topic Premier banking w/ Wells Fargo? in Personal Finance

Premier banking w/ Wells Fargo?

Gregory1776 — Wed, 11 Sep 2024 04:53:51 GMT

I had been wanting to leave PenFed behind for years now, opened a checking account with Wells Fargo whom gave me a better limit on my AC, and for the bonus.

what kind of benefits other than advertised do they give you with the premier checking tier? Customer service/ care wise, short wait times if I have to call, that's usually what I look for with my banking and don't feel like I got any of at PenFed.

I vastly prefer smaller especially local credit unions but there aren't any near me so some kind of big bank will be my option. Chase, Bank of America, PNC are other options I am considering. US BANK too with this new CC coming out.

Edit: i am also considering the 20,000 balance tier, with 50-60% of my balance in a CD or something and the rest in checking for expenses. I can't not earn $0 a month. And I am not close to 6 figures at this time.

Re: Premier banking w/ Wells Fargo?

NoMoreE46 — Sun, 15 Sep 2024 00:10:56 GMT

Can't answer this but whenever I call into WF, I often get a "Premier Banking" agent; never had to wait.

Have a had an auto loan, and currently have two CCs along with a standard checking account that gets a payroll DD into it. (Love the Early Pay Day that drops on Wednesdays vs Fridays.)

We park our money into a local CU that offers higher rates.

@Gregory1776 wrote:
I had been wanting to leave PenFed behind for years now, opened a checking account with Wells Fargo whom gave me a better limit on my AC, and for the bonus.

what kind of benefits other than advertised do they give you with the premier checking tier? Customer service/ care wise, short wait times if I have to call, that's usually what I look for with my banking and don't feel like I got any of at PenFed.

I vastly prefer smaller especially local credit unions but there aren't any near me so some kind of big bank will be my option. Chase, Bank of America, PNC are other options I am considering. US BANK too with this new CC coming out.

Edit: i am also considering the 20,000 balance tier, with 50-60% of my balance in a CD or something and the rest in checking for expenses. I can't not earn $0 a month. And I am not close to 6 figures at this time.

Re: Premier banking w/ Wells Fargo?

AndySoCal — Sat, 14 Sep 2024 23:26:24 GMT

@Gregory1776 I agree with @NoMoreE46 @in regards to savings rates you can do better elsewhere than Wells Fargo. I also do not understand what the benefits are of premier checking that makes it worth the $35.00 monthly fee. There are 2 internet banks that offer 24 7 phone service as well and better rates. There are two internet banks are Discover Bank and Ally. I have banked with Discover and currently am banking with Ally. Alliant Credit Union is an on line credit union with 24 7 phone service if I understand the website correctly.

I understand internet banks etc is not for everyone. There valid reasons for needing to go into branch of a bank or credit union.

Re: Premier banking w/ Wells Fargo?

Varsity_Lu — Sun, 15 Sep 2024 00:02:06 GMT

I am genuinely curious as to why anyone would do business with Wells Fargo. They made the news again this week with a hefty fine for their corrupt behavior. For most of my adult life (25+ years) they have shown time and time again that they have no interest in acting ethically. With literally hundreds of other options out there, what is it about WF that attracts customers?

Re: Premier banking w/ Wells Fargo?

Anonymous — Sun, 15 Sep 2024 01:04:47 GMT

@Varsity_Lu wrote:
I am genuinely curious as to why anyone would do business with Wells Fargo. They made the news again this week with a hefty fine for their corrupt behavior. For most of my adult life (25+ years) they have shown time and time again that they have no interest in acting ethically. With literally hundreds of other options out there, what is it about WF that attracts customers?

You are misinformed. They were not hit this week with a hefty fine or even a penalty. What they were given was a list of things they had to fix to be in compliance with the law and regulations.

As to why anyone would do business with them? I will give one reason, they offer some valuable products.

Re: Premier banking w/ Wells Fargo?

AndySoCal — Sun, 15 Sep 2024 03:21:48 GMT

@Anonymous What the OCC found was Wells Fargo anti money laundering and other financial crimes safeguards were to lax as the Reuters article below says

https://www.reuters.com/business/finance/occ-issues-enforcement-action-against-wells-fargo-2024-09-12/

In my opinion these policies and procedures in this area should be a pillar of any bank and not a weakness cited by a regulator.

