4 ms·

Now I don't think any bank is your friend, but WF is probably one of the least bad options (among the big banks -- there are arguments to support a small local

Now I don't think any bank is your friend, but WF is probably one of the least bad options (among the big banks -- there are arguments to support a small local bank instead, although today's news put that somewhat in question). I've been customer of them for 20+ years and there were few irregularities (all, except when I distractedly left $200 at an ATM were resolved). They also signed me up for a new CC without me requesting such. As it turns out, that new CC had better conditions, so I don't mind at all. Not long ago there was a banking error (I suppose) -- a _substantial_ wire transfer from an unknown to me source, right around the time I expected a background check. That was resolved, but it took quite a while to get the wire fee refunded (a small amount, but why should I fund their mistakes?), in the end it was a local branch which paid me from some allowance they have to keep customers happy. Last year a woman unknown to me bought her cell phone with my funds using an ACH transfer. That was resolved and WF stated in writing that I "was not at fault" (well, I knew _that_). That's as far as their apologies go. I do like their web site. It's comparatively simple and efficient (Captital One's is better, Citibank's is a whole mess last time I had to use it). Citibank also froze my account while I was abroad. Goes w/o saying that I severed my ties with them once I returned.

nonethewiser 4y ago
That sounds like a terrible experience with WF. I don’t understand why your conclusion was positive.
- guenthert 4y ago
  From what I hear, a terrible bank experience looks different. Also, while not truly terrible my experience with Postbank (in Germany) is awful. I wanted to close my account before, but the clerk in the branch I went to simply refused to do so (only much later did I learn that there is indeed some time limit for closure of checking accounts, but that clerk didn't even bother to mention those). I need a bank to be first and foremost reliable, secondly efficient. WF, as far as I can tell, meets those requirements (well, they could improve on the speed of check transactions). If the clerks are friendly, I appreciate that, but I do not go to a bank to stoke my ego (once, long time ago, I got paid for three months worth of a contracting job at once and the clerk was very friendly -- that was somewhat unnerving).
  - bigbacaloa 4y ago
    WF is the single worst bank I've dealt with in several countries. Dishonest to the core. I can't detail it here, but I spent years fighting them over stupidities and unsuccessfully trying to close an account while living outside the US.
  - lozenge 4y ago
    The problem is, the signing up to an account you don't consent to wasn't a system error, it was a deliberate policy at the highest levels (that knew about it and could stop it).
  - hef19898 4y ago
    Don't mention Postbank... The only reason why I didn't switch yet is, that due to their IT migration, man did they botch it, I am affraid they botch the account move as well. That being said, Postbank is actually rather good. They have physical locations in every postal office, before their migration their online banking worked great. They used to be reliable, offered good conditions. Well, I'll propably not move anyway, assuming things return to normal once the migration project is done.
somehnguy 4y ago
Honestly sounds like Stockholm syndrome…none of those issues have ever happened to me at my local credit union where I do all my banking. And I certainly wouldn’t come out with a favorable view of them if it did. They signed you up for a credit card you didn’t ask for, but at least the terms were good - ok lol
bovermyer 4y ago
Everything in this comment is your personal anecdote. You can't defend a thesis (in this case, that "WF is probably one of the last bad options") without actual data. For example, the thesis that Wells Fargo has a predatory stance towards its customers can be supported with the following: https://finance.yahoo.com/news/wells-fargo-scandals-the-complete-timeline-141213414.html https://finance.yahoo.com/news/wells-fargo-scandals-the-comp... https://www.cnn.com/2021/01/15/investing/wells-fargo-bank-earnings-scandal/index.html https://www.cnn.com/2021/01/15/investing/wells-fargo-bank-ea... https://hbr.org/2016/10/the-leadership-blind-spots-at-wells-fargo https://hbr.org/2016/10/the-leadership-blind-spots-at-wells-... https://www.cnn.com/2022/12/20/investing/wells-fargo-cfpb-foreclosure-fine/index.html https://www.cnn.com/2022/12/20/investing/wells-fargo-cfpb-fo...

nonethewiser 4y ago

That sounds like a terrible experience with WF. I don’t understand why your conclusion was positive.

guenthert 4y ago
From what I hear, a terrible bank experience looks different. Also, while not truly terrible my experience with Postbank (in Germany) is awful. I wanted to close my account before, but the clerk in the branch I went to simply refused to do so (only much later did I learn that there is indeed some time limit for closure of checking accounts, but that clerk didn't even bother to mention those). I need a bank to be first and foremost reliable, secondly efficient. WF, as far as I can tell, meets those requirements (well, they could improve on the speed of check transactions). If the clerks are friendly, I appreciate that, but I do not go to a bank to stoke my ego (once, long time ago, I got paid for three months worth of a contracting job at once and the clerk was very friendly -- that was somewhat unnerving).
- bigbacaloa 4y ago
  WF is the single worst bank I've dealt with in several countries. Dishonest to the core. I can't detail it here, but I spent years fighting them over stupidities and unsuccessfully trying to close an account while living outside the US.
- lozenge 4y ago
  The problem is, the signing up to an account you don't consent to wasn't a system error, it was a deliberate policy at the highest levels (that knew about it and could stop it).
- hef19898 4y ago
  Don't mention Postbank... The only reason why I didn't switch yet is, that due to their IT migration, man did they botch it, I am affraid they botch the account move as well. That being said, Postbank is actually rather good. They have physical locations in every postal office, before their migration their online banking worked great. They used to be reliable, offered good conditions. Well, I'll propably not move anyway, assuming things return to normal once the migration project is done.

somehnguy 4y ago

Honestly sounds like Stockholm syndrome…none of those issues have ever happened to me at my local credit union where I do all my banking. And I certainly wouldn’t come out with a favorable view of them if it did. They signed you up for a credit card you didn’t ask for, but at least the terms were good - ok lol

bovermyer 4y ago

Everything in this comment is your personal anecdote. You can't defend a thesis (in this case, that "WF is probably one of the last bad options") without actual data. For example, the thesis that Wells Fargo has a predatory stance towards its customers can be supported with the following: https://finance.yahoo.com/news/wells-fargo-scandals-the-complete-timeline-141213414.html https://finance.yahoo.com/news/wells-fargo-scandals-the-comp... https://www.cnn.com/2021/01/15/investing/wells-fargo-bank-earnings-scandal/index.html https://www.cnn.com/2021/01/15/investing/wells-fargo-bank-ea... https://hbr.org/2016/10/the-leadership-blind-spots-at-wells-fargo https://hbr.org/2016/10/the-leadership-blind-spots-at-wells-... https://www.cnn.com/2022/12/20/investing/wells-fargo-cfpb-foreclosure-fine/index.html https://www.cnn.com/2022/12/20/investing/wells-fargo-cfpb-fo...