Wells Fargo and Banks in General

[fingerguy]

I overheard a conversation the other day which led me to do some Google searches. Turns out there is a lot drama happening behind the scenes at Wells Fargo.

So yesterday I panicked and started to look for new banks. Seems like most banks have fees now and I yet to pay any fees since my first checking account back in my teenage years (I am not 42 and will be 43 in a few days).

So I am on the fence. I have a few banks which allows me to have a checking account at no monthly fee as long as I fit in certain categories which I do for all of them. Or stay put, and keep my ear to ground and stay at Wells Fargo for now.

Thoughts?

Note I do NOT follow financial, political and even religions. So what I know is very minimal.

 

[5544]

Easier to stay with the devil you know when it comes to banking.

 

[Gorn]

There are more chase ATMs readily available to me than any others. So I use Chase. That's as far as my banking criteria go.

 

[fingerguy]

There are more chase ATMs readily available to me than any others. So I use Chase. That's as far as my banking criteria go.

I used to use Chase till they chased me with letters abut fees if you don't meat xy&z. I said F THAT

 

[slobake]

I belong to a credit union that doesn't charge fees. They treat me well too. The only problem is the lack of ATM's.

 

[fingerguy]

I belong to a credit union that doesn't charge fees. They treat me well too. The only problem is the lack of ATM's.

Main reason why they are off my list. There is one credit union that used to cover costs when you are using Union Savings Bank ATM's but that deal went south.

 

[Fleebag]

Cash is king!
There are plenty of smaller local banks to choose from, they're all the devil anyway so I just choose to feed the smallest ones.

 

[StyleOverShow]

Most Credit Union's stayed out of the financial meltdowns of 2008 because they dont 'gamble'.

Have read some scary stuff about banks don't have enough money on hand to back their various (spurious) investments, could be a shakeout soon.

One of the founding fathers said something like "I fear banks aligned more than any foreign armies".

I am moving out of Wells Fargo, not for the charges but for the predatory consumer behavior.

 

[fingerguy]

@StyleOverShow
Lets start a revolution and get a 1000 customers to withdraw from the bank.

 

[charlie monroe]

I wanna hear the scuttlebutt on WF!
What is happening that is making them squirm?

 

[Rattman]

I belong to a credit union that doesn't charge fees. They treat me well too. The only problem is the lack of ATM's.

I gave up forever on fee-hungry banks in 1987. I'm now a member of two big credit unions. That's the way to go. Please consider looking into that option.

. .

 

[Richland123]

There are several banks in my area (west central Pennsylvania) that offer no fee checking accounts. One even has interest with it albeit a very small interest amount.

 

[FunkBear]

I've been a member of a credit union since before I started college. They dont charge any yearly fees and I can use the ATMs at Publix or get cash back for free. Took out a loan with them that repays itself when I turned 18 to build credit. Got a free balance transfer to reduce my credit card interest from 16% to about 4% a few years ago. Transferring between accounts is free. My fiancee had her CC through Wells-Fargo and we recently did a balance transfer (for free) to reduce her credit interest to about 4%.

I'd say ditch a bank and go with a CU. I've never really had trouble finding an ATM since Publix is everywhere and I can get cash back anywhere that takes a debit card.

 

[richntiff]

credit union, or small locally owned bank. Only way to fly.....

 

[MJ5150]

I belong to a credit union that doesn't charge fees. They treat me well too. The only problem is the lack of ATM's.

Isn't your CU part of the CO-OP? You can use partner ATM's all over the country and get no fees.
My CU has a branch/ATM in my town, but I can use an ATM other places fee-free. For example, Rite-Aid.

When we moved to New Hampshire, we were able to keep our Washington based accounts open and use the CO-OP ATM's out there without any fees.
Even cooler is you can go into a partner CU and conduct any business you need to like it was your CU.

-Mike

 

[slobake]

Isn't your CU part of the CO-OP? You can use partner ATM's all over the country and get no fees.
My CU has a branch/ATM in my town, but I can use an ATM other places fee-free. For example, Rite-Aid.

When we moved to New Hampshire, we were able to keep our Washington based accounts open and use the CO-OP ATM's out there without any fees.
Even cooler is you can go into a partner CU and conduct any business you need to like it was your CU.

-Mike

Thanks Mike,

I will check that out.

 

[MJ5150]

Thanks Mike,

I will check that out.

Here is a link to more info about CO-OP.
[Invalid or Expired Link Removed]

-Mike

 

[Gaolee]

I belong to a credit union that doesn't charge fees. They treat me well too. The only problem is the lack of ATM's.

This is what I do. They aren't a life support system for bloated upper management salaries. The lack of ATMs is easy to overcome - buy groceries with a debit card and get cash back if you want cash. I only use cash for a few purposes. It's not much of an issue. And then there's the co-op thing Mike mentioned. I haven't learned about it because I haven't needed to.

 

[Bob Lee (QSC)]

I belong to a credit union that doesn't charge fees. They treat me well too. The only problem is the lack of ATM's.

My CU has reciprocity with many other CUs so we can use each other's ATMs. They're still not as numerous as Chase or Wells Fargo, but the hassle isn't much.

 

[sissy kathy]

I wanna hear the scuttlebutt on WF!
What is happening that is making them squirm?

Shady business practices as usual for them. They had employees opening unsolicited accounts for their customers. We aren't talking about a few dozen accounts for a dozen people; but millions of accounts for 100s of thousands of customers, some of those accounts included service charges, but in most cases the customers were unaware of the accounts even existed. A few internal whistle blowers got fired when they brought the practice to managements attention. Now some of the higher ups have been terminated as a result of the practices. I believe there is a class action suit going on about it now (in Utah I believe), and WF is even trying to fight that saying the customers are required to submit to binding arbitration.