Tales of Wells Fargo

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Van
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Joined: Wed Oct 27, 2010 9:24 am

Tales of Wells Fargo

Post by Van »

If you are not already a customer of Wells Fargo, don't ever think about becoming one.

I received a letter in the mail today stating that my $90 annual payment for my Safe Deposit Box was overdue. I mailed a check to Wells Fargo on 6/22, and it has never been cashed (SO FAR). I called Wells Fargo, and, after over an hour on the phone, I gave up. I had worked my way up to the third level of "customer service", and the best they had to offer was a $31 charge to stop payment on my check of 6/22! Then, I could issue a new check. Now, mind you, the original check of 6/22 was MADE OUT TO WELLS FARGO! There is no third party. Yet they still wanted to charge me for their incompetence in not processing my original check. But, they might reimburse me for the $31 after further review of my "case".

I decided not to stop payment, since I have no faith in getting reimbursed. Instead, I issued and mailed a new check for the $90. If both checks eventually get cashed, I'll go visit my local branch and duke it out.
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arcticpineapplecorp.
Posts: 6222
Joined: Tue Mar 06, 2012 9:22 pm

Re: Tales of Wells Fargo

Post by arcticpineapplecorp. »

Violation tracker, wells fargo:
https://violationtracker.goodjobsfirst. ... ells-fargo

every wells fargo consumer scandal just since 2015:
https://finance.yahoo.com/news/every-we ... 46222.html

vote with your wallet, vote with your feet. don't get robbed by the stagecoach.
It's "Stay" the course, not Stray the Course. Buy and Hold works. You should really try it sometime. Get a plan: www.bogleheads.org/wiki/Investment_policy_statement
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arcticpineapplecorp.
Posts: 6222
Joined: Tue Mar 06, 2012 9:22 pm

Re: Tales of Wells Fargo

Post by arcticpineapplecorp. »

arcticpineapplecorp. wrote: Mon Aug 17, 2020 1:38 pm Violation tracker, wells fargo:
https://violationtracker.goodjobsfirst. ... ells-fargo

every wells fargo consumer scandal just since 2015:
https://finance.yahoo.com/news/every-we ... 46222.html

vote with your wallet, vote with your feet. don't get robbed by the stagecoach.
odd that Warren Buffett stands by such a company when he himself has said:
“It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently.” Here, Buffett says that anyone's reputation can quickly take a hit and to always act with integrity. Otherwise, a whole career can be ruined easily no matter the effort over the years.--May 1, 2017.
source: https://www.google.com/search?client=fi ... reputation
It's "Stay" the course, not Stray the Course. Buy and Hold works. You should really try it sometime. Get a plan: www.bogleheads.org/wiki/Investment_policy_statement
retired@50
Posts: 3478
Joined: Tue Oct 01, 2019 2:36 pm
Location: Living in the U.S.A.

Re: Tales of Wells Fargo

Post by retired@50 »

I once sold a used car to a someone from a Craig's list ad.

The buyer presented a cashier's check for $10,000 drawn on Wells Fargo. I accepted the check as payment for the car.

I went to my local Wells Fargo branch to cash the check that same day. The personnel in the bank wouldn't agree to give me $10,000. They would provide me with $5,000 in cash and another Wells Fargo cashier's check for $5,000. I complained, but it was hopeless.

If they won't even honor their own cashier's checks, what hope is there for this company?

Regards,
Last edited by retired@50 on Mon Aug 17, 2020 2:02 pm, edited 1 time in total.
This is one person's opinion. Nothing more.
student
Posts: 5162
Joined: Fri Apr 03, 2015 6:58 am

Re: Tales of Wells Fargo

Post by student »

arcticpineapplecorp. wrote: Mon Aug 17, 2020 1:40 pm
arcticpineapplecorp. wrote: Mon Aug 17, 2020 1:38 pm Violation tracker, wells fargo:
https://violationtracker.goodjobsfirst. ... ells-fargo

every wells fargo consumer scandal just since 2015:
https://finance.yahoo.com/news/every-we ... 46222.html

vote with your wallet, vote with your feet. don't get robbed by the stagecoach.
odd that Warren Buffett stands by such a company when he himself has said:
“It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently.” Here, Buffett says that anyone's reputation can quickly take a hit and to always act with integrity. Otherwise, a whole career can be ruined easily no matter the effort over the years.--May 1, 2017.
source: https://www.google.com/search?client=fi ... reputation
It is interesting that you mentioned this as he recently reduced his holding of Wells Fargo. https://www.barrons.com/articles/warren ... 1597443388
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arcticpineapplecorp.
Posts: 6222
Joined: Tue Mar 06, 2012 9:22 pm

Re: Tales of Wells Fargo

Post by arcticpineapplecorp. »

student wrote: Mon Aug 17, 2020 1:46 pm
arcticpineapplecorp. wrote: Mon Aug 17, 2020 1:40 pm
arcticpineapplecorp. wrote: Mon Aug 17, 2020 1:38 pm Violation tracker, wells fargo:
https://violationtracker.goodjobsfirst. ... ells-fargo

every wells fargo consumer scandal just since 2015:
https://finance.yahoo.com/news/every-we ... 46222.html

vote with your wallet, vote with your feet. don't get robbed by the stagecoach.
odd that Warren Buffett stands by such a company when he himself has said:
“It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently.” Here, Buffett says that anyone's reputation can quickly take a hit and to always act with integrity. Otherwise, a whole career can be ruined easily no matter the effort over the years.--May 1, 2017.
source: https://www.google.com/search?client=fi ... reputation
It is interesting that you mentioned this as he recently reduced his holding of Wells Fargo. https://www.barrons.com/articles/warren ... 1597443388
wasn't aware he did that. good to know. took him long enough, though. thought it was hypocritical of him for a long time. Still, reducing is not eliminating. if he hasn't divested entirely, then he still should be aware of the company he keeps.

Of course, one can say I'm hypocritical by owning the total market which includes WF (should be WTF?)...but I'm not an active investor, I have to take the good with the bad. Buffett isn't constrained in the same way, so his holdings are more illustrative than mine.
It's "Stay" the course, not Stray the Course. Buy and Hold works. You should really try it sometime. Get a plan: www.bogleheads.org/wiki/Investment_policy_statement
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Misenplace
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Re: Tales of Wells Fargo

Post by Misenplace »

This thread has run its course and is locked (rant). General comment threads are off topic in the forums with "Personal" in the title. See: A reminder that non-investing general comment threads are OT
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