Unbelievably awful
Written: Jun 03 '04
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Product Rating:
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Pros: No apparent advantages over other banks
Cons: Inept staff, poor math skills
The Bottom Line: Avoid Wells Fargo. You can easily get better rates and service elsewhere.
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| lk808's Full Review: Wells Fargo |
Last year, my father rolled over his 401k into a Wells Fargo IRA CD. For some reason, Wells Fargo put it into a regular CD yet did not withhold tax. When he went back to the branch to notify them, the person that he opened it with told him to simply pay the income tax when he withdraws it. What?! A couple of months later and several phone calls, he finally reached someone who acknowledged the problem. However he lost the additional interest that the IRA CD would've paid had it been done correctly.
I thought that this was an isolated incident, however a year ago my home mortgage and escrow account were sold to Wells Fargo. Since the assessed value of my house changed, the county issued the property tax as 3 separate bills (primary, supplemental, and supplemental levies). Wells Fargo only paid the primary. When I notified them, they paid the remaining taxes but insisted on increasing our monthly payments even though it was not necessary. When I notified them again of their calculation errors, they still insisted on the increased payment, and subsequent tax payments were taken off the schedule. I dealt with them by phone and mail. The customer service people who answer the phones are nice but they simply take down information and type it into a computer. No one ever returned my calls, even when I requested a response. Since I was not having luck by phone and mail, I decided to go to my local branch and see if I could sort it out in person. To my shock, the local mortgage rep said he didn't want to be involved in an escrow dispute and suggested that I pay the increased amount and "it'll sort itself out in a year or so." What?! I promptly asked him to close my escrow account.
I've never dealt with a financial institution that is so careless and reckless. I will either be changing lenders or paying off my mortgage as soon as possible.
Recommended:
No
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Epinions.com ID:
lk808
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Reviews written: 9
Trusted by: 0 members
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