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Done with Wells Fargo

I've made a decision today, and I'm typing it here so that I will see it, and so that others can remind me of it.

I'm done with Wells Fargo.

Understand, I've enjoyed the convenience of Wells Fargo, and at times, have even liked Wells Fargo's level of customer service.

However, in the past three years, over $XXX,XXX.00 has gone through my Wells Fargo accounts.

In the past month and a half, Wells Fargo has charged me $183 in overdraft fees, and $4 just for picking up the phone to talk with a banker. One of those fees was a legitimate overdraft. Another was Wells Fargo's error (which the banker reported in his notes he had refunded to me as a one-time courtesy). The other $120 in fees was over weekend timing issues, and Wells Fargo, because they already refunded one overdraft as a "one-time courtesy" is unable to do any more. But they're glad to have been of service.

Wells Fargo also charges me 23% interest on a credit card that I have never once missed a payment on.

I called in, and then wrote in, to request a lower interest rate. Their response was simply that they were unable to help me at this time, but that they appreciated having me as a customer.


So, even though it will be less convenient, I'm going to begin the process today of migrating away from Wells Fargo entirely.

And Wells Fargo, if you're reading, and want to try to gain me back as a banking customer, please feel free to call me. Your ATM's are convenient, your staff is polite, but your policies and fees are ridiculous. You know how to reach me, and I'd appreciate the opportunity to hear from you... that is, if you're not going to charge me for the phone call.

Anyone else want to share their Wells Fargo experience?

Comments (9)

Cara Valente-Compton commented:

Ah yes, please read my blog entry entitled "Greedy Bank Bastards: A Cautionary Tale". They still have my money, and are dangling the promise of "revising my account next week" (provided that we not spend a penny in it) to address reversing some of those overdraft fees. The bank manager actually referred to us as "check kiters" not thinking that perhaps we could be JEWISH! (We are not but I am not above claiming to be to affect the proper amount of outrage and shame to get our money back.)
Anyway, please read it and pass it along, I am trying to get the word out. I am also going to post a link to your entry on my blog. Thanks!

Posted by Cara Valente-Compton | August 24, 2006 7:41 AM

Chandira commented:

Hullo. I got here via Liberaltruthsayer, and I am also a bit PO'd at WFargo's 'overdraft protection' system, to say the least. I'm about $60 out in fees, which I have had to fight to get back. That one time thing is BS, by the way, they have refunded my fees a number of more times than that, but I had to pester them until they gave in.

Twice to my knowledge at least, I was nowehere near overdrawn when fees were charged. Grr..

Take comfort, WF reads blogs. Somebody there showed up on my site meter! Keep blogging.

Posted by Chandira | August 24, 2006 9:28 AM

adeyosola adebiyi commented:

Hi Jonathan!

I am just a lowly student and unfortunately i do not earn such grand sums but my goodness I also have had quite enough of wells fargo! I am a foreigner in this country doing my masters degree here. I earn a miserable $800 and i am struggling to save something out of this but alas, wells fargo doesnt want that! when I first got here, I made a call to customer service then was charged for this 2 months later! Recently, I was charged an overprotection fee by Wells Fargo for a check i had dated 08/02/2006 but had been paid in when I had the funds available. Now, just yesterday, they paid out a check I had post dated. their reason was that THEY DO NOT CHECK THE DATES ON THE CHECK only the date it is presented. Which one is it? I HATE wells fargo now. I hope they read this.....thank you for time.

Posted by adeyosola adebiyi | August 25, 2006 9:04 AM

Ms Marty Dick commented:

We haven't had probs with WF but insert Chase into your ranting and there I am! We moved all our money to our credit union... We get FREE checking with no minimum balance. Interest on whatever is left after our retirement checks are scttered to the 4 winds. And as seniors we don't have to pay for carbon checks. If you can join a credit union I recommend it. Some of them are community credit unions and you don't have to be employed by a certain entity to join.

Posted by Ms Marty Dick | August 30, 2006 1:10 PM

Jonathan commented:

This is a follow-up to my post above. I'm not done with wells fargo just yet. I sent them the letter I posted below, just today. I'll post my responses here.

Hi Wells Fargo,

I have two bank accounts and a credit card with you.

I have written in the past regarding the credit card (overdraft protection), and am now writing again.

I believe I have been a relatively decent customer for Wells Fargo, having moved over $XXX,XXX through my accounts with you in the past three years.

You may perhaps disagree with this statement. I don't have any record of ever being late on a payment with this card, but seeing that you are currently (still) charging me 23% (or higher) interest on this card causes me to wonder how valuable I really am to you as a customer.

I am once again writing you to request a lower interest rate. It is significantly easier for me to have this debt in the same place as my bank accounts, and your online tools make it easy for me to make payments on this account.

