6 ms·
People need to start voting with their #$@& wallets. I closed my WF accounts when all of their shenanigans came to light but their still one of the very bigges
by RhodesianHunter 8y ago
People need to start voting with their #$@& wallets.
I closed my WF accounts when all of their shenanigans came to light but their still one of the very biggest.
- koolba 8y agoThe only explanation for the continued usage of consumer banks that provide sub par service and pay paltry near-zero interest rates is the lack of basic financial education. The majority of people just don’t know any better and think switching banks is a pain. In reality it takes 15 min to open an account online.
- techsupporter 8y agoOr if you want lots of help switching, a local credit union will probably do that, too. I was in a branch of my (not very large, so not really expected to be multilingual) credit union here in Seattle about a month ago and a branch employee was walking a middle-age-appearing couple through switching their automatic debits and direct deposit and such to the account they’d recently opened. And he was doing it in German.
- Scoundreller 8y agoA credit union without any offices in New York City is a good way to protect you against the organisms described here: https://www.bloomberg.com/graphics/2018-confessions-of-judgment/ https://www.bloomberg.com/graphics/2018-confessions-of-judgm...
- tstrimple 8y agoI"ve had two separate mortgages sold without my consent to Wells Fargo. It's been pretty difficult to avoid them.
- bdcravens 8y agoPlus any companies that use Stripe are sending business to WF.
- porpoisely 8y agoVoting with your wallet works if there are viable alternatives. Where are you going to take your business? Bank of America? JP Morgan? There are only a handful of large banks in the US and they all offshore and they are all guilty of shenanigans. Welcome to globalism where the elites send jobs overseas to lower wage nations and pocket the difference. You really can't vote with your wallet when it's an industry wide problem.
- SllX 8y agoDepends how big you need your bank to be to do business with them. There are plenty of viable alternatives if you don’t demand your bank to be one of the 5 largest.
- gumby 8y agoWhy do you need a big bank? I use a community bank; my kid uses a credit union. Your deposits are insured and small banks usually cover ATM fees (though I don't use much cash any more) s there's really no reason not to use a small bank. Plus if you have a problem you can usually call someone and get it fixed immediately!
- Scoundreller 8y agoAnd as a non-American, I like banking through a credit union that doesn’t have any US operations.
- ThenAsNow 8y agoHaving multiple conveniently-located branches, at potentially broader operating hours, where you can talk to a real person is one significant reason.
- gumby 8y agoUsually at the big banks the "real person" won't have the discretion to actually fix your problem.
- 8y ago
- matz1 8y agoI do vote with my wallet, if by moving job overseas, wf can provide better service for me, I will use them.
- sgjohnson 8y agoHow exactly having an overseas call centre is better service? It’s hideous service. Since American Express in the UK outsourced their live chat to the Phillipines and India, I’m not even bothering with using it.
- matz1 8y agoBy reducing the operating expenses, they could, for example lower fee or increasing interest rate.
- mancerayder 8y agoIt's tough to close your accounts if your account is a mortgage. Mortgage account closing requires either lots of money or refinance, and a refinance depends on interest rates of the present day being lower than when you took the original. Finally, it costs thousands to refinance. Add to that, WF gives an interest rate discount for opening a checking account and setting up direct crediting of the mortgage monthly premium.
- ardy42 8y agoAlso, you have very little control over who services your mortgage. I got my mortgage through a regional bank, but then it was sold almost immediately to Chase, who at a minimum collects servicing fees from it.
- downrightmike 8y agoNever got one in the first place FTW.
- bdcravens 8y agoAlso worth noting that companies that use Stripe are sending business to WF.
- nerdwaller 8y agoI’ve been planning to leave WF for a long time, it was just painful to do it. But recently got the motivation and am making that change with a job shift.