Wells Fargo Bank
Online Savings Account Lost Value to Monthly Fees and Closing Charge

I opened a savings account online 3 months ago for $200. Each month since then I have been charged a $5 fee - resulting in a $185 balance. This means that the value of my account has declined by 7% in 3 months. I've been trying to close the account either online or by phone with no success. I finally got an e-mail from Wells Fargo saying that they would send me a "Bank Official Check" after charging an $8 fee, which would reduce my balance to $177.

This means that I have lost 11.5% on my "investment." I could have purchased several shares in at least 3/4 of the companies on the New York Stock exchange and either made money or lost less than the "safe" investment in a Wells Fargo savings account. You've heard of "loan sharking"? This is "bank sharking." Beware of Wells Fargo!

Company: Wells Fargo Bank
Country: USA
State: Oregon
City: Portland
Phone: 8009564442

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