Thread regarding Wells Fargo & Co. layoffs

I have a brokerage account through WFA. There is some cash in there from a bond that matured. I was waiting, before reinvesting, because I wanted to have some money available if the market starts to come in.

I just looked at my March statement and noticed that Wells is no longer stating the interest rate they are paying on their statements. That is unheard of! It just says STANDARD BANK DEPOSIT. I did the math and it is .01% annually. Rates are very low, of course, but Ally is paying .55%. Over the course of a year, that is a $740 difference if I move that cash balance to Ally.

Post ID: @qhj+1aGfxsEF

I’m pretty sure those are direct quotes from Stumpf and Tolstedt. Sounds good in theory, but is manipulative hogwash.

Post ID: @dhh+1aGfxsEF

Your original statement “So long as they're FDIC insured, who really cares.” does not reflect a knowledgeable POV. Quite the opposite. Not personal at all. I’m saying why most people should care. But you keep on doing you -it doesn’t matter to me one way or the other.

Wells employees who trash Wells should find a job elsewhere because if Wells is that bad pretty soon it will go out of business. Bite the hand that feeds you can’t be a good thing.

Post ID: @bjh+1aGfxsEF

Again, I have a single check account that I use to pay bills and because I have direct deposit, it's free. I don't have a WF credit card nor do I use their investment services and I don't have a WF mortgage. There is, in my opinion at least, no reason to change banks because, they're basically all the same when you use them as I do.

So what's with the backhanded insults? You seem extraordinarily condescending.

Post ID: @sdv+1aGfxsEF

I was only answering the question being asked of me. I don’t bank/invest with the other 3 either. After doing a minimal amount of research I’m “banking” that you could get better deals elsewhere than you are currently getting at WFC. But if you are happy, that is truly all that matters.

@lvz+1aGfxsEF and yet I do not bank with any of them. I have Wells accounts both banking and brokerage. I must be one of a few customers Wells have. Wonder how they make enough money to pay you all

Post ID: @aua+1aGfxsEF

I can only judge your level of expertise in finance based on what you say. Even your second post, unfortunately, doesn’t speak to 30 years of knowledge regarding finance. I believe you, but I still say WFC needs customers who are too busy, too lazy, too trusting, too undereducated in finance to survive. It doesn’t speak to a lack of intelligence by any means, just a lack of time or ability or interest in finance. My doctor is brilliant, but asks me the most basic of questions regarding banking and investing.

Let’s face the cold hard truth: ALL banks profit because of their customer’s inability to manage their own finances. Banks are preying on that customer who overdraws their account regularly so they can keep hitting them with overdraft fees; that customer who pays the minimum on their credit cards and thus pays the bank outrageous interest on their balances; that unknowing customer who will pay fees for a checking account which could be had elsewhere for free; that one customer with a terrible credit score which allows us to lend them money at exorbitant rates; that customer who faithfully keeps a load of cash in the bank and is being paid .00001 interest while WFC loans it back out at 3%.

Post ID: @rlh+1aGfxsEF

The other banks have not been caught opening millions of phony customer accounts without authorization. They are not under a Federal Asset Cap and being forced to do a complete organizational overhaul because of scamming their customers.

JP Morgan has a dynamic strong leader, in Jamie Dimon, who can get out in front and speak intelligently about the economy and the markets. Like him or don’t like him, he is a stand-out figure who draws business to .JP Morgan. They have also distinguished themselves as a global leader and top investment bank.

BAC is a top investment bank and also has been recognized for their innovation.

Citigroup has excelled in the credit card business, but I can’t speak to much more than that.

Post ID: @nxc+1aGfxsEF

Educate myself? I have 30 straight years in finance / technology so yea, I know how it works. Can you give me a single example of another one of the big banks that works any differently? I use a bank for paying bills and that's all. Like somebody else said, nobody like banks but we all use one so for me, it's six of one and half a dozen of the other. Your theory about being preyed on sounds a little dramatic IMO.

“ Wells Fargo is one of the top 4 US Banks in America in terms of assets”

It once was one of the top two. If Chuck keeps it up, next year we will be one of the top 6.

Nobody likes banks but we all use at least one.

