Oil Boom Causing Heavy Traffic at Minot Banks | VideoAmy Fox | 7/19/2012
With Minot`s job market booming, banks throughout the city are trying to keep up with the growing demand for financial assistance. When people move to Minot, many are switching banks. Once the new account is set up, many are making deposits, cashing checks, and submitting requests for loans.
As Minot Wells Fargo President Grant Went explained, some oil workers are even sending money home to their families through a wire transfer system.
"The funds are wired out using through the wired transfer system. Usually, those funds are not always at Wells Fargo Bank, but at another financial institution somewhere."
To track the money in your account, Wentz recommends enrolling in an online bank program to keep track of your spending.