2 bad, G.N.S.P

Is there an "official" link to the WF site about this? Sounds like I'll be moving my accounts as well.

4/17/2012 7:25:57 PM

Quote :

"i'd just straight up fucking forget if i didn't auto-draft."

It just depends on the person. I make it a point to pay all our bills on or around the 1st of each month (no matter the due date), and each of them is done through bill pay through my account. My wife has her gym membership set to auto-draft and that's it.

I like it set up this way for a few reasons -- instead of paying bills throughout the month and occasionally having that "oh crap today the XYZ bill was due" moment, you pay all your bills once/month, all on the same day (or pretty close to it). You make the decision when to pay the company...rather than the company taking money from you. I keep a pretty close eye on our finances, and this allows me to know exactly how much I pay for each bill, and I have complete control over who I pay, when I pay them, and how much I pay them.


In fact, this thread has spurred me to go ahead and set up bill pay for this coming month.

4/17/2012 7:37:01 PM

I do the same thing. It's a little sad to watch so much money leave my checking account all in the same day

4/17/2012 7:43:37 PM

https://www.wellsfargo.com/checking/

4/17/2012 7:46:46 PM

Like I said - it would have been nice to receive notification of a supposedly new fee.

4/17/2012 7:48:59 PM

I had a great Wells Fargo experience today. I have my mortgage through them and recently refinanced, using their Bill Pay. I forgot to switch over to the new account before the last billing period though.

Guy calls me today, tells me that I'm late on my mortgage payment, but when he dug into it, he saw it just went to the old mortgage, so he's taking care of moving the money to my new mortgage and removing all the late fees. He then walked me, step by step, setting up my new mortgage in BillPay.

A++ customer service.

4/17/2012 8:07:58 PM

Haha I tweeted Wells Fargo about my disappointment, and they Tweeted back and said they could work something out.

4/17/2012 9:17:24 PM

I bet they're really concerned about losing one of their least profitable customers.

If you don't do any business with them, why would they care?

4/17/2012 11:03:35 PM

Hahah i thought that too, i currently have $13 in invested with them

4/17/2012 11:05:44 PM

They are actually losing money servicing you if all you have is a tiny checking account.

They have to pay for the building, the tellers, the statements, etc.

And they get nothing out of you. A checking account is hot money. What are they going to do with that money? Invest it in overnight rates at .0000001%?

Deposits are liabilities for banks. They'll take a small loss on you in your 20's because they are hoping you join society one day and qualify for mortgages, home equity lines, cd's, savings accounts, IRA's, auto loans, etc.

And a select few will become rich and will be wildly profitable customers. Or open business accounts that are wildly profitable.

But if you're hitting your 30's and you still aren't worth what it costs them to service your account, chances are you never will be. And they don't want you.


(at least if you used a debit card they could make some $, but now that congress killed that they don't want you again)

[Edited on April 17, 2012 at 11:14 PM. Reason : a]

4/17/2012 11:12:44 PM

Quote :

"They'll take a small loss on you in your 20's because they are hoping you join society one day and qualify for mortgages, home equity lines, cd's, savings accounts, IRA's, auto loans, etc."

hmmm they probably shouldn't have recklessly loaned money to people for homes and collapsed the economy then

way to go, poindexter

4/18/2012 3:10:40 AM

How do YOU PEOPLE not get anxious with that low of a balance???

4/18/2012 3:16:14 AM

^^ not sure what that has to do with anything. The point is... banks don't care much about poor people because they have nothing to offer the banks as customers.

If you don't have direct deposit then you are wasting their time making deposits 1-4x a month at their store.

If you have a checking account but nothing else you are wasting their $ on statements, paperwork, etc.


Think about whatever business you are in and think about the annoying customer who wastes all your time and generates no revenue. Do you want them?

[Edited on April 18, 2012 at 4:45 AM. Reason : a]

4/18/2012 4:43:30 AM

Quote :

"I hope the entire fucking banking industry fails. Nationalize that shit and be done with it."

because the federal government is the most fiscally responsible organization ever.

4/18/2012 7:24:26 AM

I have WF and a WF Mortgage. I am able to transfer money from my checking straight to my mortgage without doing an autodraft.

4/18/2012 7:29:57 AM

Free checking is going the way of the dinosaurs anyway in general. As face said, someone who JUST has a free checking account is a net loss to the company. And credit unions are nice but if you travel a lot ease of access is nice to have. Then again I'm just harboring a guess but if you are worried about losing free checking chances are you aren't going to be traveling much so a credit union will work perfectly.

My favorite TWW posts are when people bitch about overdraft charges or other bank charges that are 100% their own fault. I realize this is NOT whats happening here but that lack of personal responsibility cracks me up.

[Edited on April 18, 2012 at 8:05 AM. Reason : X]

4/18/2012 8:05:08 AM

the few rare times i use debit or checking (because, really, what reason is there to use it?), it's my ING direct account

now that capital one owns ING direct, though, they may start fucking me in the ass like these other piece of shit banks are doing to their customers...in which case i'll just fall back to my SECU account for everything

4/18/2012 8:11:53 AM

I'm pretty sure BofA did this when I signed up with them years ago. But I was an adult at 22, and even though I was in grad school I managed my money well enough to keep over $1,500 in my account.

4/18/2012 8:29:43 AM

Quote :

" My favorite TWW posts are when people bitch about overdraft charges or other bank charges that are 100% their own fault. I realize this is NOT whats happening here but that lack of personal responsibility cracks me up. "

This.



[Edited on April 18, 2012 at 4:15 PM. Reason : ]

4/18/2012 4:14:45 PM

thanks, Obama, for passing your "banking reform" that caused shit like this.

4/18/2012 10:18:43 PM

Actually, what it creates is an interesting time for small banks and credit unions.

[Edited on April 18, 2012 at 10:35 PM. Reason : and investing in them--the small banks]

[Edited on April 18, 2012 at 10:35 PM. Reason : ]

4/18/2012 10:34:36 PM

Switching soon too

4/18/2012 10:59:13 PM

is this all Wells Fargo checking accounts? The Wachovia checking and savings accounts I had moved over.

4/19/2012 1:11:09 AM

If $7/m is enough to break the bank, well...

[/troll]

4/19/2012 1:27:15 AM

Quote :

"I thought BofA was ATM fees, but I may be mistaken."

http://www.bloomberg.com/news/2011-11-01/bank-of-america-drops-plan-for-5-debit-fee-as-competitors-scrap-charges.html

The only reason they backed down wasn't due to backlash but because the other major banks didn't follow suit with the fee... and you better believe that fee will be reintroduced as soon as all the banks can agree on it.

4/19/2012 8:36:04 AM

if you don't meet those qualifications then it takes more in overhead and other variable costs to maintain your account than the money they get from you.

they aren't doing this because they are greedy and want to squeeze blood from a turnip, they're doing it because they don't want to make 0% margin by pandering to some customers when they could invest the money they would otherwise spend into different projects that would net greater returns.

some serious ignorance in this thread

4/19/2012 12:15:09 PM

Quote :

"they aren't doing this because they are greedy"

you're dumb

4/19/2012 5:29:36 PM

4/19/2012 6:08:00 PM

closed my accounts today

now all i have is SECU and ING direct

4/19/2012 10:01:21 PM

Whelp, finally got the email I figured I'd be getting saying my free checking will no longer be free. Guess I should finally get around to changing my auto-payments to SECU and cancel my Wells Fargo account.

5/8/2012 3:18:26 PM