When I was with US Bank someone got a hold of a check I had written. The person had "washed" the check ie changed the payee on the check. The check was presented at a US Bank branch to be cashed. The telller did the due dillegence ie noticed the memo stated the check was for babysittting and the account owner was nearly 60 in age. Long story short the check was not cashed and the person who tried to cash it was turned over to law enforcement. I told the branch manager we're I banked that story and the manager's response was simply I am glad we did our due dillegence. I have had US Bank decline credit card transactions because the amount being charged to the credit card was out of the range of my normal spending at the store IE normally I spend 40 to 50 dollars a week and the amount being charged was 300. I learned in those cases to call US Bank and warn them of a large purchase ahead of time. Yes, it can be a pain but I know why they do it and I tolerate it due to what it can prevent.

As I stated earlier Wells Fargo has dug themselves a very deep hole. The if and when Wells Fargo ever gets out of it is a long ways off in my opinion. At this point in time I have no confidence in Wells Fargo. If I was forced to bank with large bank it would be US Bank. I left them due their sub par savings rates.

Re: Premier banking w/ Wells Fargo?

Gregory1776 — Sun, 15 Sep 2024 04:11:37 GMT

@NoMoreE46 wrote:
Can't answer this but whenever I call into WF, I often get a "Premier Banking" agent; never had to wait.
Have a had an auto loan, and currently have two CCs along with a standard checking account that gets a payroll DD into it. (Love the Early Pay Day that drops on Wednesdays vs Fridays.)

We park our money into a local CU that offers higher rates.

@Gregory1776 wrote:
I had been wanting to leave PenFed behind for years now, opened a checking account with Wells Fargo whom gave me a better limit on my AC, and for the bonus.

what kind of benefits other than advertised do they give you with the premier checking tier? Customer service/ care wise, short wait times if I have to call, that's usually what I look for with my banking and don't feel like I got any of at PenFed.

I vastly prefer smaller especially local credit unions but there aren't any near me so some kind of big bank will be my option. Chase, Bank of America, PNC are other options I am considering. US BANK too with this new CC coming out.

Edit: i am also considering the 20,000 balance tier, with 50-60% of my balance in a CD or something and the rest in checking for expenses. I can't not earn $0 a month. And I am not close to 6 figures at this time.

I also love the early payday, but I'm only getting my paychecks 11 PM Thursday. Which is useless. This past Thursday I've got it at 6 PM, I'm not sure why that is? Hopefully as a weeks go by it cold earlier and earlier. I would love a deposit.

Re: Premier banking w/ Wells Fargo?

Gregory1776 — Sun, 15 Sep 2024 04:12:54 GMT

@AndySoCal wrote:
@Gregory1776 I agree with @NoMoreE46 @in regards to savings rates you can do better elsewhere than Wells Fargo. I also do not understand what the benefits are of premier checking that makes it worth the $35.00 monthly fee. There are 2 internet banks that offer 24 7 phone service as well and better rates. There are two internet banks are Discover Bank and Ally. I have banked with Discover and currently am banking with Ally. Alliant Credit Union is an on line credit union with 24 7 phone service if I understand the website correctly.

I understand internet banks etc is not for everyone. There valid reasons for needing to go into branch of a bank or credit union.

I've been with PenFed as my main checking account for seven years so I'm used to not having a branch around. I love that with PenFed. ATMs are everywhere not the Wells Fargo, however, he is becoming more and more mediocre to me and I have been on the hunt for a change past two years.

Re: Premier banking w/ Wells Fargo?

Gregory1776 — Sun, 15 Sep 2024 04:14:03 GMT

@AndySoCal I also do use Ally for savings, and I will open an additional savings account that will EARN me more APY when I have the money to deposit

Re: Premier banking w/ Wells Fargo?

