– like most banks, WF have a ludicrously outdated web interface that makes doing the simplest thing inordinately painful.
– like most banks, WF suck at providing a complete historical transaction history and search. Case in point – a couple weeks ago I wanted to query a transaction on an older account, after checking online and being transferred between at least four different customer service agents in different divisions, I was none the wiser. The best they could do was offer to send me printed statements, at a $100 cost.
- like most banks, WF make obscene profits while engaging in shady practices - e.g., trying to upsell me every single time I call them, mailing me an offer for a "free" credit score service (that, if you read the small print, is actually a subscription) and not least discriminatory lending practices (c.f., recent settlement with Justice Dept)
Bottom line, they don't deserve my business.
I then moved over to ING. It has been great, but they were bought by Capital One and I am worried that things will go downhill (and I don't particularly want to do business with Capital One). Simple looks like a great alternative--I wish I could get a guarantee that they won't be bought by some shady megabank a year after I take the time to change over.
What's interesting though is that despite these complaints, consumers generally are averse to switching their banks.
So the question is – how valid is that research given consumers haven't had a real alternative?
Now that we're (finally) moving away from paper payments, seems to me that it's a bad idea to bank on consumer complacency. Either way, I'm just happy that there's a decent alternative.