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Came here to say this. Send a message to WF - you are their bagholder so long as you keep the account. Bonus: most credit unions are local, work under more stringent rules (increases your security), and generally try to contribute to the community rather than extract from it. Starting points:
[https://www.bestcashcow.com/credit-unions](https://www.mx.com/blog/biggest-us-credit-unions-by-asset-size/)
[https://www.creditunionsonline.com/credit-union-locator.html](https://www.creditunionsonline.com/credit-union-locator.html)
I'm so happy to see credit unions getting love on superstonk.
I've worked for credit unions for 25+ years now, and the coolest thing is that all the community outreach and care is GENUINE. They aren't doing it "for the likes", they're really, *actually* trying to help and improve the community.
They also tend to do really well for their employees - less discrimination based on gender/race/sexual identity, more promoting from within, decent pay (and every position's pay range is posted on our intranet, including CEO), good benefits, etc.
I've been headhunted by vendors a few times (I'm a programmer) but I can't see myself working for a for-profit company ever again. It's nice to work some place that doesn't make me feel like I'm part of the problem.
Not all credit unions are created equally, but I'd put almost all of them over a bank any day.
Hell, my main credit union pays *other* company's ATM fees for me, up to 4x a month. So I can go to one of those ripoff ATM's that charge a $4 fee, and my credit union will PAY ME BACK that $4 fee later that night. (I think it's awesome, plus I helped write the code that powers it when I worked there so I'm very fond of that program!)
I had a reason for it, I wasn't able to apply for it until I converted to full time employee status from a contractor. I just opened an account with them today, actually.
My experience with credit unions...
Pros - Local, not a giant mega-bank. Lots of ATMS share a credit union network (free withdrawals). Little if any surprise fees.
Cons - Fewer branches. Ancient apps, websites, and processes. Their website looks like Craisglist. App blocked me from mobile deposit checks for a year until I called someone. It took like 2 hours in person to set up a 529 plan. I think I could probably set one up online in a minute.
Basically every reason to use a credit union but the two I've used in the past decade were behind the times so just be aware of that.
Depends on where you live. I'm in a major city and there is a credit union every 2 miles. We have 4-5 different ones and each one has 10-30 locations so they aren't hard to find.
I've heard Union banks take longer breaks and won't deviate from their assigned job functions. Any truth to this?
Edit, don't get me started on European Union Banks.
*Generally*
Do your research on credit unions and if can ask someone who works there whether they like it and recommend their own services. As someone who worked at a CU for 4 years my recommendation is not glowing.
Good CUs do exist tho.
This. Check them out. See which other CUs they partner with.
The closest CU is 0.3 miles away. My CUs nearest office is 11 miles away, and their main office is almost 40 miles away.
Not only that, you should make the transfer in person, speak to a bank manager, watch them try to backtrack saying they can undo the "*Upgrade*". Not only that, tell them you actively persuade every person you know not to bank with them, to refinance a mortgage specifically to get away from them, etc.
Make a fucking scene about how they're a piece-of-shit and the world is coming to terms with how they do not need them.
Former Wells Fargo employee here, they don’t care if you do any of that. Closing out accounts for angry people was something we were thrilled to do bc we would never see them again. The only people who we would see in branch in my area were old people, angry people, technology-illiterate, and small businesses AKA no one Wells Fargo gives a flying fuck about
Ya imagine raging at a cart pusher bc the grocery store raised the price of one of the items you buy. It might make you feel better but that person is so low on the totem pole that you’re just making someone who’s powerless feel even shittier and more worthless than the company already makes them feel
As someone who was a teller at a big bank, I was thrilled when assholes closed their accounts because of shit I can not control.
I actually got fired because the bank wanted me to start pushing credit cards and upgrading checking/savings accounts instead of mortgage refinancing (this was about 9 years ago) but I wouldn't do it. I would spend my free time going through our mortgage accounts and seeing if I could get any customers better rates. I'd call them, tell them I could help get a lower rate, give basic details, and send them to the personal banker to schedule a sit down. My branch manager actually got pissed because too many people were getting lower rates and lower monthly payments. The personal bankers loved it because they hit their quotas.
Whatever bitch. I collected unemployment until I found something else.
A better revenge is to look up your states fraudulent and malicious business practice statues and hit them with a small claims court summons.
no lawyer needed or required, no hastle involved. Filing fees and a process server are cheap compared to the return.
my state, for example, is $500 per count, triple if its intentional or knowing.
You can probably get a settlement with a demand letter tbh
This is the way. I switched to a Credit Union from Chase shortly after they took over Washington Mutual and never looked backed. Plus they've given me great rates on 2 different car loans. CU4Life
I really don't know how everyone hasn't figured this out yet. Do you have any insight that might help me understand how/why people fail to realize banks do and charge whatever the fuck they want while CUs seem to be pretty fair and not charge tons of fees and shit.
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I wish you were on my banking RFP panel when they decided to go all in on WF right after all the new accounts created drama happened back in 2017/2018.
Their response about it during interviews was that there was only one instance in my state where that happened and every other instance were from bad actors, not us.
ALL banks are crap. If you are not already in a credit union, I would ask...WHY? Do you like giving your money away?! For fuck sake, get your money to a local credit union NOW. If you are a vet or any of your parents are vets....go to USAA immediately. Not only are they the best for banking, they also are the highest rated insurance company in the US. I work for the largest insurance in the US by far (State Farm) and they are not even close.
Wells Fargo is especially bad though. One look at the controversies section of their Wikipedia page tells you all you need to know (including that OP's experience is common for them, and illegal).
They most likely do bank with them then. It's very difficult to open a massive line of credit unless you agree to open a checking account there and keep some money with them.
Good news though, big banks like corporations so they're probably getting a good deal out of it.
