Wells Fargo Bank Eliminates Human Tellers At Trial Site

Well Fargo & Co. [NYSE:WFC] is taking a new approach to its online banking initiatives. The firm, which operates some 1,875 local bank branches in 10 Western US states, has opened two pilot locations which feature computer terminals rather than human tellers.

The two first such "cyber branch" locations are currently doing business on the campuses of the University of Washington and the University of Nevada, Las Vegas. Company officials said that the college setting was chosen because the bank felt younger student customers would be more open to the idea of using the online banking locations to handle their transactions. Wells Fargo also thought that the online medium of banking would be more convenient for students due to their transient lifestyle and late-night hours.

The branches feature 5 computer terminals that are set up to use the Internet, in particular, Wells Fargo’s online banking site. While the terminals are meant to serve as tellers, there are also two employees on hand to answer customer questions.

Each location has traditional automatic teller machines as well. Users can also hang out and cruise the Internet when there is no line to use the machines, spokesmen said. The banks operate on an extended schedule, from 7 am-7 pm.

"We wanted to provide a safe environment where customers can utilize online services with some guidance available," said Well Fargo spokeswoman Susan Ward. "We’re not ever going to replace all our tellers with computer terminals, but we felt that it would be positive to offer another alternative for accessing online bank services."

Ward pointed out that the locations also offer online banking opportunities to customers who do not own a PC or who use an employer’s machine to bank online.

Bob Byrne, regional manager of Well’s Fargo’s branches in the Puget Sound, Washington, area said that the new program is an attempt to increase the bank’s growing online customer base.

Wells Fargo, which claims to have been the first US bank to offer online banking on the Internet, currently lists more than 500,000 online customers, while adding about 1,000 more each day, spokesmen said.

More information on Wells Fargo and its programs is available online at http://www.wellsfargo.com.

(Contact: Susan Ward, Wells Fargo 206-223-6457)