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February 9, 2015 at 8:27 pm #816729
A few years ago we opened a brokerage account at Well Fargo Bank for our young daughter to help teach her about investing. She purchased 10 shares of Starbucks stock and has enjoyed watching it grow. In an effort to simplify our lives, we recently moved that account to Vanguard where my wife and I hold our investments accounts. I received a statement from Wells Fargo today where they charged my daughter $95 to close her account. I contacted Well Fargo and pleaded with them to lower the fee to a smaller, more reasonable amount. They explained that this fee was hidden away in the fine print and refused to budge on the fee.
Goodbye Wells Fargo! We will never do business with this bank again! We are moving all of our accounts to Umpqua where they actually value their customers.February 9, 2015 at 10:34 pm #821816
Good for you!! I can’t believe the stuff they pull, should be illegal! Sound Community Bank is also very good, not to mention BECU.February 10, 2015 at 2:34 am #821817
I second both recommendations of Umpqua Bank and BECU. Wells Fargo (and Chase, and BofA) don’t care. The individual offices might have nice tellers and staff but they don’t govern policy. I paid $125 to be released from BofA before joining BECU. I have had wonderful service, and while BECU is virtual (all business is generally conducted electronically, or through an ATM) I have never felt like I was just a sheep to be sheared.February 10, 2015 at 7:57 am #821818February 10, 2015 at 8:01 pm #821819
Dumped WF for BECU in 2011 after they threatened debit card use fees. My debit card said “Customer Since 1993” and that’s all it took to dump them. Actually they had hosed me in high school when I turned 18 they told me I could no longer have a free “youth” savings account and started charging fees on my little $500 I had collected since 1993 until I came in and opened a checking account, which back then was still thankfully free. I’d say the only thing I miss about WF is their website BECU’s website looks like it’s stuck in 2001.February 10, 2015 at 8:16 pm #821820
If you have one of the premium-type accounts with Wells Fargo you get 100 free stock trades per year. I’ve been pretty pleased with Wells Fargo.February 10, 2015 at 8:39 pm #821821
We were “premier” customers with Wells for years but got hosed with $185 in combined fees for moving two small brokerage accounts. Vanguard, Fidelity, Scottrade, and OptionsXpress charge absolutely no fees to transfer accounts. The Wells Fargo transfer fees were never disclosed to us when they suggested we open the account.
In all fairness to Well Fargo, they do have nice calendars, if you are able to put up with all of their nonsense, unwillingness to know their customers, and exorbitant fees.February 10, 2015 at 11:21 pm #821822
I’m sure it’s all too late now, but maybe for others, take most of the money out, but leave $2 or $5 in the account…..never really close it. Or would there have been monthly fees, or minimum amounts needed? Then just ignore it…….
I had a little bit different situation trying to close out a parent’s account. After they passed away, I was attempting to close the account (not much left in it) but even tho I was Power of Attorney and a signer on the account, but not a beneficiary, I would have to jump thru more hoops, get an attorney, find the sibling to agree to split….blah blah blah….Once the person dies, the power of attorney has no power……Sometimes the laws are so bizarre. Sorry this took a little different take on your notes. I am glad you got out of Chase. We dumped them and BofA awhile ago……US Bank has been very good for us.February 11, 2015 at 12:20 am #821823
Great idea Vanessa. I wish I would have thought of that $185 ago. ThanksFebruary 11, 2015 at 12:52 am #821824
Dang. My wife and I have had accounts at BoA for 20 years, and I have a small trust account there since my father passed away. This thread is eye opening, and I also want to thank everyone for sharing their experiences and guidance.February 11, 2015 at 3:43 am #821825
about Umpqua Bank. I met the manager and employees about 2 weeks before they officially opened, and moved my account from B of A immediately. B of A made me go through their “process”, and I had to answer why I was moving. (Umpqua is across the street from me, basically). When I walked into Umpqua they remembered me, the manager by my name. During extended stay in hospital they sent flowers, came to visit. They attended a fundraiser for me a few years ago. And they always let me know by email locally if it looks like I am going to be overdrawn so I can avoid a fee. They give chocolate with every in-store transaction…and Friday is cookie day…yummy.And always coffee…and computers to use, too. Parking can be a bear at times because Safeway, but as I said…I can walk there :)
Also they just upgraded their online/mobile apps, and have started deposit by phone. Yes, I think they’re awesome…go talk with Kelsey :)February 11, 2015 at 4:28 am #821826
Alaska USA Credit union has been amazing to me. Comparible to BECU but has a smaller friendlier feel. They are open 7 days a week and only close for X-mas, New Years and Thanksgiving.February 11, 2015 at 5:55 am #821827
Community banks are the way to go. We moved all of our accounts from BoA to Baker Boyer Bank in Walla Walla years ago (they were a client). Even being this far away, I am so thrilled with the personalized service and now with mobile banking/deposits, I don’t even have to worry about finding a compatible ATM when I have checks to deposit. If I didn’t bank there, I would definitely choose Umpqua – they have the same customer service philosophy.February 11, 2015 at 6:30 am #821828
When I moved my investment account out of Washington Mutual they deducted a stiff fee for themselves. I called them on it and the woman said it was allowed in the fine print. I said, ok but why would I ever return after treatment like that? She agreed with me. It looks like they’re just grabbing at cash as they see it going out the door.February 11, 2015 at 3:28 pm #821829
We switched from BofA to BECU a few years ago and also got our mortgage moved there from Chase. Several years free now from corporate banking and couldn’t be more satisfied.February 11, 2015 at 7:02 pm #821830
I left BofA last year after having my account open for 30+ years.
It was no longer my primary checking account. It had been open since my days as an employee of Seafirst Bank.
I didn’t keep a large balance in it, and it wasn’t until I received an overdraft notice that they had suddenly started charging me ~$30 a month for the priveledge of having an account that I became aware of the new fees.February 11, 2015 at 10:36 pm #821831
Does anyone have a good bank/credit union recommendation for refinancing? My home loan is currently with HomeStreet, who I haven’t been very pleased with, and I was thinking of refinancing now before rates go up mid-year.February 12, 2015 at 3:39 am #821832
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