Gregory1776 — Sun, 15 Sep 2024 04:20:07 GMT

@Varsity_Lu I know, I honestly don't care about their deposit fiasco, all banks, big bang that is are inherently evil. I know that I'm willing to deal with it because that's what we have. But what appeals to me is what benefits I might be able to through them. Tracking my purchases, how much I spent in the year, money management if anything is offered. That is kind of what I'm looking for. I don't think penFed offered anything like that. I also never had the balances to be concerned about it before, but that is slowly changing as the months go by.

I do prefer credit unions, and I hate that I had to move to South Jersey because my old, local credit union which I didn't use offered awesome things like extended banking hours (Which changed with Covid) The ability to use a coin machine in branch, which is to me valuable. I hate carrying change. Awesome things like being able to use any Allpoint PTM they just had no rates so I stopped losing them regularly, or direct deposit

Re: Premier banking w/ Wells Fargo?

Gregory1776 — Sun, 15 Sep 2024 04:26:37 GMT

@AndySoCal wrote:
@Anonymous What the OCC found was Wells Fargo anti money laundering and other financial crimes safeguards were to lax as the Reuters article below says
https://www.reuters.com/business/finance/occ-issues-enforcement-action-against-wells-fargo-2024-09-12/
In my opinion these policies and procedures in this area should be a pillar of any bank and not a weakness cited by a regulator.
When I was with US Bank someone got a hold of a check I had written. The person had "washed" the check ie changed the payee on the check. The check was presented at a US Bank branch to be cashed. The telller did the due dillegence ie noticed the memo stated the check was for babysittting and the account owner was nearly 60 in age. Long story short the check was not cashed and the person who tried to cash it was turned over to law enforcement. I told the branch manager we're I banked that story and the manager's response was simply I am glad we did our due dillegence. I have had US Bank decline credit card transactions because the amount being charged to the credit card was out of the range of my normal spending at the store IE normally I spend 40 to 50 dollars a week and the amount being charged was 300. I learned in those cases to call US Bank and warn them of a large purchase ahead of time. Yes, it can be a pain but I know why they do it and I tolerate it due to what it can prevent.
As I stated earlier Wells Fargo has dug themselves a very deep hole. The if and when Wells Fargo ever gets out of it is a long ways off in my opinion. At this point in time I have no confidence in Wells Fargo. If I was forced to bank with large bank it would be US Bank. I left them due their sub par savings rates.

I am considering U.S. Bank for a checking account. Particularly because of the new Smartly credit card.

another post I need to make is where I should transfer my 401(k) into– What bank? I was considering Bank of America or JP Morgan, as I intend to Open a sapphire, reserve, maybe that would help. That's not really a reason why though.

The question about the IRA though is I do not want to be limited to only being able to contribute $7000 a year, and I am more willing for risk and exchange for growth. So I want to use the money in my 401(k) for investments, the ability to grow quickly and I would like to contribute $10,000 a year at least. I don't find the Bank of America credit cards appealing.

That's another post, no need to address that here (although I am not against it).

Re: Premier banking w/ Wells Fargo?

FicoMike0 — Sun, 15 Sep 2024 15:13:28 GMT

Hey guys, all interesting. Did we ever find an advantage to premier checking that's worth $35 / month or tieing up $250,000? How about the prime checking at $25/ $20,000? I was planning to close my wells account, which is $10/ $500, to get my $500 back, lol. Am I missing something?

For me, atm access, haven't used one in years. Debit card, my amex debit pays points, never use it. Free checks, I have some, used one this year, none last year. I

I have to confess, my primary bank is fidelity and they aren't a bank at all.

Re: Premier banking w/ Wells Fargo?

Varsity_Lu — Sun, 15 Sep 2024 18:23:13 GMT

@Anonymous

Yeah, I looked back and re-read the news and you are correct about not being fined. This week. The news about last year's fine and the fine the year before that and the fine several years ago was mixed in with my search.

But my point stands: they suck at being honest. No one is perfect, but they suck more than most.

Re: Premier banking w/ Wells Fargo?

Anonymous — Sun, 15 Sep 2024 20:28:00 GMT

@Varsity_Lu wrote:
@Anonymous
Yeah, I looked back and re-read the news and you are correct about not being fined. This week. The news about last year's fine and the fine the year before that and the fine several years ago was mixed in with my search.