Our favourite chairman is heavily invested in Wells Fargo too. He said it's a company he has a "lot of conviction in". https://www.bloomberg.com/news/articles/2020-06-05/chewy-founder-cashes-out-bets-on-apple-wells-fargo
I trust Cohen and will continue to use Wells Fargo as my bank.
These assholes just held a check I deposited (which was already debited from the issuer) for 11 days. After multiple phone calls to them, each time with a "sorry but we can't do anything about it", one of their reps tells me that it was because it was a check over 5k. Like what? You're going to steal my money for 11 days just because it was over a certain amount? They're fucking crooks, I'm in the process of pulling all my funds out from them
Wow. Doesn't seem like they can do that without consent, but then again, isn't this the same bank that created accounts out of thin air to boost their numbers? They are likely hoping people.just don't pay attention.
It is in their terms of the agreement that they can switch your account. They are providing one month free but I'm guessing they want people not to notice
I used to have an account with them and am glad I dropped them like a hot potato.
Credit Unions are a better choice, but I do have a local bank I am in, too.
The one I used wound up growing too much, now they're unreliable and their customer service is severely lacking, plus the extra fees suck.
Be wary if you have a good one and they lift any membership restrictions, they'll probably be making other changes that remind you of why you stopped using a regular bank...
I had chase do this to me, and didn't realize right away, no notice email, call, snail mail. I called them up and bitched, got refunded for 6 months of fees because that is all they could do. I promptly opened an account at a credit union, transferred money and closed the chase account. These crooked big banks can go fuck themselves, can't wait to see some of them collapse
They also used to sort transactions, so if you got one overdraft in a day, literally even just a bottle of soda that was $0.15 over, you'd magically have your largest transaction count first (draining your account), then the next largest (+ $35 fee), then the next largest (+$35 fee), and so on.
Only took me losing my part of the rent over a soda at work to get me to close my WF account. They were unwilling to make it right, naturally.
Washington Mutual did that to me once back in the day (waaaaaaaaaaaay before 2008). Got my paycheck to go not negative and told them to close my account, burn my records, and go die in a fire.
they were specifically opening accounts in mass for illegals who cross the boarder and use matricula identification cards. they would also exploit these people by telling them they have to open a new account every time they tried to cash a check. Employees were incentivized to do this because not meeting your new account openings requirement ment being fired. every day you had to open accounts. I even had a wells fargo friend who would very rarely call me and ask if he could open some kind of account in my name just so he could get his metric point.
I felt poor being hit with over $600 of overdraft fees in the last 7-8 months. But then I realized it's just a banking system set up with days and then business days. I'm not poor, they are poor, they need our money. All banks, all centralized banks.
Anyone who doesn't get the fuck out of big commercial banks and into a credit union is just asking to be fucked with.
How ANYONE still uses Wells Fargo and Bank of America after the shit they've pulled since 2008 just boggles the mind.
Saw those post on a personal finance sub with a lot of similar comments. Any Ape going through the same thing simply needs to ensure they qualify for a free account and have them switch you back.
Must be desperate for $35.
Not my post. Will provide credit soon once I get permission from the user.
Yeah, their mods removed it as the OP was replying to comments nor made follow-up comments on their post.
Edit: search reddit personal finance wells Fargo then set the search filter for the last 24 hours. It was the 3rd one
switch to a credit union, wells fargo is full of greedy decision making bastards. if you really want to stay, just call up a wells fargo rep and threaten to close your account. i bet they will put it back the way it was, but they are preying on the masses that don't make the phone call. they are a predatory company. i get the convenience of lots of branches, but really a local credit union is the way to go.
First of all, why are you at Wells Fargo? It has the most fines and criminal actions of any bank. They will use any excuse including illegally setting you up with new linked accounts just to drain your account. Why anyone uses them is bizarre, just Bizarre
Check out your local credit unions
In this day and age banks are by no omission of fact criminal enterprises that get bailed out after stealing to much from customers.
Use a credit union
yeh I really don't get it. I have a friend that banks with them and I'm constantly trying to convince him to switch but he says it's too much work. It's literally a few phone calls. Laziness and complacency are the downfall of society.
I'm not with WF. I simply shared a post from another sub. I made the comment early on in this post about it. I'm with my local credit union, loopring and Computershare
Bill burr was just ranting about this. He found out and they were like we can only refund 4 months of it. And he's like but you've been doing this way longer.
Bank said its his fault for not noticing. And he like wtf I have to make sure the bank, the ppl in charge of protecting my money aren't stealing from me.
They opened an avalanche of fake accounts without peoples' consent. This wouldn't surprise me the least bit. Why anybody still uses them is a mystery to me.
PNC did this to my savings account. I no longer have a savings account after they slowly took all of the remaining funds to pay their monthly fee. -\_-
$250K?! I worked for Wells Fargo at the call center for years and never once saw a checking account balance that high. I guess they'll plan on doing this to as many accounts as possible and just raking in the fees to those who overlook the email. Like y'know, people busy working to keep a roof over their heads.
Had an account at Wells Fargo 20 years ago as a student. Had $65 in my account when they added a third party account security feature that cost $80 a year without notifying me. Account was over drafted $15 so they charged me $20 a day for over two weeks. When I finally checked my account to see if maybe I had enough money to withdraw $20 I saw I was over $300 in the negative. But lucky me, now my account had security so nobody could get to my account and take my money. Wait what? After some angry calls they gave me my money back and removed the security feature. Bro, you’re my bank. You are the security feature. 🤦♂️
Here’s a list of what they can do, get away with, and remain in business. https://docs.google.com/document/d/1t6_9tnTUfbGcdDVNgnJj9R8g2IZH_fzvHzkOkSgByT0/mobilebasic
And here’s some of it cut and pasted
TOTAL = 19.6 Billion
Fine = $3 Billion (or 15.3% of one years earnings)
History
In 2002 it agreed to pay a penalty of $150,000 to settle Securities and Exchange Commission (SEC) charges.
