after I received my severance, WF said they paid me too much and I owe them money. I asked for proof and they had none. I was having trouble finding another job so I paid the amount. It took them 4 months and 25 hours on the phone to change the " not eligible for rehire" flag which was in two places. I rarely can see by 401k online as when they say my password is incorrect to reset it the system doesn't recognize any of my account numbers. I've had enough
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If you are laid off, do move your 401K. Wells makes a ton of money off employees from our 401Ks, especially from the Target Date Funds which charge us double the traditional fees while underperforming other Target Date Funds. They made a big push this time last year to sell upcoming retirees on the concept of keeping their 401K at Wells rather than rolling them over. Of course you should do what’s best for you, but please do keep this in mind.
Agree. Nothing personal. Charlie has to make a business decision to layoff people. I will make a business decision to take my checking, 2 savings accounts, kids’ checking and savings accounts (6 total) 2 credit card cards, college card, will take a student loan with a competitor (already refinanced my mrg elsewhere recently since Wells is atrociously slow). Nothing personal but I really am not interested in giving the company my business if they terminate me
File an ERISA complaint with the department of labor. Be sure to specifically name the human resources person you spoke with giving you a hard time along with her supervisors and senior vice presidents of the departments. Also specifically the name the director the department in your ERISA complaints. File the same complaints with FINRA, SEC, and Consumer Financial Protection Bureau.
Be sure to use language like "Wells Fargo stole from me". The matter will be resolved within 24 hours.