Wells Fargo clients report missing deposits as bank works on fix

https://www.thinkadvisor.com/2023/03/10/wells-fargo-clients-report-missing-deposits-as-bank-works-on-fix/

by gumby • 3 years ago

170 76 3 years ago

Helluva day to have deposit problems due to presumably technical issues

Funny their logo is the bank coach. These days they’re more like the bandits. The customer is driving their money into the ambush and the government is riding shotgun with no shells.

SyzygistSix• 3 years ago

I figured the coach was full of drug money being delivered to Wells Fargo to be laundered.

antifa• 3 years ago

My friend robbed a bank and less than a month later it was bought by wells fargo and had that western horse wagon logo. I thought that was a hilarious coincidence.

scottLobster• 3 years ago

You'd think they'd have seen a mass abandonment after the whole "signing people up for accounts that they didn't want" thing. They don't really have any attractive credit cards last time I looked compared to other banks, are they really good for mortgages or business loans or something?

givemeethekeys• 3 years ago

People have terribly short memories.

TedDoesntTalk2• 3 years ago

And some people I’ve met just don’t give a shit. When I tell them about the scandals, the attitude is “so what? Didn’t happen to me. And It’s a hassle to switch.”

klipt• 3 years ago

The Wells Fargo Active Cash card is 2% cash back on everything which is nice for lazy people like me who don't want to remember rotating categories.

TMWNN2• 3 years ago

The only superior general-purpose credit card that I know of is Citi DoubleCash, which offers 2% cashback on everything and permanent 0% interest if used correctly with Amazon purchases.

(The best Amazon credit card is Amazon's own, because of the 5% cashback. But even it doesn't offer DoubleCash's 0% interest option.)

Fatnino2• 3 years ago

So you know how at gas stations there is often a 10 cent discount per gallon when you pay in cash instead of credit?

What's 2 percent of 5 dollars?

kqr2• 3 years ago

Both WFC and BAC aren't really customer friendly, however, they have a lot of branches and atms.

ny2ko• 3 years ago

The bilt rewards card is great if you usually pay rent with a bank account. No other card with that benefit I believe

TMWNN2• 3 years ago

None that I'm aware of.

I think bankrate.com calculates the value of a Bilt point as 1.1 cents, which is not great but more than the $0.00 from anywhere else. So I have mine set up for paying rent (the "pull straight from a bank account" option is welcome, as it saves the credit limit in case I need the full amount), do a few other smaller purchases with the card during the month to hit the five-transaction requirement to earn points from rent, and use Citi DoubleCash and Wells Fargo Active Cash for everything else.

dataflow• 3 years ago

This card looks attractive for travelers (and likely some non-travelers): https://creditcards.wellsfargo.com/autograph-visa-credit-car...

davchana2• 3 years ago

Yes, Gas, Dining, Transit, Tolls, Travel, Hotels give 3%. Although points are usable after 2 months; & Cash back is possible only in $25 increments. I use PayPal to pay by WF points in any denomination.

piperswe3• 3 years ago

The only account I have with Wells Fargo is my Micro Center card, because I have a Micro Center spending problem and the 5% discount is nice to have.

exabrial2• 3 years ago

I have to avoid the electronic parts and 3d printing aisles. I get nerd sniped every fricken single time

guenthert2• 3 years ago

Now I don't think any bank is your friend, but WF is probably one of the least bad options (among the big banks -- there are arguments to support a small local bank instead, although today's news put that somewhat in question). I've been customer of them for 20+ years and there were few irregularities (all, except when I distractedly left $200 at an ATM were resolved). They also signed me up for a new CC without me requesting such. As it turns out, that new CC had better conditions, so I don't mind at all. Not long ago there was a banking error (I suppose) -- a _substantial_ wire transfer from an unknown to me source, right around the time I expected a background check. That was resolved, but it took quite a while to get the wire fee refunded (a small amount, but why should I fund their mistakes?), in the end it was a local branch which paid me from some allowance they have to keep customers happy. Last year a woman unknown to me bought her cell phone with my funds using an ACH transfer. That was resolved and WF stated in writing that I "was not at fault" (well, I knew _that_). That's as far as their apologies go.