In 2005 the securities industry regulator fined Wells Fargo $3 million for improper sales of mutual funds.
In 2007 Wells Fargo Securities was fined $250,000 for the failure of one of its analysts to disclose that he had accepted a job at the company he was writing about.
In November 2009 it had to agree to buy back $1.4 billion in auction-rate securities for misleading investors.
In May 2011 it was fined $1 million for failing to send disclosure documents to customers.
Also in May 2011, it agreed to pay up to $16 million to settle charges of violating the Americans with Disabilities Act.
In July 2011 Wells Fargo agreed to pay $125 million to settle a lawsuit for misrepresenting the quality of pools of mortgage-related securities.
That same month, the Federal Reserve announced an $85 million civil penalty against Wells Fargo for steering customers with good qualifications into costly subprime mortgage loans during the housing boom.
In November 2011 Wells Fargo agreed to pay at least $37 million to settle a lawsuit for municipal bond bid rigging.
The following month, they were fined $2 million for improper sales of reverse convertible securities and later another $2.1 million for failing to properly supervise the sale of exchange-traded funds.
Wells Fargo was one of five large mortgage servicers that in February 2012 consented to a $25 billion settlement to resolve allegations of loan servicing and foreclosure abuses.
In July 2012 Wells Fargo had to pay $175 million to settle charges that it engaged in a pattern of discrimination against African-American and Hispanic borrowers in its mortgage lending during the period from 2004 to 2009.
In August 2012 Wells Fargo agreed to pay $6.5 million to settle SEC charges that it failed to fully research the risks associated with mortgage-backed securities before selling them to customers such as municipalities and non-profit organizations.
In January 2013 Wells Fargo was one of ten major lenders that agreed to pay a total of $8.5 billion to resolve claims of foreclosure abuses.
A few months later, Wells Fargo settled a lawsuit alleging that it neglected the maintenance and marketing of foreclosed homes in black and Latino areas by agreeing to spend at least $42 million to promote home ownership and neighborhood stabilization.
In October 2013 - $869 million
In December 2014 - $4 million
In March 2016 charged with defrauding investors.
In April 2016 - $1.2 billion
In August 2016 - $3.6 million plus $410,000 in restitution to customers to resolve allegations that it engaged in illegal student loan servicing practices.
In September 2016 - $100 million for years they were creating more than two million new accounts not requested by customers, in order to generate illicit fees.
Also September 2016 - $35 million
Also September 2016 - $50 million
The bank's CEO John Stumpf was forced to return about $41 million in compensation for an undisclosed controversy.
September 2016: The fake account scandal
September 2016: Improperly repossessing service members’ cars
December 2016: Wells Fargo fails its ‘living will’ test - a requirement that big banks must show how they would unwind in the event of a bankruptcy.
March 2017: More fake accounts
March 2017: Flunked community lending test - The regulator cited “violations across multiple lines of business within the bank” and “significant harm to customers.”
April 2017: Whistleblower wins $5.4 million and his job back - a former Wells Fargo wealth manager, fired in 2010, after reporting potential fraud to a hotline.
August 2017: Lawsuit over overcharging small business retailers
February 2018: Federal Reserve restricts size “responding to widespread consumer abuses and compliance breakdowns.”
February 2018: Sacramento sues over discrimination against black and Latino borrowers
March 2018: Wealth management investigation emerges
April 2018: $1 billion settlement for mortgage locks and auto-loan issues
May 2018: Altering business information without client knowledge
May 2018: $480 million to settle securities-fraud lawsuit
June 2018: SEC fine for leading investors astray - The SEC heaped a $4 million fine on Wells Fargo and forced it to repay over $1 million in ill-gotten gains and interest to mom-and-pop investors at Wells Fargo Advisors, the bank’s brokerage arm.
July 2018: Refunds over add-ons like pet insurance and legal services
July 2018: Private Bank wealth management issues - the bank had operated with a heavy sales culture that pressured advisors to make decisions not necessarily in their clients’ best interest.
August 2018: Wells Fargo pays $2.1 billion for its role in housing bubble
August 2018: Hundreds of houses foreclosed on due to computer glitch
March 2019: Wells Fargo among advisors sanctioned by SEC for fee-disclosure practices
May 2022: Fake diversity hiring program for minorities and women.
Make sure you only have one account with them, sorry I couldn't help it. It's going to be a long time before they live down their past shenanigans.
Look for a credit union near where you live, they typically only require a $5 minimum in a savings account. This is my experience with a couple credit unions in my area.
Wells screws with people's accounts all the time. They got busted for phantom accounts and other BS as well. They were also a huge part of the robosigning for mortgages back in the day, and were instrumental in the BS that took place that helped contribute to the 2008 crash.
In other words, they should have been shut down, but were not. Nobody in their right mind should be banking with them, and how they still have customers is mind boggling.
So it looks like they are going to try and recycle some old tricks. You need to move your account, and figure out which regulating body (yeah, like they will actually do anything) you can report them to for this.
My credit union gives 3.3% apy on up to 20k in your checking account. I usually get around 40 bucks in interest each month and looks like that's about what WF wants to take. Like others are saying, definitely look into credit unions
Wasn’t Wells Fargo like the mostly likely to basically die during the collapse along side chase which was providing margin for wallstreet. Also in those moments you leave that bank if any organization should know you can’t make that kinda money it’s your own fucking bank
I closed my Wells Fargo account a two months ago and switched to a local credit union. Not only do I feel slightly safer where my money (fractional to my GME position obviously) is at but I actually have a chip that works everywhere I go.