However, if you can not lower this interest rate, and do so relatively quickly, I will be shopping for a lower rate elsewhere.

Please let me know your decision at your earliest convenience.

Jonathan Kraft

Posted by Jonathan | September 4, 2006 12:06 AM

Jonathan commented:

So here's Wells Fargo's Response. This is GREAT!

BTW, I'm now REALLY done with Wells Fargo.

Dear Jonathan Kraft: We regret to inform you that your account does not currently qualify for a reduced interest rate on your credit card account. We welcome you to check back with us periodically in the future to see if any promotional offers have become available. If you have any questions, please contact our Credit Card Customer Service department at 1-800-642-4720. Our staff is available 24 hours a day, 7 days a week to assist with all your credit card needs. We appreciate your business and thank you for banking with Wells Fargo. Sincerely,Wells Fargo Card Services, 7000 Vista Drive, West Des Moines, IA 50266

I let WF (or WTF) know that I would be moving banks and moving the credit debt over as well.

Apparently I'm not a valuable enough customer to Wells Fargo to qualify for the convenience of having debt financed at a reasonable rate of interest. I don't even qualify for unreasonable. More likely, I qualify for the "exorbitant" category. adj. def: Exceeding all bounds

Now I'm just ranting... Anyone else want to jump on the bandwagon (or, more appropriately, jump OFF of the Wells Fargo stagecoach)?

Posted by Jonathan | September 5, 2006 2:25 PM

Kristofer Dale commented:

Here's another heartwarming holiday story for you. I work in Albuquerque, NM (yes, the so-called "Land of Enchantment", but that's another story) and I was working in the "far heights" late this Friday evening, December 22, 2006, on an interior design project. With 15 minutes to spare in order to deposit checks totalling around $20,000 needed to cover business expenses and holiday purchases, I covered the distance to my nearest Wells Fargo branch at the corner of Juan Tabo and Montgomery Boulevards in just over ten minutes time on icy streets (no, I wasn't going over the speed limit, there was too much holiday traffic), only to be stopped at a long red light at the adjacent intersection to the branch. Finally, I rolled up and parked in front of the front door right as a bank employee wearing slacks and a white or light dress shirt, dark curly hair, about average height (I hope this is enough of a description to get his chicken-shit candy-ass fired, but suppose that would be expecting too much from a corporation that clearly does not give a rat's ass about its customers) strolled up and locked the door while watching me wave. As he turned and strolled away without any acknowledgement, I checked my T-Mobile auto-updated cellular phone and saw that it was 5:58 pm, presumably two minutes before official closing time. Thanks for caring! Here's wishing for a lovely Wells Fargo bankruptcy in the coming year, you flaming assholes...

Posted by Kristofer Dale | December 23, 2006 1:21 AM

Erica commented:

This comment is a little late on your blog, but I saw it and had to comment. I Just got off the phone in tears with an assistant and manager of wells fargo. I have never been talked to so rudely in my life!

After loosing my job I called into golds gym to stop payment on my account. They said they could do it, but i called wellsfargo as well to have them put a stop payment on the account as well. They said they should be able to, but it was such short notice that the payment might still go through. Well it did and no overdraft fee came through. I called wellsfargo to ask them to waive the overdraft fee they said that they could not see one but to wait till tommorow and if i did not see one to go into the bank and pay off the 30 dollar bill from the gym.

However, if i did get the bill to call them because they would probably be able to waive the fee. Well morning came and i got online-there was no fee. I went into wells fargo to pay off my bill, and asked the teller if there would be an overdraft fee. She said no, that because i was paying it off then that there would be no fee. So i paid off the account and added and extra 60 dollars for a phone bill I would pay that afternoon.

I paid the 57 dollar phone bill and later that evening checked online to make sure that there was still no overdraft fee. A week later i check my account, and I am negative 64 Dollars. So I called wells fargo to tell them my story and all I could get out of them was sorry you signed a paper that we could take that money so deal with it. In tears i asked to speak to a supervisor.

I had spent the last of my money on my bills to hold me over until i got another job. Most of that money was from change that i had scavanged for, but again I was told the same thing. I've never been so insulted and talked down to and belittled on the phone before in my life.

Posted by Erica | November 5, 2007 5:45 PM

Strive4impact commented:

So, I have a confession... I wrote this post over a year ago, and still have my Wells Fargo accounts.

I'm using them significantly less than I was, but still using them nonetheless.

I'm working to move away from any large banks though.

Thanks for commenting Erica, and I'm again sorry to hear such awful customer service from a place which is holding your finances.

A Wells Fargo rep. recently told me that I could get a fee-free account once I have $25,000 worth of business with them...

This can include a mortgage, but I guess "fee-free" only goes for elite customers when it comes to Wells Fargo.

Posted by Strive4impact | November 6, 2007 1:15 AM

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