I do like their web site. It's comparatively simple and efficient (Captital One's is better, Citibank's is a whole mess last time I had to use it). Citibank also froze my account while I was abroad. Goes w/o saying that I severed my ties with them once I returned.

nonethewiser• 3 years ago

That sounds like a terrible experience with WF. I don’t understand why your conclusion was positive.

somehnguy• 3 years ago

Honestly sounds like Stockholm syndrome…none of those issues have ever happened to me at my local credit union where I do all my banking. And I certainly wouldn’t come out with a favorable view of them if it did.

They signed you up for a credit card you didn’t ask for, but at least the terms were good - ok lol

bovermyer2• 3 years ago

Everything in this comment is your personal anecdote. You can't defend a thesis (in this case, that "WF is probably one of the last bad options") without actual data.

For example, the thesis that Wells Fargo has a predatory stance towards its customers can be supported with the following:

https://finance.yahoo.com/news/wells-fargo-scandals-the-comp...

https://www.cnn.com/2021/01/15/investing/wells-fargo-bank-ea...

https://hbr.org/2016/10/the-leadership-blind-spots-at-wells-...

https://www.cnn.com/2022/12/20/investing/wells-fargo-cfpb-fo...

CAPSLOCKSSTUCK• 3 years ago

I just recently went through the process of closing my Wells Fargo account and switching to a different institution. It was surprisingly difficult to open with a credit union (none that were in my region offered 2FA, and the one big national one wanted me to verify some information during signup with Stripe . . . no thank you). I was determined to switch and ended up opening a bank-like account elsewhere, but I can see why people don't do it.

landemva• 3 years ago

Most of that bank 2fa uses telephone SMS, which is a bad joke.

Natsu• 3 years ago

I've heard people getting stuck with them after their mortgages were bought out, but I imagine not everyone has heard the horror stories, either. Someone else mentioned a 2% cash back card, but I have one of those from elsewhere, so it's hardly any reason to bank there.

I suspect people just bank there because it's big and available, but I don't think I will ever bank there, at least not on purpose.

HyperSane• 3 years ago

They gave me a credit card with a $18,000 limit at 0% interest for 24 months.

donatj• 3 years ago

Does anyone else offer their “we will mail a paper check for you, for free” feature?

For me, that’s by far their killer feature. I have a couple monthly bills I can’t otherwise pay online without a convenience fee.

ipython• 3 years ago

Pretty much every bank offers a bill pay service that automatically reverts to paper checks if the recipient can’t be paid electronically. Capital one 360 as well as my local credit unions have this feature.

plorkyeran• 3 years ago

Are there banks which don't offer that? That's been a standard feature for a long time.

davchana2• 3 years ago

I have used that with almost every bank, Discover, Wells Fargo, Chase, Capital One. Surprisingly, few of different banks looked like had same third party printer/mailer i.e. mailed from same address.

Just a tidbit, My work is paid by 1000s of Californians through these bill pay checks. Often we receive a thick stack (maybe 100) of these checks with sequencial serial numbers, same account & routing numbers, & each customer's unique identifier (for us to allocate money), all in same envelope or box. Its fun to go process those stacks.

heywire• 3 years ago

I keep their cash wise card solely to pay my mobile phone bill. When you do so, you get free accident insurance for the devices on the plan. I’ve taken advantage of it multiple times (kids), and have had zero issues with claims.

projektfu• 3 years ago

In my case the deposit account is a condition of the loan. I don't have a lot of faith that my refinancing options are much better and I wasn't excited about the transition costs.

I'll probably switch to a local bank when the loan is paid off.

esalman3• 3 years ago

I have a Wells Fargo account because I came to the US as a grad student and they were signing people up for an account on campus on my first day.

Later on I came to know about their history but I have never really had any bad experiences myself to consider closing the account.

justin662• 3 years ago

Later on I came to know about their history but I have never really had any bad experiences myself to consider closing the account.

You need to wait until your bank commits fraud against you personally before you decide that a bank that commits fraud against its customers is something to be avoided?

phendrenad2• 3 years ago

Nah, it would be surprising if they did. Most people just assume that the problem was dealt with and won't happen again. It's similar to <popular open-source software> which has backdoors discovered all the time but people keep using it.

meling• 3 years ago

Any recommendations for an alternative bank (currently with Wells Fargo)? Online-only is fine/preferred. My main use is for bill pay and debit card.

miscaccount• 3 years ago

capitol one , ally

brnstz• 3 years ago

Ally

davidw• 3 years ago

Chase is big and boring and seems ok.

