Wells Fargo.....UNBELIEVABLE....

[CreditMagic7]

Agreed! Dimwits!

I read plenty of very harsh experiences emanating from that bank spread far n wide which gave me great caution anytime i considered to app with them. When i did finally get around to taking the chance (against my better judgement) apping the Dillards Amex they blowed it off with a denial with some phony lame excuse after pulling TU which was my top CRA at the time, something in my gut confirmed what i been reading on them all along.

So why is it that this experience doesn't surprise me at all.

Sorry for your experience OP, but maybe it's for the best as they say.

[SEBanker]

Please don't take this post the wrong way. It's not sour grapes and I don't have an axe to grind. It's simply baased on my observations of having worked more than 20 plus years in the banking industry.  The financial services industry has changed so much over the past 20 years. 3 primary factors have driven the change. Legislation/regulation, Walls street greed, technology.  I won't spend a lot of time on either but just to highlight that banks are no longer banks they are financial services supermarkets. They exist to sell product....period.  They have wonderful marketing departments that make you believe that they are their to provide advice and guidance but in reality they no longer employ team members who are capable or empowered to do either.  What they mean by "relationship" is how many products you hold and how much assets you carry at their institution. It's a onesided relationship. Find yourself in a downturn and you will see how important that relationship is to them. Banks are populated with C&D players who advance via politics and not merit. There is no such thing in the industry as a career anymore but rather just a low wage job. And as with everything else in life you get what you pay for.  For you and me it means that our bank is a big internet interface backup by treamembers who are not incented to care outside a narrowly defined path of what they are permitted or trusted to do.  Wells Fargo is no different. Don't take it personally. They have never develped a true competinicy in cards because it was never a focus. And they continue on a failed strategy to grow the card business via cross sell to bank clients. They can't see past the fact that a card only customer can be sold deposit products as well. 

[Anonymous]

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@SEBanker wrote:

Please don't take this post the wrong way. It's not sour grapes and I don't have an axe to grind. It's simply baased on my observations of having worked more than 20 plus years in the banking industry.  The financial services industry has changed so much over the past 20 years. 3 primary factors have driven the change. Legislation/regulation, Walls street greed, technology.  I won't spend a lot of time on either but just to highlight that banks are no longer banks they are financial services supermarkets. They exist to sell product....period.  They have wonderful marketing departments that make you believe that they are their to provide advice and guidance but in reality they no longer employ team members who are capable or empowered to do either.  What they mean by "relationship" is how many products you hold and how much assets you carry at their institution. It's a onesided relationship. Find yourself in a downturn and you will see how important that relationship is to them. Banks are populated with C&D players who advance via politics and not merit. There is no such thing in the industry as a career anymore but rather just a low wage job. And as with everything else in life you get what you pay for.  For you and me it means that our bank is a big internet interface backup by treamembers who are not incented to care outside a narrowly defined path of what they are permitted or trusted to do.  Wells Fargo is no different. Don't take it personally. They have never develped a true competinicy in cards because it was never a focus. And they continue on a failed strategy to grow the card business via cross sell to bank clients. They can't see past the fact that a card only customer can be sold deposit products as well. 

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I agree 100%..

[Anonymous]

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@SEBanker wrote:

Please don't take this post the wrong way. It's not sour grapes and I don't have an axe to grind. It's simply baased on my observations of having worked more than 20 plus years in the banking industry.  The financial services industry has changed so much over the past 20 years. 3 primary factors have driven the change. Legislation/regulation, Walls street greed, technology.  I won't spend a lot of time on either but just to highlight that banks are no longer banks they are financial services supermarkets. They exist to sell product....period.  They have wonderful marketing departments that make you believe that they are their to provide advice and guidance but in reality they no longer employ team members who are capable or empowered to do either.  What they mean by "relationship" is how many products you hold and how much assets you carry at their institution. It's a onesided relationship. Find yourself in a downturn and you will see how important that relationship is to them. Banks are populated with C&D players who advance via politics and not merit. There is no such thing in the industry as a career anymore but rather just a low wage job. And as with everything else in life you get what you pay for.  For you and me it means that our bank is a big internet interface backup by treamembers who are not incented to care outside a narrowly defined path of what they are permitted or trusted to do.  Wells Fargo is no different. Don't take it personally. They have never develped a true competinicy in cards because it was never a focus. And they continue on a failed strategy to grow the card business via cross sell to bank clients. They can't see past the fact that a card only customer can be sold deposit products as well. 

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Thanks for sharing first hand industry knowledge with us. It is very useful.

[Platinum]

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@SEBanker wrote:

Please don't take this post the wrong way. It's not sour grapes and I don't have an axe to grind. It's simply baased on my observations of having worked more than 20 plus years in the banking industry.  The financial services industry has changed so much over the past 20 years. 3 primary factors have driven the change. Legislation/regulation, Walls street greed, technology.  I won't spend a lot of time on either but just to highlight that banks are no longer banks they are financial services supermarkets. They exist to sell product....period.  They have wonderful marketing departments that make you believe that they are their to provide advice and guidance but in reality they no longer employ team members who are capable or empowered to do either.  What they mean by "relationship" is how many products you hold and how much assets you carry at their institution. It's a onesided relationship. Find yourself in a downturn and you will see how important that relationship is to them. Banks are populated with C&D players who advance via politics and not merit. There is no such thing in the industry as a career anymore but rather just a low wage job. And as with everything else in life you get what you pay for.  For you and me it means that our bank is a big internet interface backup by treamembers who are not incented to care outside a narrowly defined path of what they are permitted or trusted to do.  Wells Fargo is no different. Don't take it personally. They have never develped a true competinicy in cards because it was never a focus. And they continue on a failed strategy to grow the card business via cross sell to bank clients. They can't see past the fact that a card only customer can be sold deposit products as well. 

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I agree too. But, Wells Fargo actually is different in many ways, and you named some of the ways as well as most of the members on this board who believe that WF is some strange animal.

[rlx01]

The only banking "relationships" worth cultivating are those with local CUs.

Banks care about your relationship as long as they're making money off you in some way. I prefer to be a faceless number to my bank.

[Ron1]

Sorry to hear. Same thing happened to me last year.

Ron.

[Anonymous]

Seems to me they saw someone with such a good credit history that they were unlikely to earn much in interest off of you.

They may have correctly surmised that you wanted to bleed them for 5% and then never give them a dime of profit. With something as crazy as uncapped 5% you gotta figure they're hoping to lure saps into a long-term profitable relationship after 1% kicks in ad infinitum.

Not that there's a thing wrong with leveraging cards to your fullest benefit. I'm somewhat afraid myself of getting the cold shoulder from lenders that I almost certainly must be a loss for.