Wells Fargo ?

[The emperor has no clothes]

Most of my life I've banked with local Alaska banks. The last one was gobbled up by Wells Fargo close to 20 -22 years ago. We have just stayed with them for no good reason. They seemed to treat us right. But now with this latest scam they got caught in, I'm wondering if it's time to jump ship ?

[cookiedough]

I do not believe in putting all my eggs in one basket.

I have 3 banks I deal with since my local bank we have our checking account at is too small a town and too nosey to divuldge to the whole town my business. 

[The emperor has no clothes]

I do not believe in putting all my eggs in one basket.

I have 3 banks I deal with since my local bank we have our checking account at is too small a town and too nosey to divuldge to the whole town my business. 

I guess I don't have much "business" to be worried about. I was mostly thinking from a disgusted consumer point of view. Sadly I've never had over 100k in the bank to be worried about losing any.

[DK]

In large part, depends on what services you engage from your bank.

If checking only, one is as good as another, fees being equal.

Car loans, CD's, one is as good as another, rates being equal.

Home loans, home equity credit lines; beware - In the event of being placed in receivership, these debts could be called & be immediately due & payable.

If you are using W. Fargo for enhanced services such as retirement planning or retirement accounts or other investments or insurance, I would strongly consider moving my business.

[The emperor has no clothes]

In large part, depends on what services you engage from your bank.

If checking only, one is as good as another, fees being equal.

Car loans, CD's, one is as good as another, rates being equal.

Home loans, home equity credit lines; beware - In the event of being placed in receivership, these debts could be called & be immediately due & payable.

If you are using W. Fargo for enhanced services such as retirement planning or retirement accounts or other investments or insurance, I would strongly consider moving my business.

Intersting, I didn't know that about the receivership issues. My 401kis administered thru them. But I can do nothing about that yet. Thanks for the info. 

[DirtyDan]

My family and are very happy with Wells Fargo

Dan

[The emperor has no clothes]

My family and are very happy with Wells Fargo

Dan

Doesn't bother you what they did ?

[baldo]

They're the latest poster child for behaving badly. But I've always found them to be particularly nasty from what I read in the press.

I have two friends that had mortgages with them. In the crash in 08, WF did absolutely nothing for them to help. They both ended up losing their homes.

I wouldn't give them the time of day.

It's refreshing to see a bank CEO take one on the chin. Finally.  (Thank you Elizabeth Warren)

[Oss]

one of many reasons for the banking crash

http://content.time.com/time/specials/packages/article/0,28804,1877351_1877350_1877322,00.html

There are MANY others but this opened the gates to the boom days of 80-20 loans   80% fixed rate  20% adj rate loans on the theory everything will still go up

[solo1]

I'll stick with Credit Unions.

[baldo]

I'll stick with Credit Unions.

I love credit unions. Both airlines I've worked for have them and have treated us very well.

[Robert]

one of many reasons for the banking crash

http://content.time.com/time/specials/packages/article/0,28804,1877351_1877350_1877322,00.html

There are MANY others but this opened the gates to the boom days of 80-20 loans   80% fixed rate  20% adj rate loans on the theory everything will still go up

Yup few know the truth Oss, as for Wells its a bank not a friend or community service org so what does anyone expect? They have no place in my heart since when I went to get a refi with perfect credit and no payments missed they said my debt to income ratio was to high. But if they had done the refi it would have been well within bounds But, NOPE, they said no way have to have the proper ratios first then maybe, so paid off a couple of things and got er done. I would say with the economy being what it is and if you rely on banks you may be in trouble.

When the bail out occurred Wells Fargo was one of the few banks that did not want to take the money since it was in a solid enough position that it didn't need it. I wonder if this is pay back.

[hukmut]

I have no need for any bank.

[The emperor has no clothes]

I'll stick with Credit Unions.

I was a member of Alaska Federal Credit Union for decades. Nothing but high praise for them. 

I have no need for any bank.

No debit card ?

[cookiedough]

we could all do what my grandparents did and stuff all their money under the mattresses at home, never going to a bank in their lives? 

The interest per month in anything now is piddly even CD rates so almost not worth using a bank besides the safety factor and will all the troubled banks out there,  is that much safer although FDIC insured. 

If the house and mattresses burn down in our house, we are out all our moola stuffed under there.   

A lot of larger banks locally around me like BMO Harris bank are buying up around me locally the smaller banks or smaller banks are merging together, am sure they are seeing financial hardship as well.

The days of 5-7% CD rates are long gone lucky to get 1% nowadays, if that. 

[Crackerborn]

No debit cards for me. After my identity was stolen through the IRS, having to freeze my credit, prove I never lived in NM (to the IRS that allowed someone to file under my SS# in NM in the first place that got them trying to open mortgages and credit cards since they had a current filed tax form), and having my debit cards hacked 3 times in three months to the tune of 5G each time, nope, no more. I carry a credit card with a small limit ($1000) since I can dispute charges and pay it off every month or more often as needed. The Credit Union also has an app that allows me to turn the card on and off as needed and notify me of all transactions in real time. I have discovered there are many stores that no longer accept checks, so when the dishwasher quit last year and the local appliance store would not take checks (or cash), I had to drive to the next town south to pay with a check and save $100. The local store won't have to worry about me in their door again. If I need more than $1000 for a single purchase and know a personal check won't be accepted, I will get a Tellers Check from my Credit Union. I wrote a personal check at the car dealership to buy my truck and the sons car with no questions asked (no financing). Of course, writing checks over a certain amount with NSF is a felony in most states.

