luvbullmarkets wrote:Luckily my PMA is linked to a Well Fargo Advisors brokerage account. There is no $25,000 sitting idle. ATM fees are a non issue for me since I never use an ATM nor do I even keep a debit card in my wallet.
Many online banks and credit unions reimburse the ATM fees. I just prefer the convenience of a brick & mortar establishment. Why don't I just bank with a credit union? There are three Wells Fargo branches within five miles of my residence. The closest credit union is the next town over.
Perhaps I am just a little too cynical when it comes to Wells Fargo. Like you, it would be natural for me to make Wells Fargo my primary (or even only) bank I deal with; no other bank has a larger footprint in the town I live in than WF and my 401k is with them. But it's the little things I've had to put up with from them such as: (1) not honoring the $50 bonus for opening my checking account and having my check direct deposited- their reason was that I moved to another state shortly after opening the account (2) Making me wait 60 days to get my deposit back after closing my secured cc with them (3) not honoring the 12 month intro 0% on the card I currently have with them- no worries, they are the ones losing out because I swipe three times a month to avoid the monthly checking account fee instead of the dozens of swipe fees they would have gotten otherwise.
Could I move all my brokerage accounts over to WF and qualify for PMA status? Sure, I would love to even though I have currently have different brokerage accounts for different needs (ETF's, individual stocks, and options). But relationships, which are supposed to be at the core of Wells Fargo's company cultural seem a bit one-sided in WF's favor to me and so I simply have a small checking account with them which never has more than $100 (and which has a very small portion of my check deposited into), a small savings account with $300, and a credit card which I use three times/month to avoid being charged a checking account monthly fee. And a 401k which I don't have any choice about, but I can't really complain about since I get matched dollar for dollar...