clavus

Wells Fargo had a bad habit of "losing" my wife's deposits and charging her for the bounced checks. After the third time they did it, we took our money elsewhere. Good thing. Look what happens to people who leave their money in Wells Fargo's care.

http://www.davisenterprise.com/artic...ws/239new0.txt

If you want the short version - the bank wire transferred a retired couple's life savings to an account in China without their permission. When confronted by the newly-poor retirees, Wells Fargo basically told the people, "Fuck you. It's not our problem that all your money was stolen."

It blows my mind.

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Holo

Must suck to not have FDIC protection. I dont' think WF has "banks" over here...I've always just seen them as an armored car company like Brinks.

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Cynthetiq

with all the identity theft stuff that is increasing.... I'm not surprised to see this stuff happening more and more and more.

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Journeyman

Ahem.

In Soviet Russia, bank robs you!

Sorry.

ChrisJericho

Obviously Wells Fargo is at fault.

Here is my Wells Fargo horror story. I deposited a check from my parents for around $3000 into my checking account so that I could pay for tuition, rent, etc. I deposit the check at the Wells Fargo bank and everything seems fine. I then write the checks for my rent and tuition and put them in the mail, assuming that my deposit had gone through. Except one thing: the deposit didn't go through. Someone in the bank had somhow screwed up and the check was held for around 5 days. Luckily for me the checks I had written were not cashed or I would of even had a bigger headache.

This is not the only problem I have had with them, but those are long stories. I am very close to pulling my money out of Wells Fargo and I would advise anyone who might be looking to set up a new account to look elsewhere.

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clavus

Let me guess. It went a little something like this...

You walk into the bank and say, "Hey, the ATM says I have money, but you sent me a letter saying I don't.

The teller does a little bit of typing and says, "Nope. You have money. No worries."

"But this letter says my checks are bouncing."

"No they aren't."

"Then why do I have this letter from you that says that they are?"

"I can't help you. Please use the white courtesy phone,"

You pick up the phone and say, "The telller here says I have money, but I got a letter that says I don't. What's up?"

The soulless telephone replies, "Right. The teller is wrong. You don't have any money."

"But what about the check I deposited?"

"We have no record of a check"

"The ATM and the bank teller seem to have records of it. Maybe you guys should talk to eachother."

"No. We can't talk to the bank."

"But you ARE the bank."

"No, we are the customer service department. We have a totally different computer system than the bank has."

"So you can't talk to the bank?"

"Right"

"But...but...I..um...what about my MONEY?!"

"Talk to the bank about it."

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Asuka{eve}

OMFG. I always heard bad things about Wells Fargo but this takes the cake. I wonder if my money is safe at my bank?

haze11979

It's pretty common for banks to hold personal checks for at least 5 days. I don't think they screwed up here, but they probably should have at least told you... I've had personal checks held for up to 10 days to clear, but they were nice enough to tell me when I deposited it.

Hazel

Destrox

I've never heard of this bank, and am glad it is not in my area.

We have National City (I use this, they are great.), North Western, and PNC. Then a crap load of credit unions...

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*cheers*

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clavus

These were company paychecks - the same ones that went in every 2 weeks for years prior to the Great Fargo Meltdown

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ruggerp11

I have several (more than two) student loand with Wells Fargo. When applying for a third one under the same circumstances, the flat out denied me. I switched my co-signer from mome to dad and same thing. My parents have excellent credit and have had a business account for 10 odd years with WF. I will take my business elsewhere. I like my community credit union, they know me there (and they have suckers).

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mingusfingers

Ah, I can just hear that phrase with the accent.

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laconic1

Wow, I have been with Wells Fargo for three years, and haven't had any problems, but I might be changing banks pretty soon when I get a car loan.

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.

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mirevolver

Perhaps you should read the whole line from their webpage:
...and the following fine print:

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.

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omega2K4

This makes me glad I keep very little of my money in American banks.

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Gortexfogg

I sure everything turns ok for them. I can only imagine what it would be like to loose everything you had saved during your lifetime...

assilem

I left Wells Fargo ages ago. The horror stories are too many for me to recount.

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combatmedicjen

I personally do not know of anybody that is dissatisfied with Wells Fargo. I was somewhat sad to close the account I had with them when I moved, since Wells Fargo was very good to me. Of course, it didn't hurt being the daughter of a WF executive;-)

The Suhs' story is definitely unfortunate, but if I had that much money invested I'd sure as hell make sure it was insured somehow. True, Wells Fargo was cold about it, but it was also the Suhs' fault for not investing their money intelligently and losing their passport in the first place.