Although, worryingly: https://twitter.com/jimcramer/status/1634222320398086145

Frost1x• 3 years ago

I wonder why people want something that isn't boring when it comes to some things like a bank in this case. I don't want hassle, I want something simple and boring that does exactly what it's always done. I don't want to think about it. If it's so boring I forget it exists but it enables my life then it's doing a fantastic job. Boring is quite good when it comes to banks.

Investments, maybe you want something that isn't so boring.

bombcar• 3 years ago

People have reported good things about using a brokerage as a bank. Fidelity and friends have associated banks.

Or use a boring credit union.

piperswe3• 3 years ago

I've had a great experience with my local credit union (https://www.bvscu.org/) for banking and lending, your experience may vary but I think it's worth looking into local credit unions.

dieselgate4• 3 years ago

I would recommend checking out Charles Schwab or a local credit union. I have account at Schwab (investing and general checking), local credit union (for a credit card and business checking), and Wells Fargo (because an account was opened for me as a toddler).

Wells Fargo is by far the worst but I just hold minimums to prevent fees (fees having a checking account is the most rubbish thing ever) to avoid a hit to credit score.

Schwab has a good mobile app and website, great customer service, and offers great checking accounts (full atm reimbursements and no fee international, no minimums to open an account). I have found the Chase app to be pretty poor.

Just some data points and I’m speaking about what works for me. Super happy I went to Schwab but do your own research if desired

TedDoesntTalk2• 3 years ago

I’ve read that Schwab checking has NO fees. If you overdraw, the check/draft doesn’t clear and you don’t pay any fees to Schwab.

rationalist• 3 years ago

Is your only Wells Fargo account, a checking account? I didn't think checking accounts had any impacts on credit scores? Or do you have a credit card with them?

IG_Semmelweiss• 3 years ago

Schwab stock value has gone down a lot because they are presumed to be under the same pressure that brought down svb

exabrial2• 3 years ago

Ally? Seems good enough

thepasswordis2• 3 years ago

If your net worth is high enough, then most banks offer a private banking service which is night and day different than what most consumers are getting.

bovermyer2• 3 years ago

What's the cutoff for that, usually? $5,000,000 USD?

altmind• 3 years ago

Discover bank?

KennyBlanken2• 3 years ago

Your local credit union.

There's a greater chance of your money staying in and supporting your community...versus probably not even staying in the country.

Policies are driven by needs of members, not investors/shareholders.

You have a much "louder" voice about policies, offerings, etc - possibly even able to attend board meetings, for example.

Despite you saying "online only is preferred", it's really nice to be able to, when you have a problem, be able to walk into your local branch to familiar faces and get help by people who remember you and give a shit about you. At a prior CU I was on a first-name basis with the assistant manager and they would do things like clear checks faster, waive an occasional fee, etc.

Uvix• 3 years ago

If my local CU had competitive interest rates I would stay there. But their best savings accounts are still only a pitiful 0.16% interest. I'm in the process of moving most of my money out of there.

sakerbos• 3 years ago

The timing of this and SVB going bang is a little sus... Or I'm just being paro waiting for the dominoes to start falling.

bigbacaloa2• 3 years ago

Wells Fargo is a criminal organization. This is just par for the course for them.

wunderland• 3 years ago

It's interesting that modern markets still have these built-in breaks (weekends) that work as emergency stops. Now everyone can wonder over the weekend whether this will spread to other banks and become another global crisis, or if this is just one poorly managed bank that made risky bets.

In either case, does anyone really think the taxpayer won't be on the hook for these risky bets? Privatise the gains, socialise the losses. The banks have too much power for this to play out any other way. Nothing fundamental has changed in a decade.

dougmwne• 3 years ago

If there was ever an industry that had less support for a taxpayer bailout, it’s tech startups. Lots of regular people loath these startups. By definition, it only affects a bunch of rich VCs, overpaid coastal elites, Saudi money, and elite college graduates. Don’t expect middle America to shed a tear.

dzdt• 3 years ago

This isn't about Wells Fargo making "risky bets" in any way that involes loss of funds or can spread to other banks. This is simple buggy consumer facing software that can't manage to get correct info into a web browser.

bsuvc• 3 years ago

So everything is fine at the banks?

bsmith• 3 years ago

I've hated WF for a long time, but recently they closed my account due to being an expat and not having a US address. They closed the account, and I didn't have to do anything. The only time their service was top notch!

Wells Fargo clients report missing deposits as bank works on fix

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