Wells Fargo auto insurance? huh?

[Mr Nice Guy]

So I was making a deposit at my bank (wells fargo) a couple days ago and the banker tells me about how they are now offering auto insurance?

I havent met with the banker yet to get the low down, but I wondered if anybody has experienced this at your bank?

[littleroc02us]

That would scare me to death. Now the banker wants to sell insurance? Funny stuff!

[troyw]

State Farm is now offering auto financing. I don't like it when companies have "too many irons in the fire".

[jpg7n16]

I don't see what the big deal is. It's a financial company offering a new financial product. Why is that so scary? They may even get another firm to underwrite the insurance, and pass the entire risk onto an insurer, so bank account holders would have no risk. Since Warren Buffett has a large ownership share, they could even underwrite through Geico. (also owned by Buffett at Berkshire)

Not as big of a deal as some are making it out to be.


Kinda like if a burger chain that only offered burgers and fries, started offering salads. It's just a different product. Not their forte, and not what they were built on, but nothing to be scared of.

Chase bank has been offering life insurance for years. Bank of America offers homeowners insurance. And check out the different insurance offerings from USAA (https://www.usaa.com/inet/pages/insu...nce_main_page). So why not offer car insurance too? Insurance is a financial product. Banks sell financial products. Seems like a good idea to me...

[Frugal]

Never heard of Wells Fargo for auto insurance. Interesting.

[snafu]

The banks in Canada having been selling auto insurance to their clients for more than a decade. Their 1st year premiums are competitive and often have incentives to consolidate your car loan & insurance which is from a re-insurer. It is typical for insurance brokers to shop all the re-insurers for the best rates for their clients. Before you buy it's in your interest to check rates on-line as these are particular to your community, your driving record, age and even FICO score.

[littleroc02us]

I'll just stick with what I know, I don't trust any of the big banks with my life. They won't get my business ever. They are crooks IMO.

[jpg7n16]

I'll just stick with what I know, I don't trust any of the big banks with my life. They won't get my business ever. They are crooks IMO.

Some credit unions offer insurance too...

http://www.congressionalfcu.org/cuis/

Credit Union Insurance Services


Just did a quick google serach for 'credit union auto insurance' and got plenty of results:
credit union auto insurance - Google Search

Like this one for Arizona State Credit Union:

https://www.azstcu.org/loans/auto-insurance.shtml

Maybe the credit unions are just as big of crooks as the big banks are.

Or maybe there's just nothing scary (or immoral) about a financial institution offering a different financial product. (I'd go with this one)

[littleroc02us]

Some credit unions offer insurance too...

http://www.congressionalfcu.org/cuis/

Credit Union Insurance Services


Just did a quick google serach for 'credit union auto insurance' and got plenty of results:
credit union auto insurance - Google Search

Like this one for Arizona State Credit Union:

https://www.azstcu.org/loans/auto-insurance.shtml

Maybe the credit unions are just as big of crooks as the big banks are.

Or maybe there's just nothing scary (or immoral) about a financial institution offering a different financial product. (I'd go with this one)

That's great but luckily I can choose where I do business. It's not that I wouldn't do business with a credit union that sells car insurance, but when the post stated it was Wells Fargo, automatically that turned me off since they are a horrible company, along with Bank of American, Citi bank, etc.... This is the best bank locally I've ever dealt with.

Richfield Bloomington Credit Union - Proudly Serving Richfield, Bloomington, and Edina Minnesota

[jpg7n16]

That's great but luckily I can choose where I do business. It's not that I wouldn't do business with a credit union that sells car insurance, but when the post stated it was Wells Fargo, automatically that turned me off since they are a horrible company, along with Bank of American, Citi bank, etc.... This is the best bank locally I've ever dealt with.

Richfield Bloomington Credit Union - Proudly Serving Richfield, Bloomington, and Edina Minnesota

Cool. Then you'll be happy to know that they have contracted with a local financial firm to offer insurance products to members who need it:

From: Richfield Bloomington Credit Union - Investment Resources

Richfield Bloomington Credit Union has asked Shirley to assist our members with their financial needs. For the convenience of our members, Shirley works out of an office in the lower level of the Richfield office of the Richfield Bloomington Credit Union. RBCU members might find her services beneficial and are encouraged to contact her for more information.

....

Insurance and Risk Management

• Life Insurance
• Disability Insurance
• Long Term Care Insurance
• Health and Dental Insurance

A bank/credit union offering insurance isn't immoral - or crooked. And Wells Fargo isn't evil because it offers car insurance.


Clearly you're a bit biased on the issue, since you hate big banks to begin with - you assume that whatever they're doing is bad for the customers. When it could actually be that Wells Fargo is trying to help meet more of their customers financial needs - like your own credit union is doing.

[littleroc02us]

Cool. Then you'll be happy to know that they have contracted with a local financial firm to offer insurance products to members who need it:



A bank/credit union offering insurance isn't immoral - or crooked. And Wells Fargo isn't evil because it offers car insurance.


Clearly you're a bit biased on the issue, since you hate big banks to begin with - you assume that whatever they're doing is bad for the customers. When it could actually be that Wells Fargo is trying to help meet more of their customers financial needs - like your own credit union is doing.

First of all I love my bank and my bank isn't immoral because they are offering insurance, you have completely taken my post out of context in regards to you thinking I have something against banks that are of quality selling the item, but that I wouldn't purchase it from any of them. My first post was "I'll just stick with what I know, I don't trust any of the big banks with my life. They won't get my business ever. They are crooks IMO." Never was I talking about smaller banks or credit unions until someone brought that into the discussion. Banks can do whatever they want, it's how they conduct business on the whole and what customer service they have. In my experience here are some of the problems I have with the big banks:

1. They kept to little liquid assets before the industry was bailed out and the recession hit.
2. They (Bank of America, Wells Fargo and many others took bailouts from the Gov't because of their stupidity.
3. Their credit card guidlines are laughable.
4. I have a mortgage with Bank of America and their customer service is awful.
5. Citimortgage was my previous lender and they were stupid because one time I sent in extra payment towards principle and instead they use it for the next months payment, which meant more interest. I had to call them on being an idiot.
6. Bank of America allows college students to use Student loans as income on credit card applications.

* Should I go on? I've been at my credit union for 30 some years and have never had problems with anything. They just seem to do things right.

[Robert742]

Banks and credit unions often have in-house insurance agencies acting as independent agents, or sometimes work with a large insurance company. I think US Bank works with Nationwide Insurance, and offers a small discount for US Bank customers. I'm not aware of any banks starting their own insurance companies.

Countrywide tried starting its own insurance business a few years ago about the same time its mortgage business was imploding. I don't know what happened to it.

A while ago, a bank-owned (with whom I had a credit card) insurance agency mailed me an offer to get an auto insurance quote. They gave me a great rate with an insurance company that was a TIG subsidiary I had never heard of, and no other agents in my area offered. I was with them for about 2 years, had a claim, and I was very happy with the service and price. But I guess the rates were a little too good, because TIG stopped offering the policy in the state in which I live. The bank-owned agency offered an outrageously expensive quote through AIG to replace the TIG insurance. I moved my auto insurance to another company with a rate close to what I paid with TIG.

I'd insure with a bank offering insurance, but I don't see the advantage of banking with an insurance company like State Farm or Allstate. Their bank rates and products are no better than the large banks, but you have no local branch.