Wells Fargo

Avoid this financial institution. Had a way to save account opened in 2010 at Wachovia and was told I would get 5% interest on money that would be auto transfered to savings from checking at 100 dollars a month. Was told the rate would always be 5% on the savings and that you could not make deposits into savings the only way to put money in was the auto transfer of a percentage of debt card perchases would be sent as well. When the bank changed to Wells Fargo the name of the account way to save did not change and the auto transfers continued but the bank never made it clear that the interest rate was no longer guaranteed. I happened to look at a statement and found the rate was 0.01%. What a joke. All this time and they were not giving me anything. Shame on me for not paying attention. When I called them to discuss closing my account in a way I would not have to go to the branch they failed to inform me of all the sneaky charges and limits they place on getting my money. I tried internet bank transfer at their advice only to waste days on account verifcation to find out you could not transfer more than 2000 a day and each time it would cost 3 dollars and I feared if I went below the min balance they would charge me a monthly fee while I was trying to just close my account. So I finally had to go to the branch only to find out I could not close the account without waiting forever to see a service rep at a desk. I did not have the time or patients to wait all day just to get my money so I withdrew at the counter all but 36 cents. Then I called them on the phone after I left and told them to close my account and was told oh no you have to wait for tommorrow since your withdrawl does not post till next day. So the next day I call and they won't send my .36 cents unless I pay 10 dollars for a check and had the balls to say did I wish to donate it to the bank. So left with no choice I said okay just close my account before you start sending me letters with service fees. Taking to representatives on the phone about their banks interest rates I was told that the bank is so financially secure it does not offer good interest rates. WHAT is wrong with these people. No perks like waiving mac fees at WAWA, no free checks, no customer friendly interest rates, fees for everything. I took my money to TD bank where I can MAC at WAWA for free, make purchases on my debt card in canada without a fee, get 0.05% interest on my checking account and they have branches nearby.

They are probably one of the most financially sound large banks in the country. Their interest rates on CDs and Money Markets tend to be lower than most banks. Their broker service is good.

In the meantime, I paid taxes on money that I didn’t make. I think the IRS and the banking commission needs to see why they give taxpayers the 10-99 showing interest amounts that are false. The actual interest was $1008, not $1717. I think consumers should watch what they are doing with Wells Fargo.