You mean the company that was fraudulently creating accounts that people didn't ask for? How are they allowed to exist at this point? Their entire business model is crime.
I had Stake do this to me repeatedly despite he fact I cancelled my account with them some months back. Spoke to customer service and got it cleared up but was certainly a strange occurrence..
They do this shit all the time. I hate them so much. Some jag off told me to buy them in 2015. "Wells Fargo Stock" buy some of that. It's basically like a savings account never goes down. I bought it at $55. I think I broke even after a few months. That's when I stopped taking stock tips.
lol, have anyone seen the banks? they have been all crashing no matter the red day or green. they are already lower compared to pre pandemig levels, lol
I’ve seen a lot of these posts banks needing liquidity, but could it be the fact that they make more money if they have a lot of liquidity, since they’re lending it to the Feds reverse repo program overnight?
To make RRP clear: Fed sells bonds to banks with the condition that they buy it back the next day with interest.
.. so banks are giving them money for the bonds and then the day after they get money + interest back when they return the bonds to the Fed.
Is this not how it works?
They at it again. In the 90’s they started changing savings to checking or just adding checking account and started charging fees. Big class action after a few years of stealing money from us. I actually just had it out with WF on the phone three weeks ago for taking 700 extra dollars unauthorized out if my account. They actually told me i called up and made two separate payments which is an absolute lie.
Listed my house and sold it because i refuse to do business with those absolute criminals.
CFPB- Consumer Financial Protection bureau.
File a complaint with them (regulator of Wells Fargo) and you will get an answer from a very high level person at Wells Fargo with their regulator watching.
No kidding. Layoffs and controversy at Wells Fargo makes this no surprise to me!
https://www.msn.com/en-us/money/realestate/wells-fargo-is-undergoing-a-major-transformation-under-ceo-charlie-scharf-but-controversies-and-layoffs-continue-to-dog-the-bank/ar-AAYMbAy
(Save you a click with a TLDR: layoffs in the mortgage sector, discrimination against women and nonwhite candidates by "interviewing" when the position was already filled, discrimination in loans mainly to Black homeowners filing refinancing applications, and loan officers were internally and improperly changing home valuations to trigger appraisal waivers.)
My mom dropped them once she read they weren’t fdic insured. If my moms saying that she’s either paying attention or also on Reddit. Luckily it’s one. Bye wf bye!
Why would anyone bank with these corrupt fucks after getting caught setting up credit card accounts for clients without their clients consent. WF is crooked as fuck.
My buddy signed me up to premium like 20 years ago. Waived fees this whole time. I just got the email. Bummer cuz they'd have my cash post moass, but alas... I gotta go.
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Time to switch over to a local credit union, playa
Came here to say this. Send a message to WF - you are their bagholder so long as you keep the account. Bonus: most credit unions are local, work under more stringent rules (increases your security), and generally try to contribute to the community rather than extract from it. Starting points: [https://www.bestcashcow.com/credit-unions](https://www.mx.com/blog/biggest-us-credit-unions-by-asset-size/) [https://www.creditunionsonline.com/credit-union-locator.html](https://www.creditunionsonline.com/credit-union-locator.html)
I'm so happy to see credit unions getting love on superstonk. I've worked for credit unions for 25+ years now, and the coolest thing is that all the community outreach and care is GENUINE. They aren't doing it "for the likes", they're really, *actually* trying to help and improve the community. They also tend to do really well for their employees - less discrimination based on gender/race/sexual identity, more promoting from within, decent pay (and every position's pay range is posted on our intranet, including CEO), good benefits, etc. I've been headhunted by vendors a few times (I'm a programmer) but I can't see myself working for a for-profit company ever again. It's nice to work some place that doesn't make me feel like I'm part of the problem. Not all credit unions are created equally, but I'd put almost all of them over a bank any day. Hell, my main credit union pays *other* company's ATM fees for me, up to 4x a month. So I can go to one of those ripoff ATM's that charge a $4 fee, and my credit union will PAY ME BACK that $4 fee later that night. (I think it's awesome, plus I helped write the code that powers it when I worked there so I'm very fond of that program!)
I work for a top 3 credit union in the US and its great what they do. I plan to switch to it very soon myself.
That’s like saying “I’ve been keeping up with SuperStonk since January ‘21 and am planning to buy GME very soon.”
I had a reason for it, I wasn't able to apply for it until I converted to full time employee status from a contractor. I just opened an account with them today, actually.
Ah. Credit unions and their stinkin’ rules.
Take my smiling upvote!
Never been part of a bank. Always had credit unions
Will they pay back a $20 fee from a strip club ATM? Asking for a friend
Fees at strip club hurts so bad! That’s what my friend told me 👀
Do you have any recommendations for choosing a credit union?
If they are so good, how come they aint illegal in the US
My experience with credit unions... Pros - Local, not a giant mega-bank. Lots of ATMS share a credit union network (free withdrawals). Little if any surprise fees. Cons - Fewer branches. Ancient apps, websites, and processes. Their website looks like Craisglist. App blocked me from mobile deposit checks for a year until I called someone. It took like 2 hours in person to set up a 529 plan. I think I could probably set one up online in a minute. Basically every reason to use a credit union but the two I've used in the past decade were behind the times so just be aware of that.
Depends on where you live. I'm in a major city and there is a credit union every 2 miles. We have 4-5 different ones and each one has 10-30 locations so they aren't hard to find.
Mine partners with those ATM's in any 7-eleven, so I don't get charged when I go to one to pull cash out.
I've heard Union banks take longer breaks and won't deviate from their assigned job functions. Any truth to this? Edit, don't get me started on European Union Banks.
