What a difference your choice of banks makes (don't choose Wells Fargo)

[disneysteve]

AKA Why does anyone do business with Wells Fargo?

Two days ago I went to TD Bank to close my cousin's account. I was in and out in under 15 minutes with a check in hand.

Today I went to Wells Fargo to close his accounts. It took over an hour. The bank employee (who was very nice) had to make 4 calls, 2 to the legal department and 2 to other back office support departments, before she was able to complete the transaction. To be clear, it wasn't her fault or her inability to do her job. It is how things are set up with Wells Fargo. I'm positive of that because a customer at another desk was doing the same thing and that employee also had to call the legal department and get clearance and assistance.

With all of the scandals and issues Wells Fargo has had in recent years, I don't know why anyone still chooses to bank with them. I really don't know why my cousin did. He worked in banking for his whole career (not with WF) so I have no idea why he chose them when there are so many other better options.

[Scallywag]

We've been with WF for 24 years. We also have credit cards issued by them. We have a credit union a/c that we opened when we were replacing a car in 2012 and they had a better rate than WF. I was pissed with WF at the time but inertia took over and we continue to use them as our "main bank".

I don't know how closing a/cs work with them as we've never closed an a/c with them but barring egregious conduct in the future by WF, do not foresee moving away from them.

Would it have been easier if your cousin had merely added you as a joint account holder to all his a/cs when he realized that he didn't have a lot of time left?

Out of curiosity, where do you bank?

[JoeP]

FWIW, I've been with the same credit union for about 30 years now. They've been very good with keeping modern ATMs throughout the area, and have a robust online banking product. We've had mortgages and car loans a long time ago before going debt free and their rates were better than the competitors. Their customer service is simply amazing, whether online chat or in person. We get an owners dividend every year.

I know CU's vary place to place, but I'm still puzzled why people go to big business banks.

[kork13]

Inertia is often the biggest reason. Perhaps their parents or other trusted adults got them started with a given company. Or they were simply the first one that an individual came across. Research continually shows that people will stay in a bad situation simply because they're already in that situation.

[QuarterMillionMan]

I was a victim of Wells Fargo years ago when I wanted to open a checking account but they made me open both a savings and checking account. I asked the woman why she opened a savings when I told her that I only wanted a checking account. To this day I still have both accounts, shrug.

[disneysteve]

barring egregious conduct in the future by WF, do not foresee moving away from them.

How did you feel about the egregious conduct they've already been guilty of, like opening thousands of accounts without customers' permission? I believe my cousin got caught in that and he still stayed with them.

Would it have been easier if your cousin had merely added you as a joint account holder to all his a/cs when he realized that he didn't have a lot of time left?

Absolutely. I was actually going to start a thread about that. Making all of your accounts Payable on Death is SO much easier.

Out of curiosity, where do you bank?

Checking is with BOA. Savings is with Ally. When DD needed accounts, I had her open checking and savings with BOA. Her CC is also with them. Never a moment's trouble. Never a penny in fees. Great customer service on the rare occasions that I've needed it. Friendly efficient staff in the branches when I find myself in one every year or so.

[Scallywag]

How did you feel about the egregious conduct they've already been guilty of, like opening thousands of accounts without customers' permission? I believe my cousin got caught in that and he still stayed with them.

Didn't affect me or anyone I know. For that matter, let's be absolutely clear that big banks exist to MAKE MONEY. Not one of them - WF or BOA or Citi or Ally or Barclays is in it to do charity. So that part doesn't bother me, especially as the onus of borrowing responsibly and speaking up when an a/c is opened in my name without my consent.

Had they tried to open an a/c in my name, I'd have pressed identity theft charges on the local branch. Yes, that's unethical conduct, but it didn't affect me so I'm staying put, esp as I am not going to believe that other banks are not in it for the money!

