topic Re: Wells Fargo? Seriously? in Credit Cards

Wells Fargo? Seriously?

Anonymous — Fri, 03 Oct 2008 21:59:25 GMT

I was doing a bit of research on Wells Fargo for work...and randomly started looking into some of their credit cards and then at some of their other products, services, rates and their schedule of fees.

Why would anyone have any account with Wells Fargo? They have the highest loan rates and fees, not to mention the lowest deposit rates. They even charge you a fee if you call customer service and ask them something that could've been answered by the automated system. Insanity!

Re: Wells Fargo? Seriously?

jmbfl — Fri, 03 Oct 2008 22:12:43 GMT

I anticipate becoming an formerly happy Wachovia customer very soon!

Wachovia may have been torpedoed by their over involvement in marginal mortgage vehicles, but they were highly rated on the customer service end. I never saw Citi, or, god forbid WFNB anywhere on that list. Yuckola!

Re: Wells Fargo? Seriously?

Anonymous — Fri, 03 Oct 2008 22:24:56 GMT

I'm a long-term (10+ year) customer of Wachovia. I started out as a First Union customer before the big merger. Wachovia has been a good company to deal with over the years. Since it has been the ONLY bank I've had all this time, I have no reference point.

But I've been reading about Wells Fargo today, and I'm underwhelmed and worried. They seem to have tons of fees and bad customer service. I may have to switch all my checking and savings over to my credit union before this merger happens. It's a shame to have such a long-term relationship go sour because of a merger.

Re: Wells Fargo? Seriously?

jmbfl — Fri, 03 Oct 2008 23:39:58 GMT

@Anonymous wrote:
I'm a long-term (10+ year) customer of Wachovia. I started out as a First Union customer before the big merger. Wachovia has been a good company to deal with over the years. Since it has been the ONLY bank I've had all this time, I have no reference point.

But I've been reading about Wells Fargo today, and I'm underwhelmed and worried. They seem to have tons of fees and bad customer service. I may have to switch all my checking and savings over to my credit union before this merger happens. It's a shame to have such a long-term relationship go sour because of a merger.

Never act in haste! Many times accounts from acquired banks are grandfathered. As they tinker with that which is already working well you may get to your saturation point. That is the time to say uncle and split. I already have checking accounts with two CU's and I thnk I am going to open one with BofA. That way when I get fed up it will be easy to bolt! For the time being I have too good a deal to pass up. With Wachovia it pays to be 50+!

Re: Wells Fargo? Seriously?

Anonymous — Sat, 04 Oct 2008 02:04:02 GMT

Hey, I'm with you guys. Started with First Union in college, been with them ever since. I was kind of ok with Citibank, but Wells Fargo? Much as I didn't want to change all my auto-pay settings, I'm gone....

Re: Wells Fargo? Seriously?

Miner — Sat, 04 Oct 2008 03:28:50 GMT

You are going to flee to BofA!? I fled from them 10 years ago to my CU and never regretted it. They nickled and dimed me to death after they took over Security Pacific (whom I liked) and after a few years of it, I called it quits.

Re: Wells Fargo? Seriously?

Anonymous — Sat, 04 Oct 2008 03:54:36 GMT

@Anonymous wrote:

Why would anyone have any account with Wells Fargo?

Well, I have my main account with them. It's true that the interest that they pay is very low, but I have never paid any fee with them. It's a free checking account, free checks, free money orders, and it's the only completely free brokerage account I know of (maybe Scottstrade comes near).

It's right, if you want to earn high interest on savings accounts or CDs, put your money elsewhere. On the other hand, they offer lots of free services if you put a certain minimum into their accounts.

Re: Wells Fargo? Seriously?

Anonymous — Sat, 04 Oct 2008 04:06:59 GMT

I feel bad for anyone stuck with Wells F@%(_)

There might even be something lefe of Wacky when the lawyers get done-

Re: Wells Fargo? Seriously?

