Quote:
|
Originally Posted by Nefir
Oh geez... that story is just awful. I feel sorry for that couple, and the other people who got screwed by this bank.
Anyone in the US opening an account with a non-FDIC-insured institution is taking one risk more... I'm sure the FDIC doesn't just insure banks because they ask for it - there are quality controls that must be met as well.
|
Perhaps you should read the whole line from their webpage:
Quote:
|
Brokerage Products: Not FDIC Insured • No Bank Guarantee • May Lose Value
|
...and the following fine print:
Quote:
|
Brokerage is offered through Wells Fargo Investments, LLC (member SIPC), a non-bank affiliate of Wells Fargo & Company and is intended only for United States residents. System response and account access times may vary due to a variety of factors.
|
Only the brokerage products are not FDIC insured.
I have heard of several Wells Fargo horror stories from the mother of a friend of mine, but she managed to get all her money back after threatining to get the SEC involved. Trust me,
NO BANK wants to hear the threat of SEC involvment.
I personally have had no problems with Wells Fargo, and if problems should arise in the future, all I'd have to do is write a letter to the managment threatining to notify the SEC of my complaint.