Checking is with BOA. Savings is with Ally. When DD needed accounts, I had her open checking and savings with BOA. Her CC is also with them. Never a moment's trouble. Never a penny in fees. Great customer service on the rare occasions that I've needed it. Friendly efficient staff in the branches when I find myself in one every year or so.

Does Ally have local branches? I have heard some complaints about Ally, including one where a wire transfer from them ended up delaying a closing... so there's always someone out there who has an issue with some bank. I have no doubt that WF is the devil incarnate for many but I wouldn't buy the spiel that other banks exist merely to serve

[Scallywag]

I was a victim of Wells Fargo years ago when I wanted to open a checking account but they made me open both a savings and checking account. I asked the woman why she opened a savings when I told her that I only wanted a checking account. To this day I still have both accounts, shrug.

What was her explanation when you asked?

[QuarterMillionMan]

Must have been 10 years ago but she said apologized something to the effect that she made a mistake so I chalked it up as an honest mistake but as I look back now I know it was to pad her numbers and increase her commission, so disingenuous.

[disneysteve]

Does Ally have local branches?

They do not. I've transferred money back and forth numerous times. I know that it takes a few days so I plan accordingly. For something like a real estate closing, I'd certainly make sure to initiate the transfer well in advance regardless of the bank involved. That's not something I'd leave to the last minute. A local branch wouldn't make any difference.

[srblanco7]

FWIW, I've been with the same credit union for about 30 years now. They've been very good with keeping modern ATMs throughout the area, and have a robust online banking product. We've had mortgages and car loans a long time ago before going debt free and their rates were better than the competitors. Their customer service is simply amazing, whether online chat or in person. We get an owners dividend every year.

I know CU's vary place to place, but I'm still puzzled why people go to big business banks.

Same for us. We've banked primarily with two credit unions. We exited the first after it switched from a credit union to a S&L. We've been very happy with the second credit union and, at this point, I could not come up with a reason to bank with a traditional bank. Noting that we do have MM accounts with both Ally and Vanguard. Am fine with both, though I have the impression that the transfer process with Ally seems to take a couple extra days.

[rennigade]

We've had wells fargo for approx 15 years. Well, it was wachovia then turned into wells Fargo. Never had a single issue. We since moved and do not have a wells Fargo near us, but we have a local credit union we also use.

WE only use credit union to deposit cash or checks that will not work with mobile deposit. The kind of rebate checks that come on what looks like a post card.

[LivingAlmostLarge]

I hate bank of america but I've been with them for 20+ years. I moved all over the us and they have branches and ATM everywhere. For the most part we keep money in our Capital one because it was ING which was great. But I hate hate bofa. I lost my debit card and they said it would be $5. I was like no thanks. I'll wait until you send me one because it expires. I either went into the branch or deposited it mobile. I only have $3600 deposited a month from our Capital One and use that to pay bills. Mostly it's so I can stop anywhere and get cash and have a physical branch. But I hate them. I just have too much inertia to change it and get a local CU.

[disneysteve]

I hate bank of america but I've been with them for 20+ years. I moved all over the us and they have branches and ATM everywhere. For the most part we keep money in our Capital one because it was ING which was great. But I hate hate bofa. I lost my debit card and they said it would be $5.

Other than a nominal charge for a lost card, what other issues have you had with them? I've heard people complain but it's usually all about user-generated fees because they did something wrong (overdrawn, late payment, etc.).

And yes, it is very nice to have branches nationwide, not that I've ever used one away from home but I see them everywhere we go.

[LivingAlmostLarge]

Other than a nominal charge for a lost card, what other issues have you had with them? I've heard people complain but it's usually all about user-generated fees because they did something wrong (overdrawn, late payment, etc.).

And yes, it is very nice to have branches nationwide, not that I've ever used one away from home but I see them everywhere we go.

being in general very difficult to deal with. Also I am charged $20 if I choose to transfer money to my capital one from BofA through their website. I have to generate the withdrawal on the other end or else i get charged a fee. Basically they charge a fee to call or deal with them in anyway.