Thursday, April 26, 2007

Wells Fargo is run by lawyers

I know the financial industry is pretty tight when it comes to money but the following situation is the last straw. I have been a member at Wells Fargo for the past 12 years. They had been good, no complaints, was even thinking of doing investing through them. I encountered an awful experience when I had to stop payment on a check. I placed a stop payment on a cashiers check. Now I knew that there would be a fee on this, I think it was $20...this is fine. But on top of this they charged me an additional $30 because of the amount of the was under $2k...It must of really broke them that day. On top of this they reissued the check to me and charged me a $5 processing fee to reissue the check. This was one of the last straws. So I decided to go over to Washington Mutual, which has an awesome online interface and great customer service. I called up wells Fargo to cancel my account and while on the phone found out that I couldn't over the phone and instead I needed to go into the branch. This was ok with me but because of being out of town a lot haven't gotten around to it. So I logged into my account and found out that they charged me $2 to talk to a representative on the phone about canceling my account! Can you believe that? They are charging like lawyers now. Since when was customer service for a product that the company already makes money on, charged to the customer? The last time I checked, basic questions directed to support was a cost of business. The conclusion of this post is stay away from Wells Fargo and go to a smaller bank as they at least won't charge a ton of fees to your account plus you can get a 5% return at WaMu for your savings account.

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