Need to Vent - SO FRUSTRATED with Wachovia

[Debbru]

I don't usually post on the Community Board but I am so frustrated right now with Wachovia/Wells Fargo and reallllly need to vent... I'll try to keep it brief but really could use some advice.

In July 2008 my dad passed away and left me an IRA account at Wachovia while I was a resident of New York. I filled out all the paperwork and chose to take the mandatory distributions on my life expectancy. An annual distribution is direct deposited to my account each December. In June 2009 I permanently moved to Florida and changed my address with Wachovia. I have a checking, savings, 2 CD's & this inherited IRA, and all show up on my Consolidated Monthly statement from Wachovia with my correct Florida address.

Last January (2010) I received the annual retirement account statement from Wachovia addressed to my New York address. I immediately called them to correct the problem and was told there was no problem, everything showed that my address was changed. I asked how that could be if the statement I received that day was forwarded from my New York address. They had no answer, but insisted everything was now correct. Three weeks later I received the 1099R for tax purposes - again addressed to New York. Called them again - AGAIN they insisted they had my Florida address in the computer & had no idea how it was addressed to New York.

Fast forward one year - you guessed it! Today I received the annual retirement account statement addressed to my New York addy. (not even sure how or why the post office forwarded it - the one year forwarding order expired last June)! I called them again - same story. Everything's OK, all shows correct in their computer, she was "amazed" that it could be addressed to New York, etc. etc. etc. I asked her when the 1099R would be issued & she said "1/31/11 & will be mailed by 2/18/11". I reminded her that this has to have my correct address because it is sent to the IRS and New York will be looking for income taxes on this money (Florida has no income tax). She assured me AGAIN that everything is correct.

Since she found nothing to change in her computer (because everything is "correct") I am sure the 1099R I get next month will have my New York address. I plan on putting this all in writing tomorrow and sending the letter with copies of the annual statement to the address on the statement I received today but frankly have little hope. I would move this account to another bank, but the IRA is half way into a 5 year CD paying 4.4%, a rate I could not match anywhere at this time.

Not really sure what else I can do - obviously somewhere in their computer something is wrong!!!! Thanks...really needed to vent before I start writing to them.

 

[tvguy]

Banks do strange things. 7 months after my wife and I got married, her bank sent her IRA statement, to my parents address.
We never could get the branch manager to understand that my wife did not live there, had never lived there, had not had mail forwarded there.

Of course, that same year, the IRS wanted to know why my wife hadn't filed a tax return under her maiden name, when she had, under her married name, like, isn't your social security number they use to trace who has filed?

 

[GJM]

We just closed our accounts with Wachovia - we had nothing but problems. The last straw was my DH made a $500 deposit, they put it in as a withdrawal, they even scanned in the deposit ticket. When we told them at the bank I had to wait 2 days to get back our money.

They seemed shocked when I told them the reasons for closing the accounts -

 

[Plutofan1]

I can't stand Wachovia, they gave me nothing but problems. Hope it all works out for you though!

 

[java]

It's not wachovia here anymore now it's wells Fargo.

 

[wdwmom0f3]

I am not sure if this is the case, but the bank may have changed the address on your name, which SHOULD change it on all accounts, but it failed to do this on the IRA. The customer service person needs to pull up the IRA and look at all of the addresses attached to it.

I would also be on the phone with the President of the bank to inform him of this problem. They have a way of getting things done when you are working with someone who can't figure it out.

 

[coolbeans]

I am not sure if this is the case, but the bank may have changed the address on your name, which SHOULD change it on all accounts, but it failed to do this on the IRA. The customer service person needs to pull up the IRA and look at all of the addresses attached to it.

totally agree with this post, also have them check the alternate address field to be sure there is nothing there... also is it brokerage? that may have something to do with it as well.

 

[Debbru]

totally agree with this post, also have them check the alternate address field to be sure there is nothing there... also is it brokerage? that may have something to do with it as well.

According to the person on the phone yesterday, she was looking at the IRA account only on her screen & I did hear her say "Let me look at the alternate address" - both showed my Florida address. She also told me she could see the notation on the account that I called last year about the same thing!

I am going to try callling a separate Wachovia/IRA phone number that I found today in some paperwork that I have.

 

[agnes!]

If there is a Wachovia/Wells Fargo branch within a couple hours driving distance of your home I'd take the time and drive there (calling first to get the manager's name maybe). Sometimes doing these types of things in-person can make a difference .
This can turn into a serious matter if the various states & their agencies get their knickers in a twist about what they think is happening rather than what actually *is* happening.

agnes!