Stoopid Wells Fargo!

[Alsobrook]

Don't put all the blame on Wells Fargo and others. Some if it belongs to the two whom the bill is named after. Consider it yet another case of the "Law of Unintended Consequences".

Unintended Consequences my rear......this was a well discussed, accepted part of the deal. They knew exactly what would happen.

 

[nunzia]

Oh..I blame the proper folks...but I also think the banks are making decisions that will lead to consequences they don't think out. If enough people get mad (probably not since most seem to be pretty apathetic) they will change banks or play the game to their own benefit like I am. Banks should make reasonable investments not wacky crazy ones and that is one regulation I have to agree with..if the gov't bails out YOUR mistake (and by having FDIC insurance, the banks really won't take the hit as they should) then they have the right to control you in a sense..it's the whole beggars can't be choosers..banks got greedy like so many and we are all the ones screwed in it. BUT back to point at hand. OK, so now their swipes are capped..so instead of just running their business better let's just knee jerk pass it on, well, if we pay attention we can do our best to beat them at their own game. Capitalism..make as much as you can..personal finance, keep as much as you can. So, now instead of them only getting what, 12 cents a swipe..they get NO swipes and no 12 cents. I already played their game to avoid fees on Bill Pay, avoid fees for just HAVING an account, and now will stop using debit which will probably save me some money also since I've read people spend more when debiting just as they do with credit then they do with cash. And again, one more thing and it will be worth it to shift everything to my credit union where I already have some of my main saivings (along with ING) since they actually pay a bit of interest, unlike Wells Fargo. To make it even funnier, when I called WF to ask questions about the changes, the agent then tried to UPSELL me on Car insurance and home owners..uh huh..and got a bit pushy about it. Just stop..ok?

 

[furb & dez]

The main issue is that banks (well, all corporations, really) are not content with reasonable profit; ridiculous profit is what they want... to satisfy their shareholders.

The shareholders are ultimately the real problem.

 

[CKBear]

I'm switching banks for the second time in a little under a year. About a year ago, my credit union started charging me .25 every single time I used my debit card, which I use for everything. The bank I switched to has started charging $4 per month to use my debit card, so I've switched to a bank that doesn't charge me fees and refunds any atm fees I might be charged if I use an atm that is not theres.

If that bank starts to charge me fees, I'll switch again.

Oh my credit union never even informed me of the .25 fee, I noticed it when I went to check my balance one day. Needless to say they heard a lot from me that month.

 

[Taja]

My husband closed his credit union account when they started charging him a monthly fee just for having the account. So not all credit unions are the same.

As for Wells Fargo, so far I haven't had any fees. I keep well more than $1500 in one of my accounts there and I don't use a debit card. I'm just waiting for them to find some way to charge me for something soon. And when they do, I'm leaving them as well.

Have your DH check with his credit union for options to avoid paying monthly fees. Mine has a requirement for any two of four options: 1) At least one Direct Deposit monthly (I think it's any amount, but some do have a minimum); 2) Receive e-statements rather than paper statements; 3) Maintain a minimum checking account balance; or 4) Use a debit card.

Each credit union sets its own requirements for fee-free checking.

 

[Jeff_G]

The main issue is that banks (well, all corporations, really) are not content with reasonable profit; ridiculous profit is what they want... to satisfy their shareholders.

The shareholders are ultimately the real problem.

Ummm really, you begrudge shareholders for wanting their investments to increase??? Do you get interest from your bank accounts, own any stocks, how about a retirement account? YOU are a shareholder and I bet you want your retirement account to go UP in value?

Do I want the corporations that my retirement accounts are invested in to make "ridiculous profits" YOU BET! I want to be able to retire in comfort.
I also want them to make sound decisions that result in the free market system increasing their share value.

Its when you have a third party messing up the system with intended or unintended consequences that I get really annoyed. Leave things alone and let the market place work itself out.

 

[Swimalie]

Have your DH check with his credit union for options to avoid paying monthly fees. Mine has a requirement for any two of four options: 1) At least one Direct Deposit monthly (I think it's any amount, but some do have a minimum); 2) Receive e-statements rather than paper statements; 3) Maintain a minimum checking account balance; or 4) Use a debit card.

Each credit union sets its own requirements for fee-free checking.

This is a credit union with only 4 branches over 800 miles from us now. It was not one we were going to use on a daily basis by any means and we will not get a debit card. Now we have a much larger bank (and he travels a lot so having access all over the US is nice) and no fees what so ever. Even free checks, free safety deposit box, etc. We don't miss the fee charging credit union now (we closed the account over 2 years ago).

 

[nunzia]

Ummm really, you begrudge shareholders for wanting their investments to increase??? Do you get interest from your bank accounts, own any stocks, how about a retirement account? YOU are a shareholder and I bet you want your retirement account to go UP in value?

Do I want the corporations that my retirement accounts are invested in to make "ridiculous profits" YOU BET! I want to be able to retire in comfort.
I also want them to make sound decisions that result in the free market system increasing their share value.

Its when you have a third party messing up the system with intended or unintended consequences that I get really annoyed. Leave things alone and let the market place work itself out.

agree..BUT..I do NOT think banks that are using money put there by depositers..and are therefore guaranteed by the government, should be able to make what were clearly risky dangerous investments (ie bundling bad mortgages, that, of course, were only made in the first place because of government interference) and then knowing any losses to capital would be covered by government. Those types of investments should be made only by an investment arm of a company, not a banking arm. Yes, as a shareholder I want return and high return is good, but people also need to realize you can't ALWAYS have big returns..that becomes unsustainable like everything else. There are other ways to make profits besides constantly raising prices and that's what smart companies do. Oddly enough, Gallup called me last night to do a survey on my Wells Fargo calls about the higher fees. My biggest complaint was the upselling at the end..yes, I've been in retail and restaurants and know all about how important that is, but it was an inappropriate time. (Actually, why are banks also insurance companies??) Anyway..how about having agents all ready to suggest you look into their insurance products and if you buy insurance from them ALL FEES associated with banking would be waived..more profit and no nickel and dimeing a long time customer.