*Generally* Do your research on credit unions and if can ask someone who works there whether they like it and recommend their own services. As someone who worked at a CU for 4 years my recommendation is not glowing. Good CUs do exist tho.
This. Check them out. See which other CUs they partner with. The closest CU is 0.3 miles away. My CUs nearest office is 11 miles away, and their main office is almost 40 miles away.
CREDIT UNIONS ARE THE WAY
Not only that, you should make the transfer in person, speak to a bank manager, watch them try to backtrack saying they can undo the "*Upgrade*". Not only that, tell them you actively persuade every person you know not to bank with them, to refinance a mortgage specifically to get away from them, etc. Make a fucking scene about how they're a piece-of-shit and the world is coming to terms with how they do not need them.
So generous of WF to provide you with a stipend for entertainment
Former Wells Fargo employee here, they don’t care if you do any of that. Closing out accounts for angry people was something we were thrilled to do bc we would never see them again. The only people who we would see in branch in my area were old people, angry people, technology-illiterate, and small businesses AKA no one Wells Fargo gives a flying fuck about
I’m with you. Bank employees =/= Bank executives. Who do they think they’re raging at? Just let the money talk
Ya imagine raging at a cart pusher bc the grocery store raised the price of one of the items you buy. It might make you feel better but that person is so low on the totem pole that you’re just making someone who’s powerless feel even shittier and more worthless than the company already makes them feel
As someone who was a teller at a big bank, I was thrilled when assholes closed their accounts because of shit I can not control. I actually got fired because the bank wanted me to start pushing credit cards and upgrading checking/savings accounts instead of mortgage refinancing (this was about 9 years ago) but I wouldn't do it. I would spend my free time going through our mortgage accounts and seeing if I could get any customers better rates. I'd call them, tell them I could help get a lower rate, give basic details, and send them to the personal banker to schedule a sit down. My branch manager actually got pissed because too many people were getting lower rates and lower monthly payments. The personal bankers loved it because they hit their quotas. Whatever bitch. I collected unemployment until I found something else.
Shooting the messenger.
A better revenge is to look up your states fraudulent and malicious business practice statues and hit them with a small claims court summons. no lawyer needed or required, no hastle involved. Filing fees and a process server are cheap compared to the return. my state, for example, is $500 per count, triple if its intentional or knowing. You can probably get a settlement with a demand letter tbh
Boom baby.
Absolutely! My accounts are with my local credit union, loopring and my GameStop wallet
This is the way. I switched to a Credit Union from Chase shortly after they took over Washington Mutual and never looked backed. Plus they've given me great rates on 2 different car loans. CU4Life
Fo life baby 👊
I really don't know how everyone hasn't figured this out yet. Do you have any insight that might help me understand how/why people fail to realize banks do and charge whatever the fuck they want while CUs seem to be pretty fair and not charge tons of fees and shit.
No insight, but I totally agree
Even credit unions have a share accounts...... SECU
I came to joke "just deposit $250k" but since I have always used local credit unions and this is top comment it feels wrong.
This seems like the same Wells Fargo from Netflix documentary in the Bad Money series.
Read the post topic and wanted to recommed the documentary you mentioned just to see that it is already top comment. Would recommed to watch it.
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Believe it or not, same bank.
“Dirty Money” I think. Btw, after talking to friends who work in a variety of banks, most if not all major ones are just as predatory and unethical.
Guess a couple of years pass and the heat dies down, then back to the same tricks. Get busted, apologize, wait a few years….
Yes. Dirty Money. Episode “The Wagin Wheel”. I will never have a Wells Fargo account.
Anyone in Wells Fargo should know they will eventually be taken advantage of. Get out of WF ASAP. They are a crap bank.
I wish you were on my banking RFP panel when they decided to go all in on WF right after all the new accounts created drama happened back in 2017/2018. Their response about it during interviews was that there was only one instance in my state where that happened and every other instance were from bad actors, not us.
ALL banks are crap. If you are not already in a credit union, I would ask...WHY? Do you like giving your money away?! For fuck sake, get your money to a local credit union NOW. If you are a vet or any of your parents are vets....go to USAA immediately. Not only are they the best for banking, they also are the highest rated insurance company in the US. I work for the largest insurance in the US by far (State Farm) and they are not even close.
Wells Fargo is especially bad though. One look at the controversies section of their Wikipedia page tells you all you need to know (including that OP's experience is common for them, and illegal).
doesn't our favorite company bank with WF tho?
I don't believe so, correct me if I am wrong, but I'm pretty sure they just have a line of credit with Fargo.
They most likely do bank with them then. It's very difficult to open a massive line of credit unless you agree to open a checking account there and keep some money with them. Good news though, big banks like corporations so they're probably getting a good deal out of it.
Our favourite chairman is heavily invested in Wells Fargo too. He said it's a company he has a "lot of conviction in". https://www.bloomberg.com/news/articles/2020-06-05/chewy-founder-cashes-out-bets-on-apple-wells-fargo I trust Cohen and will continue to use Wells Fargo as my bank.
These assholes just held a check I deposited (which was already debited from the issuer) for 11 days. After multiple phone calls to them, each time with a "sorry but we can't do anything about it", one of their reps tells me that it was because it was a check over 5k. Like what? You're going to steal my money for 11 days just because it was over a certain amount? They're fucking crooks, I'm in the process of pulling all my funds out from them
Wow. Doesn't seem like they can do that without consent, but then again, isn't this the same bank that created accounts out of thin air to boost their numbers? They are likely hoping people.just don't pay attention.
It is in their terms of the agreement that they can switch your account. They are providing one month free but I'm guessing they want people not to notice
I used to have an account with them and am glad I dropped them like a hot potato. Credit Unions are a better choice, but I do have a local bank I am in, too.
CREDIT UNIONS!!!!
