Is Wells Fargo a good bank or not?

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credit_card_fonz
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Is Wells Fargo a good bank or not?

Postby credit_card_fonz » Sun Mar 03, 2013 7:35 pm

What is everyone's opinion of Wells Fargo? I just came from a forum full of WF haters, but nobody could tell me why WF was so bad. I have an account there and the last time I was in the bank they tried to talk me into applying for a credit card with them. Don't really need it, but that's another issue.

Right now just looking for comments on Wells Fargo, good and bad. Just don't see much about them on here.


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rhipsher
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Postby rhipsher » Mon Mar 04, 2013 9:12 pm

I've had good and bad experiances with most banks I've been with at one time or another. I bank with WF now and have been for at least 15 years but it wasn't by choice. I was with South trust who was bought out by Wachovia who was then bought out by WF. Then my mortgage was sold to WF. I guess it was just meant to be lol! I would say they are just like all the other big banks out there.

Sevenfeet
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Postby Sevenfeet » Mon Mar 04, 2013 10:53 pm

A friend of mine works there in management. So I'd say its a good bank. :)
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beef.stu
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Postby beef.stu » Tue Mar 05, 2013 3:07 am

I do my banking with wells fargo and have their platinum visa which was my first credit card that I got when I was 18. I have no complaints with their banking and my card has seen multiple auto cli's since I have had it. I think the starting limit was something like $1200
[size=60](01/10) - Wells Fargo VISA Platinum
(05/10) - Chevron GEMB
(10/12) - Amex BCE
(02/13) - Chase Freedom VISA
(09/13) - Discover It
(03/14) - Sallie Mae WMC
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MemberSince99
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Postby MemberSince99 » Tue Mar 05, 2013 6:18 am

From a customer perspective, which is all you likely care about, it's probably fine.

As far as working there, as a contractor, I can tell you from personal experience DON'T. Unless you are a masochist, in which case you'll never want to leave. You probably aren't looking to work there, though, but this is just in case anyone is thinking about it. They seemed to treat their regular employees fine - it's just the contractors who are the scum of the earth. But one thing I did find interesting is they are quite the conservative organization and they hire people who dress, look, talk, think and act alike. When they are on the phone, you can say the buzzwords they will use next before they do - I know because for laughs I used to do that for a buddy there. He thought it was funny.

RonJonson
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Postby RonJonson » Tue Mar 05, 2013 6:58 am

I've been with them for 10 years now. It's nice that they are the only local bank that isn't a small credit union so I can do all of my account monitoring through mint and page once which I like. But it's the nickel and diming that is getting to me on the checking account. I only keep what I need in my checking and move the rest to savings at other banks so I can get hit with a $10 monthly fee if I don't run my debit card 10 times. This reduces opportunities to use rewards credit cards so I now run my debit card through my square card reader ten times for $1 eat the $.30 in fees and keep the rest. Other than that they are good other than always trying to pitch something I don't need. If you get their credit card they will likely try to get you to sign up for a line of credit in the future.
Wells Fargo Platinum - $10,500 - 11/2004
Citi Forward - $5,000 - 10/2012
Chase Freedom - $3,900 - 10/2012
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beef.stu
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Postby beef.stu » Tue Mar 05, 2013 4:09 pm

RonJonson wrote: If you get their credit card they will likely try to get you to sign up for a line of credit in the future.


Yeah, they try to push the line of credit just about every time I call the number on my credit card.

Once my checking account switches from college checking/savings to a regular account, I might leave it depending on if I can continue to keep the balance above $1500 to avoid fees.
[size=60](01/10) - Wells Fargo VISA Platinum

(05/10) - Chevron GEMB

(10/12) - Amex BCE

(02/13) - Chase Freedom VISA

(09/13) - Discover It

(03/14) - Sallie Mae WMC

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Sevenfeet
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Postby Sevenfeet » Tue Mar 05, 2013 5:55 pm

Lines of credit aren't a bad thing to have really. My wife and I have one...small now by the standards of most of our credit cards...$7k. But every now and then in this life it's nice to be able to get ahold of extra cash, and that's essentially what it is. Most credit cards charge really high interest rates to take cash out versus purchases. Our line of credit is right line with most of our credit cards.

For example, we have a general contractor who has worked for us for 7 years and doesn't take credit cards. We can easily pay him a check from the account tied to our line of credit if the amount we need is outside the regular cash flow budget. From a credit bureau standpoint, a line of credit is just another revolving line.
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Chase Freedom Visa ($25K)

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American Express Blue Cash Preferred ($20K)

Bank of America Cash Rewards MasterCard ($20K)

Citi Thank You Preferred Visa ($9.5K)

Chase Sapphire Preferred ($7.5K)

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Daniel
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Postby Daniel » Tue Mar 05, 2013 7:49 pm

Sevenfeet wrote:Lines of credit aren't a bad thing to have really. My wife and I have one...small now by the standards of most of our credit cards...$7k. But every now and then in this life it's nice to be able to get ahold of extra cash, and that's essentially what it is. Most credit cards charge really high interest rates to take cash out versus purchases. Our line of credit is right line with most of our credit cards.

For example, we have a general contractor who has worked for us for 7 years and doesn't take credit cards. We can easily pay him a check from the account tied to our line of credit if the amount we need is outside the regular cash flow budget. From a credit bureau standpoint, a line of credit is just another revolving line.


I would like to agree that having a line of credit is not a bad thing. Ideally one would always have a cushion with enough cash to cover any expense, however stuff happens like medical bills etc. When these things happen a personal line at 8% is so much better than a CC at 16, 18, 20 or even 24%. Just my opinion though, we are all entitled to our own. :)

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Postby AMEXPlatino86 » Tue Mar 05, 2013 8:15 pm

I still have them and it's a love/hate relationship with them. They saved me from BoA when they totally screwed me over in college. I banked with them when they were still Wachovia and they were absolutely ****ing awesome. But things changed when they became Wells Fargo and I really didn't like it at all. Granted they gave me my credit card back after my issues with the cc from BoA but I've kinda turned away from them and opened an account with chase. Plus there are not a lot of WF here in NYC but there are chase banks on every corner.
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