“As a company, we are focused on continually improving this process,” said the spokesman, Jim Seitz.
Sounds like Wells Fargo has the same doublespeak PR department as Facebook.
A bank isn't supposed to "continually improve the process." The whole point of a bank is that it's supposed to do things right the first time.
The good news is that all the good banks have already been strip-mined so that there won't be a second wave of this.
The bad news is that all that's left in the US is shitty banks. I use a credit union for my personal money, but for my companies SVB is about the best I can find. At least they don't engage in shenanigans like this.
I totally agree about credit unions vs. banks; at this point I am leery about dealing with any financial institution that doesn't have "Federal Credit Union" in its name.
I think most credit unions will work with you to open a business account if you are already known to them as a personal member.
True, but they are really set up for small businesses, not startups.
Hm, yes, fair point.
Previously, they got a trillion dollars or so in bailouts, some billions in fines, little control of how they spent the bailouts, and criminal immunity for what led to it. Then, banks like Wells Fargo kept pulling every scam they could on the taxpayer with basically no response from the government. Yeah, they all own the government exploiting it to their benefit. Expect them to do more since it's their country. You always know by looking at who pays [massively] and who gets paid [massively] in unjust ways.
In what ways? If you close your account they need to give you all of your money at the time of closure.
Having worked at a bank, I can tell you that they are scared by how mobile millennials are with their money. They will literally follow the interest rates. With most millennials using credit and not debit/ach, it becomes even easier to move to a new banking provider.
if i have $50K in a checking account they're obligated to write me a check (?) for $50K if i tell them i want to close my account?
if that's correct, does the amount matter? when do AML/KYC laws kick in? will these online focused banks accept new accounts funded with checks over $10K?
You don't need to worry about AML/KYC laws, those are the bank's problem. In fact, using smaller transfers to avoid hitting the $10k threshold is illegal.
If you'll think billing problems will occur, break the transfer into two chunks and keep both accounts open for two months or so until satisfied.
Citibank did that to two of my accounts. Good thing they weren't with Wells Fargo, or I probably would have gotten the same treatment. But I still get messages from Citibank about the phantom accounts and how I'm not maximizing their potential. Amazingly, I can still log in to the accounts online and see that they are closed.
> Citibank did that to two of my accounts. Good thing they weren't with Wells Fargo, or I probably would have gotten the same treatment. But I still get messages from Citibank about the phantom accounts and how I'm not maximizing their potential. Amazingly, I can still log in to the accounts online and see that they are closed.
They probably have to retain login to allow export of your statements.
When I complained, Fargo treated me like I was a criminal. It wouldn't credit me for the money, even though I had the ATM receipt. The branch manager told me he wouldn't even review the security video unless I filed a police report about it.
I drained the account to zero and ignored it. Six months later, I get a letter from Fargo saying that a guy who worked for a company they outsourced ATM maintenance to was skimming cash from the machines. Fargo finally credited me for the missing money, and I closed the account the next week.
Every bank since WF that i've interacted with has been splendid; I think it's just that WF set such a low floor for expectations that ANY decent bank seems far ahead.
I’m glad my only inconvenience is having to recycle the monthly mailings, and not mounting fees, like the people at Wells Fargo!
For reference: https://www.occ.treas.gov/news-issuances/bulletins/1995/bull...
Wells Fargo has checked those boxes for me, and never done me wrong, but they keep screwing over other people. Maybe I should take my money elsewhere.
They do have "branches" in larger cities, where you can deposit large checks, but they won't cash checks or give you money there.
The ATM card automatically refunds you for fees using any one else's bank, which is really nice. This means any ATM is your ATM. The Fidelity credit cards are okay, but they do charge an international transaction fee for currency exchange, which I think is 1% (better than most, but not 0). The website is nice, functional, and the same website for investments/401k/savings/credit cards, and they offer a fair amount of security (2FA) for it. Their phone support is pretty good.
I've only been banking at places that don't have physical branches for the last 15 or so years, and that has only made me happier. Then again, I don't need to interact with a teller on a regular basis.
The interest rates are not good at Fidelity though. So for long term savings, I bank with Ally, and use the websites to transfer money between them. Ally I'd also consider top notch.
For purchases I don't recommend using money in the bank any more (i.e. don't use a debit card). Use a credit card for better protection and pay the credit card from the cash management account. You don't have to get a credit card from the same place you bank. Fidelity has a BillPay feature to initiate payment from your account to the credit card, or you can give your credit card company the ACH account and routing numbers.
The only thing I find lacking is the occasional cash deposit. But you can just buy a money order and deposit that.
Also learning to use a brokerage account with cash management features has a steeper learning curve than a bank account, but the average HNer will have no difficulty.
I hear good things about tech federal and Stanford credit union (I think you need a Stanford connection).
Discover for savings for that 2% interest.
I’ve tried other online only banks, ally for instance. But discover is the only one I’ve found with no fees to order more checks, no fees for maintenance in general, and a pretty great customer support to boot. My only complaint is the slow transaction log. For instance when I pay my credit card, it takes almodt 3 days to show up.
It’s why I moved my checkings to Schwab instead. Almost the same benefits with no fees, no hassle.
I pay for everything with a rewards credit card, and use the ATM (or cash in general) maybe once or twice a year so ATM fees aren’t a concern for me.
IMHO, this is criminal.
Is criminality opinion nowadays? To my understanding if a bank acts like this, there is very little to do. Maybe a class action lawsuit would work in US?
Edit: I assume we're talking about opinion as judgment of objective matters, not opinion as statement of personal preference.
WF would then agree to pay like $50M. The lawyers would take at least half of that or $25M. The 'few impacted folks' the lawyers originally found would get between 50K and 100K each. The remainder would be disbursed to nonprofits because it would be too onerous to find all defendants.
WF would get this monkey off its back. And the actual impacted folks would get zip, zilch, nada.
THEN they get to offset $50 million of current income to reduce their tax bill. I'm surprised more banks don't do this.
This is why class actions can assess punitive damages.
Closed has a clear and expected meaning.
FWIW, last time I closed a bank account I asked for a signature indicating I had no further financial obligation.
This crap has happened before.