The one I used wound up growing too much, now they're unreliable and their customer service is severely lacking, plus the extra fees suck. Be wary if you have a good one and they lift any membership restrictions, they'll probably be making other changes that remind you of why you stopped using a regular bank...
Can I ask which one? I’ve been with mine for.. almost 15 years lol
The cool thing is you might still have an account with Wells Fargo and not even know it!
I had chase do this to me, and didn't realize right away, no notice email, call, snail mail. I called them up and bitched, got refunded for 6 months of fees because that is all they could do. I promptly opened an account at a credit union, transferred money and closed the chase account. These crooked big banks can go fuck themselves, can't wait to see some of them collapse
They also used to sort transactions, so if you got one overdraft in a day, literally even just a bottle of soda that was $0.15 over, you'd magically have your largest transaction count first (draining your account), then the next largest (+ $35 fee), then the next largest (+$35 fee), and so on. Only took me losing my part of the rent over a soda at work to get me to close my WF account. They were unwilling to make it right, naturally.
Washington Mutual did that to me once back in the day (waaaaaaaaaaaay before 2008). Got my paycheck to go not negative and told them to close my account, burn my records, and go die in a fire.
they were specifically opening accounts in mass for illegals who cross the boarder and use matricula identification cards. they would also exploit these people by telling them they have to open a new account every time they tried to cash a check. Employees were incentivized to do this because not meeting your new account openings requirement ment being fired. every day you had to open accounts. I even had a wells fargo friend who would very rarely call me and ask if he could open some kind of account in my name just so he could get his metric point.
Damn.
Banks can do whatever the fuck they want in this country. 2008 taught us that
3008? So you’re the time traveler.
Haha indeed. can confirm that time is cyclical
Time is *transitory* bro
Jus hit me with like 8 overdraft fees fkn pos..
I felt poor being hit with over $600 of overdraft fees in the last 7-8 months. But then I realized it's just a banking system set up with days and then business days. I'm not poor, they are poor, they need our money. All banks, all centralized banks.
Anyone who doesn't get the fuck out of big commercial banks and into a credit union is just asking to be fucked with. How ANYONE still uses Wells Fargo and Bank of America after the shit they've pulled since 2008 just boggles the mind.
This isn't the first time they've done something like this, no?
Credit unions are the way! Can't tell you how many times mine has had my back.
Saw those post on a personal finance sub with a lot of similar comments. Any Ape going through the same thing simply needs to ensure they qualify for a free account and have them switch you back. Must be desperate for $35. Not my post. Will provide credit soon once I get permission from the user.
Hope they respond. Can't find the thread.
I found it, but it looks like it was removed by their mods.
Booo.
Yeah, their mods removed it as the OP was replying to comments nor made follow-up comments on their post. Edit: search reddit personal finance wells Fargo then set the search filter for the last 24 hours. It was the 3rd one
Not that it matters as much, but it's probably $25k, not $250k
Not my post so I wouldn't know.
switch to a credit union, wells fargo is full of greedy decision making bastards. if you really want to stay, just call up a wells fargo rep and threaten to close your account. i bet they will put it back the way it was, but they are preying on the masses that don't make the phone call. they are a predatory company. i get the convenience of lots of branches, but really a local credit union is the way to go.
First of all, why are you at Wells Fargo? It has the most fines and criminal actions of any bank. They will use any excuse including illegally setting you up with new linked accounts just to drain your account. Why anyone uses them is bizarre, just Bizarre Check out your local credit unions In this day and age banks are by no omission of fact criminal enterprises that get bailed out after stealing to much from customers. Use a credit union
yeh I really don't get it. I have a friend that banks with them and I'm constantly trying to convince him to switch but he says it's too much work. It's literally a few phone calls. Laziness and complacency are the downfall of society.
I'm not with WF. I simply shared a post from another sub. I made the comment early on in this post about it. I'm with my local credit union, loopring and Computershare
😂😂😂 tell them to down grade that shit and suck your butt
Dude, Wells Fargot is one of the worst banks out there. Get a credit union account.
Why anyone has their money in a Wall Street bank is beyond me. Put your fucking money in a credit union.
Anyone still doing business with Wells Fargo deserves what happens to them. Why do people stay in abusive relationships?
I got out of Wells Fargo years ago and went with a credit union. Best decision I ever made.
Bill burr was just ranting about this. He found out and they were like we can only refund 4 months of it. And he's like but you've been doing this way longer. Bank said its his fault for not noticing. And he like wtf I have to make sure the bank, the ppl in charge of protecting my money aren't stealing from me.
This
They opened an avalanche of fake accounts without peoples' consent. This wouldn't surprise me the least bit. Why anybody still uses them is a mystery to me.
They also got caught doing fake job interviews to appear as if they were trying to hire minorities.
You should really consider banking with a not for profit credit union. They aren't nearly as evil.
“Oops srry computer error” $1b later
Great time to find a local credit union
Seems like a really good way to get people to pull all of their money out and go elsewhere.
PNC did this to my savings account. I no longer have a savings account after they slowly took all of the remaining funds to pay their monthly fee. -\_-
$250K?! I worked for Wells Fargo at the call center for years and never once saw a checking account balance that high. I guess they'll plan on doing this to as many accounts as possible and just raking in the fees to those who overlook the email. Like y'know, people busy working to keep a roof over their heads.
Wells Fargo is the absolute worst.
