I had my wells fargo accounts for 21 years (since 1991). They assured me free checking for life. I switched to them after tcf bank repeatedly stole money out of my account. Then they renigged on their free checking, they promised i could avoid fees by jumping through a few hoops, so i played along. Then less than a year they started making the hoops more and more absurd... Minimum daily balance, minimum card transactions, minimum direct deposit, minimum account transfers...
Then i moved to hawaii and the bank manager assured me there was wells fargo in hawaii (there isn't, and thank god). I closed my account after 21 years because i had no recourse to keep my supposedly"free"checking account free any more. On three separate occasions i got the banker to admit over the phone that their policies amount to "rich get richer, poor get poorer".
Their own bankers don't really like where the company is headed. Such a mad cash grab is usually indicative of a company that's about to go belly up, so if i were you i would divest out of wells fargo today. Incidently, i'm now with hfs federal credit union, and so far my experience has been great. Their terms are: minimum average balance of 50$, minimum one transaction per year, and if you don't meet them there's only a$1 fee. So happy to be rid of wells fargo.
Great bank with a multiplicity of options. As a student, I appreciated the overdraft program which gives you a 'cushion' of credit for overdraft protection instead of innumerable fees.
There are definitely other reasons to use Wachovia, such as availability of ATMs, (almost) free-checking, etc. But these are the main benefits.
My boyfriend and I applied for a mortgage on a $225K townhome in Tucson. My credit score is 798 and his is over 800. We're both in our 60's, retired, never had a bad debt in our lives. I own free and clear approx. $2.5M of real estate and have liquid assets of over $1M. My only debt is $258K on a condo worth $345K that my son lives in - I financed it at 3.45% because I could do better in the stock market. My boyfriend owned a home worth $215K that he had a $30K heloc out on and was planning to take out another $22.5K to pay his half of the down pmt. His house was on the market at the time and he told them the heloc would be paid off when it sold (which it did last month).
Our loan officer said we would have no problem qualifying with a 20% down payment. 5 days before closing, he said that underwriting was "concerned" that our income wouldn't support our debt and that we would have to put 25% down. Other than the condo and the heloc mentioned above, we have no debt. We each have a couple credit cards that we pay off each month. The loan officer said monthly bills count and I pointed out that my approx. $10K of monthly bills are paid on time every month. We delayed the closing a week.
A few days before the 2nd scheduled closing, he called and explained that underwriting wasn't "happy" with my boyfriend's share of the down pmt coming from his heloc and that we would have to put 35% down, submit copies of all of our credit card statements for the past 6 months (because I disputed that we were ever late paying them off) and that we would have to delay closing for about 10 more days. I told him to stick it. We paid cash.
I work for a realtor who had WF as their in-house lender until last year when they switched to a broker because WF couldn't close consistently on time.
Why anyone would work with Wells Fargo is a mystery to me. A good rate and reasonable loan costs aren't good for anything if you don't get the loan. Ridiculous.