I recently switched to Wells Fargo. So far. I have never been more dismayed by the conduct of such a large business.
Having been a small business owner for the last six years. The customary way of billing and doing business is. You bill a client and get paid. It shocks me that this financial institution repeatedly just takes money out of your account without telling you.
It is not that the activity is hidden per say. It shows up as small fees on your statement you have to look for. I imagine they do it to their millions of customers and it turns in to a lucrative way to make money. It is kind of unsettling. And I frequently feel like I have to baby sit the bank to keep them from causing me financial problems. I have to monitor my statements to make sure their fees do not cause me to bounce checks.
And as of lately. When you call in order to find out what a fee is. And more often than not to get it reversed. The next day a "telephone banker" fee shows up. And they just pull another $2.00 out without telling you. So you call to get one fee reversed. Then they put another on the next day. Is a convenient little arrangement. Because you get one fee reversed in exchange for another.
My biggest issue with them so far. Which will probably result in a lawsuit if the matter is not remedied is in regard to their placing a hold on a check I deposited. Then bouncing every single check that came through the following week. And it resulted in some additional $100 in expense because they bounced my rent check.
When I contacted them. They apologized for the inconvenience. Reversed all the NSF return item fees and assured me I would be compensated back for any out of pocket expense that resulted. The hold was something like 4 days.
So... Now that I am taking them emails from my landlord and a leasing contract directly to the branch where half the staff seems to have little power to do anything. They are going to probably cost me $300 in time just to get them to pay out the $100. And the funny thing is. That after I started making phone calls about their bouncing all checks after I made the deposit. Their two bucks shows up when I call.
I called them and they give me a fax number. Everything seems like it is buried so deep. And getting to someone who can actually help is not possible.
It would be nice if I had access to their accounts to just pull money out at my convenience and just pay my self without even asking them for all the time they have cost me.
I am going to transition out of that financial institution as soon as possible. What they do is tell you when you sign up that it is free... But that is ONLY if you jump through specific hoops in the right order to avoid fees.
0 comments