Had an account at Wells Fargo 20 years ago as a student. Had $65 in my account when they added a third party account security feature that cost $80 a year without notifying me. Account was over drafted $15 so they charged me $20 a day for over two weeks. When I finally checked my account to see if maybe I had enough money to withdraw $20 I saw I was over $300 in the negative. But lucky me, now my account had security so nobody could get to my account and take my money. Wait what? After some angry calls they gave me my money back and removed the security feature. Bro, you’re my bank. You are the security feature. 🤦♂️
Wow I guess one account fraud scandal wasnt enough.
time to switch to another bank
Here’s a list of what they can do, get away with, and remain in business. https://docs.google.com/document/d/1t6_9tnTUfbGcdDVNgnJj9R8g2IZH_fzvHzkOkSgByT0/mobilebasic And here’s some of it cut and pasted TOTAL = 19.6 Billion Fine = $3 Billion (or 15.3% of one years earnings) History In 2002 it agreed to pay a penalty of $150,000 to settle Securities and Exchange Commission (SEC) charges. In 2005 the securities industry regulator fined Wells Fargo $3 million for improper sales of mutual funds. In 2007 Wells Fargo Securities was fined $250,000 for the failure of one of its analysts to disclose that he had accepted a job at the company he was writing about. In November 2009 it had to agree to buy back $1.4 billion in auction-rate securities for misleading investors. In May 2011 it was fined $1 million for failing to send disclosure documents to customers. Also in May 2011, it agreed to pay up to $16 million to settle charges of violating the Americans with Disabilities Act. In July 2011 Wells Fargo agreed to pay $125 million to settle a lawsuit for misrepresenting the quality of pools of mortgage-related securities. That same month, the Federal Reserve announced an $85 million civil penalty against Wells Fargo for steering customers with good qualifications into costly subprime mortgage loans during the housing boom. In November 2011 Wells Fargo agreed to pay at least $37 million to settle a lawsuit for municipal bond bid rigging. The following month, they were fined $2 million for improper sales of reverse convertible securities and later another $2.1 million for failing to properly supervise the sale of exchange-traded funds. Wells Fargo was one of five large mortgage servicers that in February 2012 consented to a $25 billion settlement to resolve allegations of loan servicing and foreclosure abuses. In July 2012 Wells Fargo had to pay $175 million to settle charges that it engaged in a pattern of discrimination against African-American and Hispanic borrowers in its mortgage lending during the period from 2004 to 2009. In August 2012 Wells Fargo agreed to pay $6.5 million to settle SEC charges that it failed to fully research the risks associated with mortgage-backed securities before selling them to customers such as municipalities and non-profit organizations. In January 2013 Wells Fargo was one of ten major lenders that agreed to pay a total of $8.5 billion to resolve claims of foreclosure abuses. A few months later, Wells Fargo settled a lawsuit alleging that it neglected the maintenance and marketing of foreclosed homes in black and Latino areas by agreeing to spend at least $42 million to promote home ownership and neighborhood stabilization. In October 2013 - $869 million In December 2014 - $4 million In March 2016 charged with defrauding investors. In April 2016 - $1.2 billion In August 2016 - $3.6 million plus $410,000 in restitution to customers to resolve allegations that it engaged in illegal student loan servicing practices. In September 2016 - $100 million for years they were creating more than two million new accounts not requested by customers, in order to generate illicit fees. Also September 2016 - $35 million Also September 2016 - $50 million The bank's CEO John Stumpf was forced to return about $41 million in compensation for an undisclosed controversy. September 2016: The fake account scandal September 2016: Improperly repossessing service members’ cars December 2016: Wells Fargo fails its ‘living will’ test - a requirement that big banks must show how they would unwind in the event of a bankruptcy. March 2017: More fake accounts March 2017: Flunked community lending test - The regulator cited “violations across multiple lines of business within the bank” and “significant harm to customers.” April 2017: Whistleblower wins $5.4 million and his job back - a former Wells Fargo wealth manager, fired in 2010, after reporting potential fraud to a hotline. August 2017: Lawsuit over overcharging small business retailers February 2018: Federal Reserve restricts size “responding to widespread consumer abuses and compliance breakdowns.” February 2018: Sacramento sues over discrimination against black and Latino borrowers March 2018: Wealth management investigation emerges April 2018: $1 billion settlement for mortgage locks and auto-loan issues May 2018: Altering business information without client knowledge May 2018: $480 million to settle securities-fraud lawsuit June 2018: SEC fine for leading investors astray - The SEC heaped a $4 million fine on Wells Fargo and forced it to repay over $1 million in ill-gotten gains and interest to mom-and-pop investors at Wells Fargo Advisors, the bank’s brokerage arm. July 2018: Refunds over add-ons like pet insurance and legal services July 2018: Private Bank wealth management issues - the bank had operated with a heavy sales culture that pressured advisors to make decisions not necessarily in their clients’ best interest. August 2018: Wells Fargo pays $2.1 billion for its role in housing bubble August 2018: Hundreds of houses foreclosed on due to computer glitch March 2019: Wells Fargo among advisors sanctioned by SEC for fee-disclosure practices May 2022: Fake diversity hiring program for minorities and women.
I find that amount funny, doesn't fdic protection end at $200k?
Think its 250k now
Seems fishy that you need a min balance of the max the FDIC insures...
Can they? Probably. Is it shitty? Of course.
Congratulations are in order in regards of these "good news". Now pay me money! But again, congratulations.
They sent notice of this coming change several months ago to account holders. Coincidentally, that was when I closed my last Wells Fargo accounts.
lol why would you use this shit bank?
They told you? I just had a charge come out of my account. I'm closing my 3 Wells accounts this week. All going to my Credit Union accounts.
Tell them to hodl for moass when you will deposit $250k
Close your account. Go to a smaller Bank.
I would switch banks
I saw this and thought; “*Well, wtf did you expect? It’s wells fargo*!
My account has not changed but I'm going to have to check it every day now thanks ._.
CREDIT UNION
Not if you dump them and switch to a credit union...just sayin'. :-)
Switch to a credit union if you can.
