Wells Fargo customers: Beware!
David Lazarus of the San Francisco Chronicle points to a an alarming development for users of Wells Fargo's online banking service: According to new end-user agreements issued by the bank, customers apparently have to agree to accept Internet-only communications.
There's more. If you want paper statements, you can ask for them, but you might be assessed a fee. The agreements force you to acknowledge that online service is not guaranteed to be working "at certain times", and if that's the case and you talk with a human being via Well's Fargos phone service, you may be assessed another fee. And if you don't use online bill pay for three months, the bank might cut you off from accessing the service. Lazarus lists a bunch of other nasty surprises buried in the 11,000 words of legalese.
And if you don't like Wells Fargos new rules, or don't understand the documents, tough cookie. The only option is to accept the bank's B.S. provisions, or leave.
Fidelity Observer has pointed to problems with long or incomprehensible EULA statements. Lazarus has also been a good source of information about companies screwing over ordinary customers, as in this account involving Fidelity not properly authenticating customers and emptying accounts to con-men.
Read this post on the Blogger mirror -- Reader comments sometimes appear there that won't show up on this page. You can leave comments on either page, I'll read 'em all!
The Washington Post has a great article by Keith L. Alexander about frequent flyer programs, and how people are using credit cards to build up miles to earn trips. Charging funeral expenses, new cars, and -- Fidelity Observer has a friend who did this ... Read
There's an article in the June 2006 issue of TIAA-CREF Advance, "Get Your Financial House in Order." It suggests five steps members should take as part of a financial review. Unfortunately, Fidelity Observer only had one of the recommended steps fully under control. The other ... Read
It's that time of year. Tax Time! Not including the old school filers (who still use a paper form and pencil) and those who can afford an accountant, tens of millions of Americans are turning to software packages to file their taxes. Tonight I started ... Read
W2s, brokerage tax forms, and bank and mortgage statements are piling in. These are the documents we need to prepare our tax returns, but they serve another purpose as well: Evaluating your own financial performance over the course of 2005. Read
I just dropped them last month after having a Checking Account for 8 years. The fees they charge are ridiculous! One of the fees they were charging me was a "Banking though software fee". So I guess if they just figure out that you use Money or Quicken then they just have the right to take $10 out of my account each month. Well not if I take my ball and go home!!
FO, you forgot that Wells Fargo mortgage customers were treated to the receipt of their 2005 property tax escrow checks on January 9, 2006. As a result, the homeowner lost their ability to deduct this expense on their 2005 Tax Return.
Definately, BEWARE if you do any business with Wells Fargo!
Jason,
You seem to have an ax to grind with Wells. I have been a Wells customer for a decade and do online banking and have my mortgage with Wells. I have not had nor ever heard of any such problems being discussed here by anyone I know using this bank. I am sure they have their share of problems, I haven't seen any though.
Banks are all pretty worthless, but as banks go I no concerns with Wells.
It seems that nothing brings out more ill-will toward banks than boneheaded policies, unreasonable fees, or other conditions that screw ordinary customers. I have no experience with Wells-Fargo, but Bank of America is in my bad books relating to their fees. When they bought out my local bank about four years ago, I closed the account before I could be subjected to BOA fees.
But it seems that no bank is immune from screw-the-customer policies or fees. At this stage, having had about six different banking relationships in the past 10 years, I go with the bank that offers the best service for the least amount of B.S. I currently use USAA's online service, which is very good with services but has a big downside -- no local branches, at least where I live. Also, the ATM fee reimbusement is capped at $1, and most banks have $1.50 or $2 fees attached to non-customers using ATMs.