Anonymous — Sat, 04 Oct 2008 04:43:04 GMT

In order to substantiate my above comment somewhat, Wells Fargo gets okay if you have some money with them. If your checking account, savings account, CDs, retirement accounts, brokerage account, open credit card balances and 10% of your open mortgage balance exceed $25,000, they become a full service bank with all fees waived. Sounds like much, but if you consider that retirement accounts and partial debt are included, it's not that hard to achieve. Below that, I'd go somewhere else.

Re: Wells Fargo? Seriously?

Anonymous — Sat, 04 Oct 2008 05:14:22 GMT

I would try to steer clear of all these big banks.

As they clean up their books and tighten their business, they will need to find new places to make money.

Guess what, its gonna be from you Raising interest rates, fees and probably inventing new ways to keeps more of what you earn.

Some of this also means less patience with loans and faster collection activity.

Run Away !

Cheers

Message Edited by uaflyer on 10-04-2008 07:14 AM

Re: Wells Fargo? Seriously?

Anonymous — Sat, 04 Oct 2008 05:42:50 GMT

@Anonymous wrote:
I would try to steer clear of all these big banks.
As they clean up their books and tighten their business, they will need to find new places to make money.

This might well be. From my perspective, I was not really happy when I heard that my bank, the only AAA-rated larger bank in the US, suddenly wants to take on a basically bankrupt bank of their own size.

But I'm not married to them. I just ended up there because they had a branch directly at my workplace and in the supermarket next to my home. It was more or less arbitrary. If they start taking fees, I'll wave them goodbye.

Re: Wells Fargo? Seriously?

Anonymous — Sat, 04 Oct 2008 05:54:14 GMT

The big banks aren't picking up these sick ones because they want to.

They are getting the assets at a very steep discount though.

The Saudi's and every other deep pocket country didnt want to give them more billions.

Essentially the Fed has forced the healthier ones to adopt or swallow the sick ones and it will continue.

I would look for a credit union

Re: Wells Fargo? Seriously?

Anonymous — Sat, 04 Oct 2008 06:05:41 GMT

@Anonymous wrote:
The big banks aren't picking up these sick ones because they want to.
They are getting the assets at a very steep discount though.

The second sentence contains the reason why they want to. And sure they want. Wells Fargo and Citi might even go to court over who will get Wachovia. For the banks, it's a good longterm perspective. Shortterm though, it looks somewhat bleak. I would also have preferred if the old anti-trust laws would have stayed in effect, but obviously, those don't count anymore.

But to repeat the answer to the actual question why people would want to bank with Wells Fargo: It's the brokerage accounts. Those are very popular.

Message Edited by Ulan on 10-03-2008 11:05 PM

Re: Wells Fargo? Seriously?

Anonymous — Sat, 04 Oct 2008 16:12:51 GMT

I have been a looooong term customer with wells fargo.(10+ years or so) I have had good and bad experiences with them over the years.Here recently mostly bad.They do however have my auto loan no problems there great cust service ect.

But checking/savings acct is a diffrent story it seems to me there happy when you have direct deposit or pleanty of money in either acct. But if not your treated more like a step child.

and lets dont forget fees they have so many fees.(its crazy) They even have a $4.00 fee just to talk to a banker over the phone..

Just my 2 cents.....

Re: Wells Fargo? Seriously?

Anonymous — Sat, 04 Oct 2008 17:28:05 GMT

@Anonymous wrote:
But checking/savings acct is a diffrent story it seems to me there happy when you have direct deposit or pleanty of money in either acct. But if not your treated more like a step child.
and lets dont forget fees they have so many fees.(its crazy) They even have a $4.00 fee just to talk to a banker over the phone..
Just my 2 cents.....

Yes, as you mention, this changes with a somewhat higher balance. I can talk to them over the phone 24/7 without paying a penny. I had some questions Easter Sunday 3 a.m. when doing my taxes, and it was absolutely no problem.

