Wells Fargo - Premier Banking, relationship managers - good or bad?

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Wernerger
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Wells Fargo - Premier Banking, relationship managers - good or bad?

Post by Wernerger » Mon Oct 22, 2018 4:36 pm

My bank, Wells Fargo, is saying that I now have a relationship manager to call when I need something. Instead of calling their main line, I can call the relationship manager. They're wanting to setup an appointment where I speak with this person and he is supposed to outline the benefits of having a relationship manager. I have not enrolled in anything and do not want to enroll in anything at this time. However, I feel like I'm being enrolled in something (despite Wells Fargo saying that there is no obligation at this point).

Is having a relationship manager a good thing? If so, what are the real benefits? Or does it usually lead to you enrolling in things that you don't really need? Or perhaps having to pay a penalty when the money is needed and taken out. Currently, I'm saving up for a home with just a savings account. I don't wish to enroll in cds and accounts that would even give me higher interest rates if it means that I will not be able to use what's in savings for a given amount of time e.g. a year.

Fallible
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Re: Wells Fargo - Premier Banking, relationship managers - good or bad?

Post by Fallible » Mon Oct 22, 2018 5:02 pm

Wernerger wrote:
Mon Oct 22, 2018 4:36 pm
My bank, Wells Fargo, is saying that I now have a relationship manager to call when I need something. Instead of calling their main line, I can call the relationship manager. They're wanting to setup an appointment where I speak with this person and he is supposed to outline the benefits of having a relationship manager. I have not enrolled in anything and do not want to enroll in anything at this time. However, I feel like I'm being enrolled in something (despite Wells Fargo saying that there is no obligation at this point).

Is having a relationship manager a good thing? If so, what are the real benefits? Or does it usually lead to you enrolling in things that you don't really need? Or perhaps having to pay a penalty when the money is needed and taken out. Currently, I'm saving up for a home with just a savings account. I don't wish to enroll in cds and accounts that would even give me higher interest rates if it means that I will not be able to use what's in savings for a given amount of time e.g. a year.
Will WF provide the information you are seeking without an appointment or before one? Are you being asked to enroll or to sign anything now?
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NotWhoYouThink
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Joined: Fri Dec 26, 2014 4:19 pm

Re: Wells Fargo - Premier Banking, relationship managers - good or bad?

Post by NotWhoYouThink » Mon Oct 22, 2018 5:28 pm

They think you have money that they would like to have some of, so they will try to sell you more services. It's their business model - once they establish an initial relationship with you (banking, in your case) they want to expand the relationship and sell you more products. Every encounter with them will be a sales call whether they make that obvious or not.

You have to decide
1) whether you want a broader relationship with them. It sounds like you don't
2) whether you want to listen to their sales pitches anyway. I wouldn't because it would be a waste of everyone's time. If you have trouble saying no you should definitely not have this meeting.

You can check their website to see what premier banking services they offer that are "free" at a certain level of deposits, and whether any of those appeal to you. If you think there is something they offer that you would find useful and not have to pay for, and if you are very good at saying no to things you don't want or need, it might be worth talking to them.

Wernerger
Posts: 16
Joined: Thu Dec 21, 2017 2:00 pm

Re: Wells Fargo - Premier Banking, relationship managers - good or bad?

Post by Wernerger » Mon Oct 22, 2018 5:39 pm

Fallible wrote:
Mon Oct 22, 2018 5:02 pm
Wernerger wrote:
Mon Oct 22, 2018 4:36 pm
My bank, Wells Fargo, is saying that I now have a relationship manager to call when I need something. Instead of calling their main line, I can call the relationship manager. They're wanting to setup an appointment where I speak with this person and he is supposed to outline the benefits of having a relationship manager. I have not enrolled in anything and do not want to enroll in anything at this time. However, I feel like I'm being enrolled in something (despite Wells Fargo saying that there is no obligation at this point).

Is having a relationship manager a good thing? If so, what are the real benefits? Or does it usually lead to you enrolling in things that you don't really need? Or perhaps having to pay a penalty when the money is needed and taken out. Currently, I'm saving up for a home with just a savings account. I don't wish to enroll in cds and accounts that would even give me higher interest rates if it means that I will not be able to use what's in savings for a given amount of time e.g. a year.
Will WF provide the information you are seeking without an appointment or before one? Are you being asked to enroll or to sign anything now?
I haven't sought anything from them, they just called me one day and wanted to introduce me to a "relationship manager" and said that I now have more benefits. I have not asked of anything from them.

Wernerger
Posts: 16
Joined: Thu Dec 21, 2017 2:00 pm

Re: Wells Fargo - Premier Banking, relationship managers - good or bad?

Post by Wernerger » Mon Oct 22, 2018 5:41 pm

NotWhoYouThink wrote:
Mon Oct 22, 2018 5:28 pm
They think you have money that they would like to have some of, so they will try to sell you more services. It's their business model - once they establish an initial relationship with you (banking, in your case) they want to expand the relationship and sell you more products. Every encounter with them will be a sales call whether they make that obvious or not.

You have to decide
1) whether you want a broader relationship with them. It sounds like you don't
2) whether you want to listen to their sales pitches anyway. I wouldn't because it would be a waste of everyone's time. If you have trouble saying no you should definitely not have this meeting.

You can check their website to see what premier banking services they offer that are "free" at a certain level of deposits, and whether any of those appeal to you. If you think there is something they offer that you would find useful and not have to pay for, and if you are very good at saying no to things you don't want or need, it might be worth talking to them.
Yeah, I took a look at the premier banking webpage online and while it does sound like a move up from my savings account, it doesn't really have anything that I want right now. Looks good if I were to get a mortgage though. And it sounds like I can call my relationship manager should their be an emergency with my account or if I need banking documents. Other than that I don't see any real benefits on my end. Just wanted to see if any of the people in this forum have seen any real benefits with having a personal relationship manager. Thanks for your advice.

NotWhoYouThink
Posts: 2069
Joined: Fri Dec 26, 2014 4:19 pm

Re: Wells Fargo - Premier Banking, relationship managers - good or bad?

Post by NotWhoYouThink » Mon Oct 22, 2018 5:56 pm

Same question different bank here.
viewtopic.php?t=259328

Wakefield1
Posts: 857
Joined: Mon Nov 14, 2016 10:10 pm

Re: Wells Fargo - Premier Banking, relationship managers - good or bad?

Post by Wakefield1 » Mon Oct 22, 2018 6:30 pm

Check out the theoretical penalty from breaking a CD early,perhaps you still come out ahead as compared to the savings account depending on the penalty severity vs. the interest rate difference. Read the fine print very carefully! As dm 200 responded to my question the other day
By the way the local Wells Fargo here rolled over my elderly mother's 2 year CD at only .2% interest a couple weeks ago,that sounds like enough penalty as in itself.
Unfortunately,when she could ride around in the car she didn't want to sign up for an account at my Credit Union (will allow family members of members to sign up),she could be getting over 10x the interest on a 2 year CD (or even a 15 month "No Penalty" CD.
My brother got a solicitation for "Premier Banking",I suppose it is too complicated to be worth while unless it came with higher interest rates which I don't think it does. That bank's interest rate is not high enough in my opinion.

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