The impacts on that to consumers in Canada will vary."