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Wells Fargo

Discussion in 'BBS Hangout: Debate & Discussion' started by arkoe, Sep 14, 2016.

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  1. arkoe

    arkoe (ง'̀-'́)ง

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    Anybody get signed up for accounts they didn't request?

    They called and offered me overdraft protection a decade or more ago and never explained that what I was really agreeing to was opening a credit card to cover the account. I was surprised when it showed up in the mail a few weeks later.

    Seeing they became even more dysfunctional here recently has me questioning if it's time to close shop with them. I have most of my money in Ally accounts but kept my WF checking account open for cases when I needed a physical bank.

    Anyone else thinking of jumping ship?
     
  2. jcee15

    jcee15 Contributing Member

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    Gonna switch for sure dude. Opening lines of credit in anothers name is pretty low.
     
  3. adoo

    adoo Member

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    and to open w whom ?

    before this mess, WFC has been recognized as one the most respected and well-run financial institution in the US. i don't this "bonus-system-gone-amok" is limited to WFC.
    it'd not be far-fetch to infer that this type of collusion among employees is not industry-wide.
     
  4. TheresTheDagger

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    I worked in a call center -- "Banker Connection" for Wells Fargo in the last several years for a couple of months. I was trained to take calls not from customers, but when the bankers themselves ran into issues they couldn't handle. Incredibly high pressure job that required me learning 9 separate systems and handling anything and everything including:

    Wire transfers tracking
    Patriot Act issues
    Lost/stolen CC's, Checks, ACH transfers
    Trust/Estate questions
    Tax forms
    and much much more.

    I can tell you from working there 3 things about the company.

    1. Bankers run the gamut from very competent to complete idiots.
    2. The pressure to deliver numbers was EXTREMELY high.
    3. Wells pays their people pretty bad. I was making less than $15 an hour for a job that should have paid twice that for what was asked of the employees.

    I quit after 2 months...because of the above but also because the pressure to perform was intense. I was still in training for my job when I received my first corrective action. I got it because my score on my call evaluation was 88%...considered failing. I would have scored 100% except I didn't use the banker's name during the call which dropped me to 88%. Nothing else wrong on the call...got the issue correct and fairly quickly.

    I quickly determined what kind of company I was working for and got out. Most of the folks who went through training with me are now also gone. Super high turnover place. Too bad too. The job was interesting and fulfilling...but high pressure/low pay is a bad combo.

    Glad I got out when I did on my own terms...
     
  5. JuanValdez

    JuanValdez Contributing Member

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    I used to do business with them a long time ago. It seemed like they started charging me for things other banks did for free. I let it go for a little while but eventually wised up and switched to an internet bank. Then they came to me and said, 'oh you shouldn't leave, we can give you all these things for free.' But, they weren't willing to refund me all the fees they'd previously taken from me. You can shear a sheep every year, but you can only skin him once.
     
    1 person likes this.
  6. arkoe

    arkoe (ง'̀-'́)ง

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    Haven't decided where to switch to, that was the obvious next question. Am also wondering if similar stories will come out from other banks.
     
  7. Turbo

    Turbo Contributing Member

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    This practice isn't confined to just Wells Fargo - they're just the first ones to get caught doing it. And I'm sure the firing of the 5300 front line employees fixed the problem :rolleyes:

    For anyone still using big banks, please consider going to a community financial institution instead - the service is better, the rates & products are just as competitive and they aren't 'too big to fail' (among other reasons). With technology what it is today (and where it's going) the only real reason I can think of needing a branch to go to is to have a safe deposit box.
     
  8. Space Ghost

    Space Ghost Contributing Member

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    Wells Fargo has always been a terrible bank for consumers. I can't speak for the business side, but I would never let them touch my personal money.

    I've dealt with Wells Fargo. I've also dealt with banks who provide great service. All national banks are terrible. Bank One, Capital One, Wells Fargo ... I would never touch them for banking needs.
     
  9. adoo

    adoo Member

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    name some.

    all financial institutions provide less-than-genuine customer service; , in my experience, BoA stands out as being the worst
     
  10. Space Ghost

    Space Ghost Contributing Member

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    Local or regional banks or credit unions. Most of them allow you to do banking from your phone (deposit checks, ect..) and you can always stop in a grocery store for cash. If you must deposit cash and there are not a lot of branches, that could be an issue.
     
  11. Dairy Ashford

    Dairy Ashford Member

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    They seemed to have one of the better online banking interfaces for a while, but they've recently changed it and I just don't like it. I won't go anywhere but it's a little annoying.
     
  12. Junkyard_Dog

    Junkyard_Dog Member

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    Open an account with a local credit union. I suggest TDECU if you have it in your area
     
  13. robbie380

    robbie380 ლ(▀̿Ĺ̯▀̿ ̿ლ)
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    Go to a credit union or local bank. I'm about ready to move my money out of Wells Fargo after this last incident. Our business account would get charged service fees for supposedly not having enough money in them when they did. We would had to go to a branch a couple times to fix this problem. I've had many other problems with Wells Fargo before that. Not sure why I have continued to bank with these losers since I have gotten far superior service at credit unions.
     
  14. ima_drummer2k

    ima_drummer2k Contributing Member

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    I say this in every "big evil banks" thread, but I've been with Chase since they bought WaMu and have had nothing but good experiences with them. Their website is awesome (just redesigned) and their phone app is even better. Both are so good that it's almost like banking with an online bank. I haven't been in a branch in years. They have ATMs all over the place.

    Really no reason for me to switch to a podunk credit union (yet).
     
  15. TheresTheDagger

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    I too bank with Chase and have ever since they bought out Texas Commerce Bank back in the 90's. (remember them?)

    I would second the above post. Your experience is the same as mine...and I don't live within 500 miles of a Chase retail location. Even though I moved from Texas to Montana, it still works for me.
     
  16. adoo

    adoo Member

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    http://www.usatoday.com/story/money...-ceo-john-stumpf-congress-testimony/90726424/


    Wells Fargo CEO, John Stump, was grilled at a Senate hearing.
    while apologizing for the fake accounts misdeed, he kept on arguing that it was not part of an "orchestrated" scheme and refusing to push for a claw back of executive compensation, including his own

    He said he did not learn of the scandal until around the time the Los Angeles Times published a report on the matter in 2013.
    Reminiscent of Enron's CEO, Ken Lay, who had also played the similar "convenient deniability" card ​
     
  17. AroundTheWorld

    Supporting Member

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    <iframe width="560" height="315" src="https://www.youtube.com/embed/xJhkX74D10M" frameborder="0" allowfullscreen></iframe>
     
    FranchiseBlade likes this.
  18. FranchiseBlade

    FranchiseBlade Contributing Member
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    Holy Cow! Elizabeth Warren, on point.
     
  19. Dairy Ashford

    Dairy Ashford Member

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    Nope; in fact right now I'm more annoyed with completely legitimate, federal regulations like the withdrawals limit on savings accounts.
     
  20. Dairy Ashford

    Dairy Ashford Member

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    Enron's stuff was in Treasury and Financial Planning so a PhD economist in the C-suite would have seen all of it, this is more retail transactions on sales quotas and delegation without direction crap.
     

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