I began investing with Wells Fargo thru a roll over over 4 years ago. After about 2 years I got a call from a new rep. He said my fund was a dog and he could put my funds in a better account. His name was Ben. I agreed and gave the go ahead. To my stupidity! One year later I began dealing with Aydee Ferguson.
No one at this bank informed me of any contract length or time. No person at this bank in the investment dept.informed me they were putting my funds in an annuity which would not gain any monies. They also failed to inform me that my monies were so spread out in multiple accounts that all my gain would be eaten up by their fees. Nice job! After 4 years my money has decreased from over 23,000 to less than 21,000.
In 10/06 I went to discuss options with Edward Jones Rep, Chris O'Brien. I decided to move my acct. Then. That is when I discovered the mess Wells Fargo had placed me in. About a couple of weeks later I was still fighting to transfer my funds. But Wells Fargo not only owned them, but had some sort of a timed contract, unbeknownst to me. She also informed me there would be a surrender fee. After some serious discussions with Aydee Ferguson, she informed myself, and Chris O'Brien of Edward Jones, that there would not be a surrender fee. I said fine, lets free up the funds and move ahead. Again, Aydee Ferguson had informed us all there would be no fees to surrender.
A week later I received a statement, showing a surrender fee of almost 1100.00. Again, more lies from Aydee Ferguson and Wells Fargo.
You have to understand, this is the second investment fund Wells Fargo had done this to me on. I should have learned not to ever trust them again. Back in 2003 I invested in an annuity at the Wells Fargo branch in Mesquite, downtown. There I was told my monies would earn 5.15 % interest for the full 5 years. Fine. I invested. I failed to read the fine print. About 18 months later I discovered the interest had dropped to a little over 2% after 12 months. I called and discussed this but as they reminded me, it was in the fine print. Their representative at the branch told me different - She informed me the interest was good for 5 years. That is why I invested there to begin with.
Not only do people need to be beware of what Wells Fargo doesn't tell them, they need to beware of the lies they are told!
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