You have to read the fine print and use your brain when you're investing, else risk ending up like the Suhs'.

basmoq

It didn't say they lost their passport, just that it was photocopied... read closer combatmedicjen...

As for Wells Fargo, I've had nothing but trouble with them and my student loans, so I took my buisness to my local credit Union, they kick ass and care about my money, and their FDIC insured!

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TopRamen66

Mabey I should go bury my money under my lawn.

clavus

Well, lucky you. Your horizons have expanded. You now know of several people who are dissatisfied with WF.

After they stole money from my wife and me, we closed our account. I got a number of calls and letters from the bank asking what they can do to get our business back. In response, I wrote a letter to an executive at WF and told him, "I would rather stick rabid weasles in my pants than do business with your bank." You might ask your father if he ever got a letter like that from a guy in Davis.

As for the fine print, you are correct. I just read it myself, and there on line 13 of paragraph 4 in section 6, it states, "We reserve the to fuck you in the ass (literally and figuratively). FDIC (Fuckin' Dick you In the Cornhole) Insured

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xepherys

Hmmm...

I've had issues with several banks in the past which is why, with the exception of Armed Forces Bank and Capital One I deal only with credit unions. AFB is an exception because they truly take care of service members and Capital One because they offer an insured high-yield savings.

FDIC (and NCUA for credit unions), as far as I know, do not insure against theft of money. The FDIC was created after the depression to insure monies entrusted to a bank due to the fact that many banks went bankrupt in the 20's and people lost all of their savings. I may be wrong about this, but I don't think I am. If anyone with a banking/finance background can shed more light on it, please do.

As for the Suhs' experience... well, identity theft is a problem, but it's not the banks problem. How the heck can you let someone photocopy your passport? I mean, a little control of confidential information goes a long way. I feel bad for the Suhs', but do they honestly expect Wells Fargo to cough up their lost money?

You can name just about any major bank and hear both sides of the fence... but usually people are more vocal about bad experiences... Personally, I will NEVER bank with National City again after they mis-appropriated my paycheck, which caused several of my checks to bounce, which brought my balance below $0 which, even with records of proof, they refused to reverse because the respoibility of the check being deposited incorrectly was not "their fault" somehow. *shrug*

Flyguy

Some words for you:

Credit Union Credit Union Credit Union Credit Union Credit Union Credit Union Credit Union Credit Union Credit Union Credit Union Credit Union Credit Union

I left the banks 7 years ago, never looked back and have NEVER had a problem with my credit union. No bullshit fees like banks.

I'll never go back to one.

Flyguy

Don't let your nose get too stained!

Flyguy

If inflation wasn't a factor, I'd have done that already.

smooth

I think FDIC was created after the S&L scandals. Now hopefully someone will clarify this.

In any case, it's a nice big double fuck to the people who get screwed out of their money. Exec blows your savings, then the Feds step in and give it back to you--but remember that it's tax money you're being payed with. So money is pulled from where it should have been going and you are being paid your ripped-off savings with your own money. Yeah, great program.

Wouldn't be so bad if the Feds would at least cornhole the execs, but whatever...


NOPE: you're right, in 1933 it was. My other comments stand though about the double-raping if your money gets swifted away.

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Diamond

Good thing I'm continually broke and don't have to worry about the banks holding my money, I just keep paying them for use of all their stuff parked at my place!!

kurty[B]

Every year I open a checking account with Wells Fargo, to get a 2-for-1 Season Pass deal they offer at some nearby ski resorts. Then, about a month later... I close it out. I have had my share of not so wonderful experiences with them. Nothing that the blame couldn't be partially blamed on me though, just mostly miscommunication/service problems.

Fire

that is criminaly negligent- and it is not the suh's fault that a bank sent their money elsewhere without their permission- wells fargo had better reimburse or they should be forced to in court- and a hefty pain and suffering fee-

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The Phenomenon

There just HAS to be some form of legal recourse for these people.

A bank can;t just fuck away your money and say sorry fuck off!

It just does not work like that. They have to take the damn bank to court. I would advise anyone that banks at the Woofroofroo bank or whatever its called, to take their money elsewhere before this happens to you.