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Remember WF was one of the banks that failed the stress tests after the 2008 financial crisis. I've been trying to get away from WF for a while now, but no othe

Remember WF was one of the banks that failed the stress tests after the 2008 financial crisis. I've been trying to get away from WF for a while now, but no other bank can fill its shoes in terms of online services and ubiquity. Yet it has a culture of predatory capitalism where "your loss is our gain".

yeukhon 10y ago
I lived in SF briefly and noticed the presence of WF everywhere in CA. I am from NYC, so Chase and Citi are more likely to be around. Just curious about "but no other bank can fill its shoes in terms of online services and ubiquity." I don't have that experience with other banks - I find the right agent and I get the right service, not every time, but definitely there are good people I can work with. Mind to clarify your experience with other banks?
- noobermin 10y ago
  In SF more than everywhere else, would you ever need to withdraw cash? I'd think as long as you had apple-pay or a debit card you'd be fine.
  - pohungc 10y ago
    There are still restaurants that are cash only.
  - wcarron 10y ago
    There are many places that are cash only. Tattoo parlors (reputable ones, at that), restaurants, tips for valets, etc. Cash isn't dead just yet.
  - eric_h 10y ago
    I have very little experience in SF, but I'm sure that drugs are still largely a cash business there. Of course, a drug dealer with a square reader plugged into his iPhone would happen first in SF.
- nickbauman 10y ago
  I should have clarified: "no other bank can fill its shoes" should have included the phrase "that isn't just as bad reputation-wise". Citi and Chase may be even worse than WF.
noobermin 10y ago
Perhaps I'm just lucky but I get all I need from a regional bank in my state. I am lucky I don't travel a too much and I never withdraw cash, so I don't have to worry about the ATM fees. Online services are just about okay for me.
mark_l_watson 10y ago
I am limiting the amount of money I keep in Wells Fago (for their online services, etc.) and am instead using two locally owned and run credit unions. As convenient? No, but it feels more secure.
- gricardo99 10y ago
  I abandoned the big banks long ago, choosing to exclusively use credit unions. I use online banking, bill pay etc... The only thing I can think of that I can't get from my credit union is depositing a check via phone/photo. For me that's not a big deal, a local ATM machine works fine for those infrequent occasions. What other online services am I missing out on, that only the big banks have?
  - x0x0 10y ago
    I can strongly recommend, with minor caveats, SFFire and Provident CU. SFFire is mostly sf, Provident is mostly peninsula. Both offer smartphone check deposits. Minor caveat: don't open your account or apply for loans online. They both "offer" it, in the sense it's theoretically possible to do, but a giant pita. Just go to a branch. Provident took 3 weeks to replace a stolen credit card. Other than that, they're great. I've been in branches for the two probably 5 or fewer times total in 8 years of being a customer. Also, a human answers the phone when you call! One that's empowered to help you!
bratsche 10y ago
I never wanted to do business with WF in the first place, but I bought a house a few years ago and the mortgage company sold my mortgage to WF. Being forced to be someone's customer against your will sucks.
- mericsson 10y ago
  Perhaps you can refinance? Lots of banks offer no-fee refinances. I used Cash Call (not that they have an amazing reputation) but they did a good job with my refi.
  - URSpider94 10y ago
    ... and then it's very likely that you will end up back with Wells Fargo, since they are one of the few banks that service mortgages. Most finance companies sell your loan shortly after originating it.
    - Johnny555 10y ago
      Yep, happened to me -- had a mortgage with WF, refinanced through a broker and had a mortgage at another bank, then 6 weeks later, got a notice saying that WF bought my mortgage, so I was back with WF.
    - mahyarm 10y ago
      Citibank tends to keep the mortgage servicing to themselves. They might sell it to fannie mae or similar but you still deal with them as far as payments go.
- ScottBurson 10y ago
  Try a credit union. I would think it unlikely that they would sell your mortgage.
  - cardiffspaceman 10y ago
    Well it may be unlikely but it did happen to me, and presumably "several" other members of my credit union
mahyarm 10y ago
What is special about WF? I use schwab as a main account (free ATM usage world wide w/ no currency exchange fees), keep a free BoA eChecking account for cash deposits that I haven't done in years and have credit cards with various banks. I also use schwab & vanguard for index funds.
- nevir 10y ago
  Ditto; switched from WF to Schwab and haven't looked back.
  - kxyvr 10y ago
    I looked at moving an account to Schwab, but it looked like they cut off their international wires. Did you receive any internal message about this? I may have been mistaken, but I recall when I looked a little over a year ago they offered the service, but when I look now, they do not: https://www.schwab.com/public/file/P-6425867/SLS77378-01.pdf https://www.schwab.com/public/file/P-6425867/SLS77378-01.pdf As a slight aside, since I've been hammered by this in the past, even if the card says no foreign transaction fees, that can be sort of a lie if you're getting screwed on the foreign exchange rate. Unfortunately, figuring out that rate can be extremely difficult not just because the spot rates changes daily, but because most banks won't disclose their formula. At least for wires, some banks like BofA and Wells Fargo take upwards of 4% off the spot rate (think xe.com numbers) in addition to fees. Though, do they do not and not required to call this a fee. Basically, what I found is that the no foreign transaction fee cards can be a scam. I have no idea what Schwab is like and I'd be curious to hear.
- ams6110 10y ago
  I use a local credit union. I don't understand what the big national banks offer that is appealing. What "online services" do they offer that every local bank/CU in 2016 doesn't offer as well?
  - kchoudhu 10y ago
    Global ATM fee reimbursement and 24/7 customer service. Helpful when you travel a lot.
was_boring 10y ago
I've never been a customer of wells fargo, but USAA is great if you can get in. They don't have any branches, but I've never had an issue with that in the 5 years I have been a customer of theirs.

