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0 pointsnostrademons7y ago0 comments

Wells is weird though. When I started banking with them in 2009, they were ahead of the curve in online infrastructure - it was much easier to access them online than any of the banks I was used to back in Massachusetts. They also had a reputation for being both honest and conservative - they were the only AAA-rated bank in 2007, they were #1 in green rankings, and Warren Buffett had invested in them because of their sound balance sheet.

And then starting around 2010 but rapidly accelerating around 2014, everything about them went to shit.

The best explanation I can think of is that John Stumpf is a slash & burn sociopath, juicing the numbers so he can get his 473x-the-median-worker paycheck while ruining the company. He wouldn't be alone in the financial world, but it's a shame that a 150+ year old institution can so rapidly go down the toilet.

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Zelphyr7y ago

In 2009/2010 my wife accidentally made a charge to PayPal that was linked with our Wells Fargo checking account. Since we weren’t planning on that charge happening from that account, there was an NSF fee and Wells rejected the charger. Understandable, right?

Except then PayPal made a few more attempts for god knows why and each time Wells Fargo kicked an NSF fee our way.

Now, PayPal shouldn’t have repeatedly attempted a rejected charge. But, Wells Fargo shouldn’t have allowed those attempts. They just couldn’t help themselves to that $35 NSF fee though.

We fought it to no avail. With all the NSF fees and interest (and fees they added to fees while we fought it), what started as a $300 transaction ultimately cost us over $1200.

Wells Fargo is now and was in 2009/2010 a criminal enterprise.

Rapzid7y ago

Wells was one of the earlier companies to have the CTO report directly to the CEO.

All the crazy sales numbers and bogus account shenanigans were going on back in 2003/2004 when I worked there. I ratted out more than one professional banker to branch managers and up over that crap. A fun one was the home equity lines people would open without customer knowledge and link up to overdraft protection. The customer would never owe, nor know, anything until one day an overdraft hit their equity line, and then they got notified of late payments.. I don't miss working for a Bank.

mulmen7y ago

I have banked with WF since about 2007 for my student and auto loans. Their online portal has always been worse than whatever my local credit union had.

The WF business is clearly set up to confuse and exploit consumers. My credit union websites have always helped me do what I want and need with my money. This includes the tiny local credit union in Idaho.

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