Post ID: @lkz+1aGfxsEF

And you are the perfect customer for WFC to prey on. Yours is the very same view which the execs are counting on. which has kept Wells Fargo mired in outdated technology, outdated practices and outdated thinking. They rely on customers being uneducated and uninformed on the topic of finances. Anyone who takes the time to educate themselves even a little will move their business away from Wells Fargo.

Wells Fargo BOD and execs:

“Customers are too lazy to compare interest rates, so pay them as little on their cash as humanly possible.”

“Customers don’t have time to shop mortgages, so let’s confuse them with low rates and high fees or high rates and low fees. Keep changing it up. We could even promise low fees upfront and then charge them high add-on fees towards the end because our paperwork delays prevented them from closing on time.”

“We need steady income which commissions alone don’t provide, so let’s push the Advisory business hard. We can charge them even if they don’t trade.”

“Online banks are never going to be a thing. People don’t trust online banks.”

“As long as we are covered by FDIC insurance, people will keep coming here no matter how many ways we come up with to take advantage of them. Drain them in every way possible without the regulators catching on.”

“We don’t have to provide REAL research. We will just copy what others are saying and change up the words a little. And keep the advice very wide, so we can never be too wrong.”

Conversely, what do JPM, BAC, and C do better than WFC for the retail customer?

Post ID: @gig+1aGfxsEF

Nobody gets excited about a bank - any of them. So long as they're FDIC insured, who really cares.

When I hear Wells Fargo, I think “meh”.

Post ID: @zom+1aGfxsEF

In some respects, I agree with you.

Out of convenience, most people will drive to the gas station/fast food jo--t/grocery store merely because it is closest to their home. My father literally chose his bank because it’s down the street, not because he researched it. But he will drive far out of his way, and pay more, to eat at his favorite restaurant.

Financial services are increasingly moving to online. I haven’t been in a brick and mortar bank for 15 years. And WFC is closing up brick and mortar to save $. It is online where WFC will have to either do it better or cheaper. And so far, WFC does nothing better or cheaper than anyone else.

I think WFC is where JC Pennys or Macy’s was 5 -10 years ago. They were unable to distinguish themselves as a stand-out in any capacity and are now barely surviving. As opposed to the retailers who are thriving today because they excelled at something. Walmart for doing it cheaper. Amazon for doing it cheaper plus making it more convenient (free shipping to your front door). Chewy for having the greatest selection of pet food plus cheapest prices plus delivering it to your front door plus stand-out customer service. Costco for bulk buying and excellent reviews for their Kirkland Signature.

Wells Fargo does not excel at anything.

@mcz+1aGfxsEF P-t, meet kettle!

False premise OP. A business doesn't necessarily need to do specific things better than peers in order to exist. So long as there is approximate parity, multiple businesses can exist at the same time in the same market because the market is large enough to support multiple businesses at once. Not sure why this is 'news' to anyone. Have ya never noticed that not all gas stations are the same company? Burger joints? Building supplies stores? There's a zillion examples. WF is one of the largest banks and serves a lot of customers. If they weren't happy, they'd simply leave, which suggests that there are quite a few happy customers out there.

Wells Fargo could be broken up in pieces and sold off tomorrow and no one would care. As a previous comment noted, there are other financial institutions who each provide a much better version of any service we lamely provide and then brazenly overcharge our customers for.

Wells Fargo execs and the Board are fully aware of our “lack of anything special” vulnerability, believe me. That is why we always have to be pressuring our bankers and brokers to sell sell sell. Wells Fargo can’t exist without sales goals. We just re-framed them and kept on going. If we had anything unique and of superior value to bring to the table, customers would be knocking down the doors to get to us.

We excel in 1 area over the other 3...we hire the biggest bunch of entitled whiners ever.

Just read the posts on here and you will see what I am talking about.

@bds+1aGfxsEF

And you still want to work for crooks and thieves?

Layoff quicker than any bank.

Yes. We employ you

Know a lot of people are no longer customers of Wells Fargo. Nobody likes Wells Fargo crooks and thieves.

I bank at Discover and Ally online (historically much higher yields than WFC, I can’t imagine why anyone would ever keep a dime at WFC.) I invest online via Ameritrade and Vanguard. Mortgage is through NASB, highest rated lender in customer satisfaction.

I highly recommend any of these 5 companies.

Wells has the most miserable whiners

I moved or closed at least 7 accounts from Wells Fargo, and I work here, so no.

No. I can’t.