Wells Fargo and Capital One are on the bottom of the list of financial institutions I will deal with already, and someone may want to re-check the bail-out facts stated earlier about Wells Fargo.

[baldo]

When the bail out occurred Wells Fargo was one of the few banks that did not want to take the money since it was in a solid enough position that it didn't need it. I wonder if this is pay back.

Sorry Robert.....as crackerborn has mentioned....

http://www.cbsnews.com/news/following-the-bailout-money-to-wells-fargo/

By 'didn't want to take the money', do you mean they didn't?

[Robert]

OK, This is exactly what I heard at the time, but this should help to clarify it. I knew the bank wanted to refuse the money and at the time I didn't understand why. But in hindsight there is clarification on why they would want to refuse it and why it was forced on them. It was about government control on institutions and sweet deals that the Feds made to consolidate banks that went belly up. Some banks made out like bandits. Wells Fargo was stable and didn't need the bail out money and with the CEO's explanation it makes sense now. Especially when you consider they returned the money a short time later.

http://www.sfgate.com/business/bottomline/article/Ex-Wells-Fargo-CEO-still-mad-about-bailout-3264080.php

Eighteen months later, Wells Fargo & Co's ex-chairman is still (apologies again) mad as hell about the $25 billion bank bailout offer he couldn't refuse from the feds, when the financial system looked to be in complete meltdown.

"People are high-fiving each other and bragging about (the Troubled Asset Relief Program) restoring health to the banks," Kovacevich seethed to the Financial Times. "Baloney."

Quite the reverse, he argues. TARP pointlessly put the fear of God about Wells Fargo and other upright banks in the minds of investors and shareholders, causing Wells Fargo's stock to plunge 80 percent for no good reason.

 "Do you know how many innocent shareholders of ours sold at these bottoms? These are people who are retired, owned Wells Fargo stock for 40 years and depended on it for dividends," said Kovacevich, who retired this year after 12 years running the bank.

"And who made money? The shorts on the way down, who then went long because they knew it was oversold. Who lost? The retail investor who doesn't understand how this worked. That's the calamity of this thing."


http://www.nytimes.com/2009/03/11/business/economy/11bailout.html?bl&_r=0


Some bankers say the conditions have become so onerous that they want to return the bailout money. The list includes small banks like the TCF Financial Corporation of Wayzata, Minn., and Iberia Bank of Lafayette, La., as well as giants like Goldman Sachs and Wells Fargo.

NEW YORK (CNNMoney.com) -- Wells Fargo said Monday it has reached an agreement with the government to return $25 billion in bailout money it received during last year's financial crisis.

The San Francisco-based bank said repayment of the funds is contingent on a $10.4 billion common stock offering.

[Atl-Jerry]

I became a WF customer by way of First Union/Wachovia/Wells Fargo.  Never had any issues or pay any fees, but I do pay them some mortgage interest.  Primary CC is with BoA, had it 41 years and use it for about everything we buy for the cash back rewards.  I do get an occasional call from BoA that my card has been compromised and a new one is in the mail, fraudulent charges, if any, never appear on the statement.   As a retired Gi I still Belong to several Credit Unions and use them when appropriate.    I can't imagine being unplugged form the financial world.

[J.Mencalice]

Up until four years ago, our stockbroker was associated with Merrill Lynch.  Then he switched over to a Wells Fargo outfit and since then he's become more like a used car salesman; pushing for us to sell out stocks that we've held for many years to put it into securities that his company is promoting.  I think that either he's getting higher commissions/fees for himself by touting the company line or his boss is pounding on him so the parent company bestows bonuses to the group.
Recently, we got a good screwing in a "rebalancing"  and I'm contemplating a pullout from Wells Fargo's Financial Advisor services.

[dinosnake]

one of many reasons for the banking crash

http://content.time.com/time/specials/packages/article/0,28804,1877351_1877350_1877322,00.html

There are MANY others but this opened the gates to the boom days of 80-20 loans   80% fixed rate  20% adj rate loans on the theory everything will still go up

I agree.  We needn't blame people like

http://content.time.com/time/specials/packages/article/0,28804,1877351_1877350_1877330,00.html

for introducing

https://en.wikipedia.org/wiki/Gramm-Leach-Bliley_Act

and making it so that

http://content.time.com/time/specials/packages/article/0,28804,1877351_1877350_1877322,00.html

would have to sign by creating an bill

"On November 4, the final bill resolving the differences was passed by the Senate 90–8, and by the House 362–57[, t]he legislation was signed into law by President Bill Clinton on November 12, 1999.

that would be easily overriden by a veto vote, thereby embarrassing both him and his administration by being forced into that corner.

Nope, nope, let's not talk about the other people at all.

[DirtyDan]

My family and are very happy with Wells Fargo

Dan

Doesn't bother you what they did ?

Hard boiled alert........ did what ? Is anyone at large is there a manhunt ?

So then the matter is being resolved

Bother me ? What that life is business is war

Been saying that a long time

[BF]

I don't do banks...credit unions for me.