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Wells Fargo branch interactions, new checking accounts slide from October


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Wells Fargo branch interactions, new checking accounts slide from October

Wells Fargo & Co. saw fewer branch interactions monthly and account openings far below last year's levels, according to the company's retail banking customer activity report for November. The company saw 49.7 million total branch interactions in November, a 5% decrease from October, and a 3% slide from November 2015.

The company began issuing the disclosures last month to provide transparency after its scandal involving widespread fake-account openings.

Account openings remained significantly lower than in 2015 but Wells avoided a repeat of the large monthly drop it saw in October. About 300,000 checking accounts were opened by consumers, down 41% compared to November 2015. New checking accounts dropped 9% from October, a much less drastic dip than the 27% fall from September to October.

Credit card applications rose 3% month over month, following a 35% decline in October. The roughly 200,000 applications in November were 45% fewer than the year-ago period.

The bank did see increased usage from its debit and credit cardholders compared to the previous year. Point-of-sale transactions for debit cards were up 7%, consumer credit card balances rose 10% and consumer credit card purchase volume increased 11%.