First Security Corp. has been part of Wells Fargo since Oct. 25, but no one has really noticed because by all appearances it has been business as usual for First Security customers.

But that will change next month.

Wells Fargo has set April 21 as the date on which First Security Bank will officially become Wells Fargo Bank Northwest N.A., and First Security customers' personal accounts will convert automatically to similar accounts operated by Wells Fargo.

First Security spokeswoman Rita Garry Esposito said the April 21 date was chosen for the changeover because that's the day First Security's computer system will be merged into Wells Fargo's, a process that has been keeping the "back room" staff busy for months.

First Security signs on branch banks also will begin changing over to Wells Fargo next month, but completing that job will take well into the spring because there are hundreds of them, Esposito said.

When that work is finished, there will be a total of 150 Wells Fargo branches and more than 250 ATMs in Utah.

As for job changes and losses, that seems to be a sensitive subject. Esposito put it this way: "We anticipate positions changing, but that doesn't necessarily translate into people losing their jobs. We hope to retain as many as we possibly can. Right now, it's hard to see how the final picture will look. Some jobs will be closing down and others opening up."

Form letters signed by former First Security Bank president Scott Nelson, now president of Wells Fargo's Utah Region, are being sent to all First Security customers apprising them of the coming changeover and what it means.

The immediate effects will be:

For now, most customers can continue to use their First Security checks for checking and money market deposit accounts.

Account numbers won't change for most checking and savings accounts. Those whose account numbers will change will receive a separate letter along with a free supply of checks and deposit slips.

Time Accounts (certificates of deposit or CDs) will continue with the same interest rates and terms until they mature. Unlike checking and savings accounts, Time Accounts will all be assigned new account numbers.

Customers who have First Security automated teller machine (ATM) cards will receive new Wells Fargo ATM or ATM & Check Cards as replacements before the accounts switch over April 21.

Consumer loans and lines of credit will be assigned new account numbers, which will appear on future statements, coupon books and drafts. They will be mailed separately.

Customers who have First Security credit cards also will receive a separate mailing with account information outlining their alternatives.

Customers who are members of First Security Sovereign Club (accounts offering special benefits for those over age 55) will not be charged a monthly service fee "at this time" for converting to "Wells Fargo Club Account" and to "Wells Fargo 55 Checking," and there will be no minimum balance required for converting.

Those who have personal and home equity lines of credit will receive new drafts (checks) printed with the Wells Fargo logo and a new account number.

If there are third parties who have an interest in a customer's First Security account, the bank says it is the customer's responsibility to inform those parties of the April 21 changeover.

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After the change, Wells Fargo account statements will be mailed "close to" the previous First Security statement dates. First Security will issue a final statement that will cover the period from the ending date of the customer's last statement through April 20. A new statement covering the period of April 21 to the customer's regular statement ending date — including interest earned and applicable fees — will be sent out by Wells Fargo.

The acquisition of First Security by Wells Fargo was initiated last April after a long-planned merger of First Security and Zions Bancorp was voted down by Zions shareholders. The First Security/Wells Fargo deal was first announced publicly on April 10, and it was completed six months later.

First Security was among Utah's oldest operating companies, tracing its roots back to 1871 when the Bank of Deseret was formed by Brigham Young. Several successor banks became First Security Bank N.A. in 1948, the main subsidiary of what would become bank holding company First Security Corp.


E-mail: max@desnews.com

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