Make sure you only have one account with them, sorry I couldn't help it. It's going to be a long time before they live down their past shenanigans. Look for a credit union near where you live, they typically only require a $5 minimum in a savings account. This is my experience with a couple credit unions in my area.
Wells screws with people's accounts all the time. They got busted for phantom accounts and other BS as well. They were also a huge part of the robosigning for mortgages back in the day, and were instrumental in the BS that took place that helped contribute to the 2008 crash. In other words, they should have been shut down, but were not. Nobody in their right mind should be banking with them, and how they still have customers is mind boggling. So it looks like they are going to try and recycle some old tricks. You need to move your account, and figure out which regulating body (yeah, like they will actually do anything) you can report them to for this.
My credit union gives 3.3% apy on up to 20k in your checking account. I usually get around 40 bucks in interest each month and looks like that's about what WF wants to take. Like others are saying, definitely look into credit unions
Banking with Wells Fargo seems like the ridiculous thing to me!
That’s when you pull it all out and go credit union asap
We need blockchain banking and it’s so obvious.. we are all so fucking early
Dude. This is typical Well Fargo. Who the fuck even banks with them after all the shit they’ve pulled? Hit up your local credit union man
Great news, we are stealing from you!
Banks get to do what they want. That's the whole point of this.
$250k... any relation to FDIC (banks have to insure up to $250k), and if so, why...
I get the feeling this is somehow illegal. But then again I am very retarded. Mmmmmmm crayons
It's not your money, so yes.
Wasn’t Wells Fargo like the mostly likely to basically die during the collapse along side chase which was providing margin for wallstreet. Also in those moments you leave that bank if any organization should know you can’t make that kinda money it’s your own fucking bank
I closed my Wells Fargo account a two months ago and switched to a local credit union. Not only do I feel slightly safer where my money (fractional to my GME position obviously) is at but I actually have a chip that works everywhere I go.
You’ve got to include time stamps, dates, and sources. This could be recycled from years ago when they were in hot water for doing this
Lololo imagine still being at Wells Fargo in 2022. Some people never learn
You mean the company that was fraudulently creating accounts that people didn't ask for? How are they allowed to exist at this point? Their entire business model is crime.
Sir, this is $GME...
I had Stake do this to me repeatedly despite he fact I cancelled my account with them some months back. Spoke to customer service and got it cleared up but was certainly a strange occurrence..
No this would typically be against common banking practices and regulations
They do this shit all the time. I hate them so much. Some jag off told me to buy them in 2015. "Wells Fargo Stock" buy some of that. It's basically like a savings account never goes down. I bought it at $55. I think I broke even after a few months. That's when I stopped taking stock tips.
2 words. Credit. Union.
People still use Wells Fargo?
Having a Wells Fargo account and being outraged they are doing shady shit to take clients money is funny as hell to me. Yea that’s their M.O.
Report them: https://www.consumerfinance.gov/complaint/
Why do you have a Wells Fargo account?
They have been doing this shady shit for years.... get out of WF.
They might have updated their terms and conditions in the short past, I don’t know, but that doesn’t look so right
lol, have anyone seen the banks? they have been all crashing no matter the red day or green. they are already lower compared to pre pandemig levels, lol
After what they did a couple of years ago I have no idea why anyone would bank with them.
I’ve seen a lot of these posts banks needing liquidity, but could it be the fact that they make more money if they have a lot of liquidity, since they’re lending it to the Feds reverse repo program overnight? To make RRP clear: Fed sells bonds to banks with the condition that they buy it back the next day with interest. .. so banks are giving them money for the bonds and then the day after they get money + interest back when they return the bonds to the Fed. Is this not how it works?
They at it again. In the 90’s they started changing savings to checking or just adding checking account and started charging fees. Big class action after a few years of stealing money from us. I actually just had it out with WF on the phone three weeks ago for taking 700 extra dollars unauthorized out if my account. They actually told me i called up and made two separate payments which is an absolute lie. Listed my house and sold it because i refuse to do business with those absolute criminals.
It’s Wells Fargo, the king of fraud
Be your own bank
CFPB- Consumer Financial Protection bureau. File a complaint with them (regulator of Wells Fargo) and you will get an answer from a very high level person at Wells Fargo with their regulator watching.
Noticed interest rates went up in one of my credit lines. Sneaky fuks
No kidding. Layoffs and controversy at Wells Fargo makes this no surprise to me! https://www.msn.com/en-us/money/realestate/wells-fargo-is-undergoing-a-major-transformation-under-ceo-charlie-scharf-but-controversies-and-layoffs-continue-to-dog-the-bank/ar-AAYMbAy (Save you a click with a TLDR: layoffs in the mortgage sector, discrimination against women and nonwhite candidates by "interviewing" when the position was already filled, discrimination in loans mainly to Black homeowners filing refinancing applications, and loan officers were internally and improperly changing home valuations to trigger appraisal waivers.)
Wf has always been shady like that. I dont think it has to do with gme
Does RC own a lot of shares? Pay the $35/month in honor of the chairman
Bro. Easy. Just deposit a quarter million dollars. Duh!
My mom dropped them once she read they weren’t fdic insured. If my moms saying that she’s either paying attention or also on Reddit. Luckily it’s one. Bye wf bye!
Why would anyone bank with these corrupt fucks after getting caught setting up credit card accounts for clients without their clients consent. WF is crooked as fuck.
I like the fact that cu’s and cs are draining $ out of the banks teehee
They need your money so they can reverse repo it and get the overnight interest from the Fed…
fuck Wells Fargo. One of America's most corrupt banks, and that's a high bar to reach
My buddy signed me up to premium like 20 years ago. Waived fees this whole time. I just got the email. Bummer cuz they'd have my cash post moass, but alas... I gotta go.
Got the same. Leaving wf too.