But my point stands: they suck at being honest. No one is perfect, but they suck more than most.

Ok, and my answer to your question stands.

(Or were you only trying to making a point and not really asking a question?)

@Anonymous wrote:
@Varsity_Lu wrote:
I am genuinely curious as to why anyone would do business with Wells Fargo. They made the news again this week

For most of my adult life (25+ years) they have shown time and time again that they have no interest in acting ethically.

With literally hundreds of other options out there, what is it about WF that attracts customers?

As to why anyone would do business with them? I will ~~give~~ offer one reason, they offer some valuable products.

Re: Premier banking w/ Wells Fargo?

Varsity_Lu — Sun, 15 Sep 2024 20:40:28 GMT

@Anonymous

Relax, my brother. I never said anything about your point either way. I'm glad that you feel that way. My reply was simply to acknowledge that you were correct and I was mistaken. Don't read too much into it.

Re: Premier banking w/ Wells Fargo?

AndySoCal — Sun, 15 Sep 2024 22:46:07 GMT

@Gregory1776 I use Ally for checking and savings. For a couple of reasons one Ally has far less fees than the traditional bricks and morter bank . Secondly if I want or need to transfer money between checking and savings it is instant you do not have to wait for the ACH transfer to complete between two banks.

For the IRA I would consider moving it to Vanguard. Disclaimer I have been a Vanguard customer for over 30 years. I looked Ally invest but the fees with Ally were higher than doing the same thing with Vanguard.

adding one more thing

i am not a fan of the US Bank Smartly Savings Account or the new credit card. For me the max on that card I would earn would be 2.5%. Plus the drop in the interest is 4.15% to .01% if the combined balance falls below 25K and there are potential fees on that savings account to. Secondly my Ally savings account is earning more than US Bank and the checking with Ally earns .10%. Also I already have a 2% cash back card is it is.

Re: Premier banking w/ Wells Fargo?

Gregory1776 — Sun, 15 Sep 2024 23:01:33 GMT

@AndySoCal why vanguard? Tell me more. I want to contribute or invest more than 7K/year. Is it possible to roll a 401 k into something and do that? Or is it going to have to be two separate accounts?

Re: Premier banking w/ Wells Fargo?

AndySoCal — Mon, 16 Sep 2024 00:09:27 GMT

@Gregory1776 Vanguard has some of the lowest fees if not the lowest fee structure. I have three accounts with them brokerage (taxable) tradional IRA and Roth IRA accounts. When I leave a company I roll the 401k into the traditional IRA. No tax nonsequences. The accounts currently invested in balanced mutual funds stock funds brokered CD's and stock mutual funds and some short term bonds. Vanguard is very easy to work with. Their ownership structure is unique the fund's shareholders are the owners of the funds. Vanguard provides all services at cost. Vanguard is the largest brokerage firm in the US with 7.1 trillion in assets under management followed by Schwab the last I checked.

Re: Premier banking w/ Wells Fargo?

NoMoreE46 — Mon, 16 Sep 2024 01:48:07 GMT

Keeping things back in topic.

There is $2,500 offer if you drop and keep $250,000 for short time period.

https://accountoffers.wellsfargo.com/premierupgrade/?sub_channel=WIB&vendorcode=WF_campaign=premier_on-us&collateral_code=NACARPCOCHAMP

Re: Premier banking w/ Wells Fargo?

BronzeTrader — Mon, 16 Dec 2024 15:49:34 GMT

@Varsity_Lu wrote:
I am genuinely curious as to why anyone would do business with Wells Fargo. They made the news again this week with a hefty fine for their corrupt behavior. For most of my adult life (25+ years) they have shown time and time again that they have no interest in acting ethically. With literally hundreds of other options out there, what is it about WF that attracts customers?

I've been a Wells Fargo customer for more than 20 years. It is one of the best banks I've banked with. I do not read all the headline news. And all the junk people threw at WF. Sure WF has some problem here and there. Other people's experience does not affect me. I'd advise people not to get carried away by all the headline news.

To me, WF always does ethically. And professionally. I'll continue to bank with them. If things do not break, just continue.