Fomer_FJ_owner805
New member
I use Wells Fargo as my back up bank. I looked on line lots of trouble for Wells Fargo. Should I move my money? Lots of people are.
Way off topic but someone in "The Know" is my money @ Wells Fargo safe?
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Ol'Blue
New member
Well this is my take Sir. If any bank is FDIC Insured then it's not safe. In the end it's the Governments money they let us play with and hold for awhile. It's not like the government has not come into banks before and robbed the safe deposit boxes and took peoples gold back before or anything then sold it back to them at a higher price. I'm just saying. Might want to read up on that bit of history- It's pretty scary really.
Blue
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Yukon4Runner
New member
Yukon4Runner
New member
The take away from the recent Wells Fargo news is the following:
Always review your financial statements.
Employees were creating new accounts in clients' names without their knowledge then charging fees to existing accounts. Customers who noticed the fees and complained were given the standard "oops there was a banking error and given a refund". Those who did not notice the additional account fees were being slowly dripped dry. You can imagine that accounts were chosen such that this would most likely not be noticed and if it was, a quick "oops" was issued.
They did this to meet sales quotas for bonuses and job advancement.
What's more concerning is that Wells Fargo was already under increased scrutiny from government regulators and it wasn't noticed. Also, Wells Fargo fraud control only found a few instances and failed to notice it was a widespread pattern. Too many people entrusted with detecting such fraudulent activity were asleep at the switch.
Always review your financial statements.
Employees were creating new accounts in clients' names without their knowledge then charging fees to existing accounts. Customers who noticed the fees and complained were given the standard "oops there was a banking error and given a refund". Those who did not notice the additional account fees were being slowly dripped dry. You can imagine that accounts were chosen such that this would most likely not be noticed and if it was, a quick "oops" was issued.
They did this to meet sales quotas for bonuses and job advancement.
What's more concerning is that Wells Fargo was already under increased scrutiny from government regulators and it wasn't noticed. Also, Wells Fargo fraud control only found a few instances and failed to notice it was a widespread pattern. Too many people entrusted with detecting such fraudulent activity were asleep at the switch.
Yukon4Runner
New member
Guess I'm lucky that I've managed to find banks that are FDIC insured, don't charge fees and are friendly.
The government is offering to insure my money; why wouldn't I want my money insured? Banks do go out of business.
The government is offering to insure my money; why wouldn't I want my money insured? Banks do go out of business.
wadle5
New member
No...............sell everything. Walk away bury it in your backyard. I am only saying this as I work for a competitor.
On a more serious note the reality is it is up to you to do your due diligence with your banking institutions, financial advisers, etc, etc.
While it is horrible what happened, I don't think Wells Fargo is the only guilty one of this in the industry and unfortunately it wrecked a lot of people. Again due to the great corporate attorneys anyone effected by this will get a part of the settlement to the tune of...wait for it....a whopping $25. The sad part about this entire situation and the crookedness of the system is the fact they are being fined over $150 MILLION and that is being paid to not the victims, but the US government...
On a more serious note the reality is it is up to you to do your due diligence with your banking institutions, financial advisers, etc, etc.
While it is horrible what happened, I don't think Wells Fargo is the only guilty one of this in the industry and unfortunately it wrecked a lot of people. Again due to the great corporate attorneys anyone effected by this will get a part of the settlement to the tune of...wait for it....a whopping $25. The sad part about this entire situation and the crookedness of the system is the fact they are being fined over $150 MILLION and that is being paid to not the victims, but the US government...
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I used to be a WF customer as was my mother. As she aged she added me to her checking account so I could pay her bills when she wasn't well. Common enough. My name & signature were on her account. Her name was not connected to my accounts. That detail didn't matter to WF though, for unknown reasons they linked her automatic payments to my account. When her cable bill came due they took it out of my account.
Minor glitch? No, it's called co-mingling of funds and is very much illegal. A long day on the phone got it fixed only after I threatened them with knowledge of the laws. Then they jumped to appease me. Never so much as "sorry" because that would be an admission of guilt.
Once everything was straightened out I cancelled all accounts, left WF and never looked back. Funny thing afterwards - My new bank debit card couldn't withdraw from any WF ATM anywhere. All other ATM's were fine but all WF would deny my card.
Is your money safe with them?
Minor glitch? No, it's called co-mingling of funds and is very much illegal. A long day on the phone got it fixed only after I threatened them with knowledge of the laws. Then they jumped to appease me. Never so much as "sorry" because that would be an admission of guilt.
Once everything was straightened out I cancelled all accounts, left WF and never looked back. Funny thing afterwards - My new bank debit card couldn't withdraw from any WF ATM anywhere. All other ATM's were fine but all WF would deny my card.
Is your money safe with them?
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adaml
New member
I work in the field of financial institutions as an auditor. Here's my simple opinion on it.
Your money is going to be fine, Wells Fargo is not going anywhere, and unless you have cash in accounts which exceed $250,000, you'll be fine too.
If you want to leave WF for other reasons, that's your own thing. Credit Unions are good places and generally offer marginally better rates on checking (share), time deposit, and savings accounts (not to mention they normally offer lower rates on loans as well). CU's don't always have the latest tech though so you may lose mobile banking or remote capture deposit or other features.
Honestly, if you're just a normal guy and you're happy with how WF has treated you, I'd just stick with them. Moving accounts can be a major pain.
Your money is going to be fine, Wells Fargo is not going anywhere, and unless you have cash in accounts which exceed $250,000, you'll be fine too.
If you want to leave WF for other reasons, that's your own thing. Credit Unions are good places and generally offer marginally better rates on checking (share), time deposit, and savings accounts (not to mention they normally offer lower rates on loans as well). CU's don't always have the latest tech though so you may lose mobile banking or remote capture deposit or other features.
Honestly, if you're just a normal guy and you're happy with how WF has treated you, I'd just stick with them. Moving accounts can be a major pain.