yeukhon 10y ago

I lived in SF briefly and noticed the presence of WF everywhere in CA. I am from NYC, so Chase and Citi are more likely to be around. Just curious about "but no other bank can fill its shoes in terms of online services and ubiquity." I don't have that experience with other banks - I find the right agent and I get the right service, not every time, but definitely there are good people I can work with. Mind to clarify your experience with other banks?

noobermin 10y ago
In SF more than everywhere else, would you ever need to withdraw cash? I'd think as long as you had apple-pay or a debit card you'd be fine.
- pohungc 10y ago
  There are still restaurants that are cash only.
- wcarron 10y ago
  There are many places that are cash only. Tattoo parlors (reputable ones, at that), restaurants, tips for valets, etc. Cash isn't dead just yet.
- eric_h 10y ago
  I have very little experience in SF, but I'm sure that drugs are still largely a cash business there. Of course, a drug dealer with a square reader plugged into his iPhone would happen first in SF.
nickbauman 10y ago
I should have clarified: "no other bank can fill its shoes" should have included the phrase "that isn't just as bad reputation-wise". Citi and Chase may be even worse than WF.

noobermin 10y ago

Perhaps I'm just lucky but I get all I need from a regional bank in my state. I am lucky I don't travel a too much and I never withdraw cash, so I don't have to worry about the ATM fees. Online services are just about okay for me.

mark_l_watson 10y ago

I am limiting the amount of money I keep in Wells Fago (for their online services, etc.) and am instead using two locally owned and run credit unions. As convenient? No, but it feels more secure.

gricardo99 10y ago
I abandoned the big banks long ago, choosing to exclusively use credit unions. I use online banking, bill pay etc... The only thing I can think of that I can't get from my credit union is depositing a check via phone/photo. For me that's not a big deal, a local ATM machine works fine for those infrequent occasions. What other online services am I missing out on, that only the big banks have?
- x0x0 10y ago
  I can strongly recommend, with minor caveats, SFFire and Provident CU. SFFire is mostly sf, Provident is mostly peninsula. Both offer smartphone check deposits. Minor caveat: don't open your account or apply for loans online. They both "offer" it, in the sense it's theoretically possible to do, but a giant pita. Just go to a branch. Provident took 3 weeks to replace a stolen credit card. Other than that, they're great. I've been in branches for the two probably 5 or fewer times total in 8 years of being a customer. Also, a human answers the phone when you call! One that's empowered to help you!

bratsche 10y ago

I never wanted to do business with WF in the first place, but I bought a house a few years ago and the mortgage company sold my mortgage to WF. Being forced to be someone's customer against your will sucks.

mericsson 10y ago
Perhaps you can refinance? Lots of banks offer no-fee refinances. I used Cash Call (not that they have an amazing reputation) but they did a good job with my refi.
- URSpider94 10y ago
  ... and then it's very likely that you will end up back with Wells Fargo, since they are one of the few banks that service mortgages. Most finance companies sell your loan shortly after originating it.
  - Johnny555 10y ago
    Yep, happened to me -- had a mortgage with WF, refinanced through a broker and had a mortgage at another bank, then 6 weeks later, got a notice saying that WF bought my mortgage, so I was back with WF.
  - mahyarm 10y ago
    Citibank tends to keep the mortgage servicing to themselves. They might sell it to fannie mae or similar but you still deal with them as far as payments go.
ScottBurson 10y ago
Try a credit union. I would think it unlikely that they would sell your mortgage.
- cardiffspaceman 10y ago
  Well it may be unlikely but it did happen to me, and presumably "several" other members of my credit union

mahyarm 10y ago

What is special about WF? I use schwab as a main account (free ATM usage world wide w/ no currency exchange fees), keep a free BoA eChecking account for cash deposits that I haven't done in years and have credit cards with various banks. I also use schwab & vanguard for index funds.

nevir 10y ago
Ditto; switched from WF to Schwab and haven't looked back.
- kxyvr 10y ago
  I looked at moving an account to Schwab, but it looked like they cut off their international wires. Did you receive any internal message about this? I may have been mistaken, but I recall when I looked a little over a year ago they offered the service, but when I look now, they do not: https://www.schwab.com/public/file/P-6425867/SLS77378-01.pdf https://www.schwab.com/public/file/P-6425867/SLS77378-01.pdf As a slight aside, since I've been hammered by this in the past, even if the card says no foreign transaction fees, that can be sort of a lie if you're getting screwed on the foreign exchange rate. Unfortunately, figuring out that rate can be extremely difficult not just because the spot rates changes daily, but because most banks won't disclose their formula. At least for wires, some banks like BofA and Wells Fargo take upwards of 4% off the spot rate (think xe.com numbers) in addition to fees. Though, do they do not and not required to call this a fee. Basically, what I found is that the no foreign transaction fee cards can be a scam. I have no idea what Schwab is like and I'd be curious to hear.
ams6110 10y ago
I use a local credit union. I don't understand what the big national banks offer that is appealing. What "online services" do they offer that every local bank/CU in 2016 doesn't offer as well?
- kchoudhu 10y ago
  Global ATM fee reimbursement and 24/7 customer service. Helpful when you travel a lot.

was_boring 10y ago

I've never been a customer of wells fargo, but USAA is great if you can get in. They don't have any branches, but I've never had an issue with that in the 5 years I have been a customer of theirs.