Message Edited by Ulan on 10-04-2008 10:28 AM

Re: Wells Fargo? Seriously?

jmbfl — Sat, 04 Oct 2008 21:54:35 GMT

@Anonymous wrote:
@Anonymous wrote:
But checking/savings acct is a diffrent story it seems to me there happy when you have direct deposit or pleanty of money in either acct. But if not your treated more like a step child.
and lets dont forget fees they have so many fees.(its crazy) They even have a $4.00 fee just to talk to a banker over the phone..
Just my 2 cents.....
Yes, as you mention, this changes with a somewhat higher balance. I can talk to them over the phone 24/7 without paying a penny. I had some questions Easter Sunday 3 a.m. when doing my taxes, and it was absolutely no problem.
Message Edited by Ulan on 10-04-2008 10:28 AM

Somewhat? I hate to break the news to you Ulan, but it is completely unreasonable to require customers to have $25,000 in "business" with the bank in order to speak to somebody on the telephone without charge. I have gotten this at Wachovia for years and I only need to keep $1,000 on deposit there. Now granted, that is an account for those 50+, but you can get the same thing if you're not that old if you keep $5,000 with them.

If I keep $1K with them I get:

1) a 100% free checking, with very good deposit clearance policy,

2) a 100% free savings account,

3) a gold debit card,

4) a safety deposit box,

5) reduced or no fees for just about anything,

6) some other sruff I can't remember, and

6) I can talk to whomever I want, whenever I want without cost

Before someones chimes in: "Well thats why they're falling apart," that's just not so. Wachovia's problems are all on the mortgage side. If they had not made some very ill considered acquisitions they could have cruised on forever.

It is tough to contemplate going from dealing with a banking entity whose customer service is top rated to something far less. I cringe in anticipation.

BTW - I didn't say I was moving my business to BofA. Just probably going to open a free checking account there (they will pay me $75 to do it) to cover my bases. I already have the bulk of my business that is not at Wachovia with PenFed and EFFCU. There are certain things that a money center commercial bank can do for you that a smaller commercial bank or credit union can not. I have almost always had an account with a money center bank (Chemical, NatWest, Fleet, Wachovia) not at all for only a little while when I was FUTR. I would miss it, but I would survive.

Re: Wells Fargo? Seriously?

Anonymous — Sat, 04 Oct 2008 22:22:52 GMT

@jmbfl wrote:

Somewhat? I hate to break the news to you Ulan, but it is completely unreasonable to require customers to have $25,000 in "business" with the bank in order to speak to somebody on the telephone without charge. I have gotten this at Wachovia for years and I only need to keep $1,000 on deposit there. Now granted, that is an account for those 50+, but you can get the same thing if you're not that old if you keep $5,000 with them.

No worries. I don't want to come over as Wells Fargo fanboi, as it was more or less by accident that I ended up with them as bank. I found it weird that I got a different phone number to call as soon as I "met the prerequisites". Just as BofA was mentioned: In order to get similar perks with BofA as you get with the WF PMA package, you need at least $25,000 in cash accounts only (investment and retirement money or credit card and mortgage balances don't count).

In the end, these big banks we will get due to this financial crisis will only cater to big money, and as I said before, I definitely don't meet the big money moniker. That's why I don't like that WF buys Wachovia (side remark: I know Wachovia was killed by the Golden West Financial acquisition). Of course, as many of you have mentioned, there are always the CUs to go to.

The sole reason for my post is to point out that WF is a good bank if you have your retirement money with them. Otherwise, probably not.

Message Edited by Ulan on 10-04-2008 03:22 PM

Re: Wells Fargo? Seriously?

Anonymous — Sun, 05 Oct 2008 00:17:35 GMT

@Anonymous wrote:
and lets dont forget fees they have so many fees.(its crazy) They even have a $4.00 fee just to talk to a banker over the phone..

The fee is now up to $ 4.00 ???? I knew that it had been $ 2.00 for the last couple of years.

Re: Wells Fargo? Seriously?

haulingthescoreup — Sun, 05 Oct 2008 00:26:37 GMT

Whoa, sounds like their customers need to vote with their feet!

Re: Wells Fargo? Seriously?

Anonymous — Sun, 05 Oct 2008 00:50:59 GMT

Hi All...Just thought I would add my experience with WF. I used to bank with Norwest. Wells bought them out. I retained all my perks that I had with Norwest. Free Checking & Savings, free checks. I currently have 2 checking, 1 saving, & 401K thru them. I have no fees related to any of my accts. No fees for ATM usage. No fee for bill pay.