 

[DISNEYSIX]

Oh joy, another bash the mean banker thread and it is your government who you should be directing your anger at as they caused this when they slipped in at the last minute the Durbin Amendment into the Dodd-Frank Bill which capped debit card fees below industry costs. And, don't think that your local credit unions and small banks won't be following suit. Another example of how the government should not be meddling in the private sector. They can't even balance their own checkbook yet they know what is best for us consumers? Here is a good article on how your incompetent government has screwed you again.

http://www.statesman.com/opinion/why-banks-are-raising-debit-card-fees-1904365.html

 

[furb & dez]

1. Do I want the corporations that my retirement accounts are invested in to make "ridiculous profits" YOU BET!
2. I also want them to make sound decisions that result in the free market system increasing their share value.

Pick one of the above. You can't have both.

 

[nunzia]

Oh joy, another bash the mean banker thread and it is your government who you should be directing your anger at as they caused this when they slipped in at the last minute the Durbin Amendment into the Dodd-Frank Bill which capped debit card fees below industry costs. And, don't think that your local credit unions and small banks won't be following suit. Another example of how the government should not be meddling in the private sector. They can't even balance their own checkbook yet they know what is best for us consumers? Here is a good article on how your incompetent government has screwed you again.

http://www.statesman.com/opinion/why-banks-are-raising-debit-card-fees-1904365.html

if you read the whole thread you'd know that is plenty of bashing of goverment going on as well..

 

[C.Ann]

My husband closed his credit union account when they started charging him a monthly fee just for having the account. So not all credit unions are the same..

I just mentioned this on another thread - that CU's are headed in this direction too.. However I can't mention the source of this information on the internet lest the person who shared the info could very well lose a high-paying job..

Back to burying it in the backyard eventually..

 

[furb & dez]

I just mentioned this on another thread - that CU's are headed in this direction too.. However I can't mention the source of this information on the internet lest the person who shared the info could very well lose a high-paying job..

Back to burying it in the backyard eventually..

CUs generally follow what the banks do anyway, so it's not like this is a surprise in any way, shape, or form.

 

[DISNEYSIX]

if you read the whole thread you'd know that is plenty of bashing of goverment going on as well..

No there isn't. This thread is like the Occupy Wall Street Protestors, totally oblivious to the real problem.

 

[Jeff_G]

agree..BUT..I do NOT think banks that are using money put there by depositers..and are therefore guaranteed by the government, should be able to make what were clearly risky dangerous investments (ie bundling bad mortgages, that, of course, were only made in the first place because of government interference) and then knowing any losses to capital would be covered by government. Those types of investments should be made only by an investment arm of a company, not a banking arm.

Yes I agree and up until 1999 the Glass–Steagall Act prevented this from happening, then congress stepped in and allowed your commericial bank to consolidate with its investment arm and use your deposits and its loans to invest or create a wonderful pos called the mortgage backed security.

And yes why should the bank care if it makes crappy investment decisions when the government will just bail them out with our children and grand children's future.

My biggest complaint was the upselling at the end..yes, I've been in retail and restaurants and know all about how important that is, but it was an inappropriate time. (Actually, why are banks also insurance companies??)

Agree I called my bank and told them to stop sending me all that garbage in the mail that I wasn't going to purchase anything from them and never wanted to see another mailer from them again... I am shocked that the phone call has seemed to have worked...


Sigh, for the first time I am beginning to worry about my children's future, I'm saving like mad to send them off to college, and I wonder will they be able to find a job even with a college degree when they get out?

I was joking with my co workers why not just take the college money and buy your children a small starter house. They might be better off in the end and heck at least they would not be sleeping on you couch!

 

[Swimalie]

Agree I called my bank and told them to stop sending me all that garbage in the mail that I wasn't going to purchase anything from them and never wanted to see another mailer from them again... I am shocked that the phone call has seemed to have worked...

When the deal between Wells Fargo and Wachovia first came about, I started getting mail and phone solicitations. The calls were coming from 3-4 different numbers which took up a lot of space in my "block" list on my phone. So I wrote the president of Wells Fargo and told him how I was not happy I was being solicited and opted out of everything with Wachovia. He forwarded the letter on to someone with Wachovia and they wrote me back. I haven't gotten a phone call or piece of mail since. I told them if I got anything else from them, I was leaving immediately. It worked and they stopped

 

[nunzia]

No there isn't. This thread is like the Occupy Wall Street Protestors, totally oblivious to the real problem.

Wow..really?? I find that offensive as I am probably a polar opposite of Occupy Wall Street..As I believe I said several times..it is Wells Fargos job to make as much money as it can in a capitalistic society which so far we still are, and it is my job, as someone in charge of my personal finance, to keep as much of mine as possible. . which is what many are doing as a logical response to the bank's respone of yet more inept regulation. Of course Dodd Frank isw causing much mess in banking as did another Frank bill start so much mess in housing. My point is that there are many ways to achieve profit and many ways creative thinkers can do that without angering those from whom they derive that profit. This whole country and its corporations are in a state of knee jerk short sided 'solutions' to what need to be long term plans. It seems so many, in government, business and their personal lives just don't think things through to logical conclusions..bail out bail out then regulate regulate, but heaven forbid we use any sense in either.
I'm much more Tea Party then Wall Street 99er and where is John Galt when you need him?