Credit Card Fraud; no incentives
Written: Jan 21 '07
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Product Rating:
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Pros: Physical branches, which I found I almost never used; ATMs that take checks without envelopes
Cons: Customer information UNSAFE; ridiculously low savings interest; spurious fees; no real reason to bank
The Bottom Line: All in all, I see no reason to keep banking with Wells Fargo when there are other banks around.
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| dandv's Full Review: Wells Fargo |
I've been banking with Wells Fargo not out of choice but because my employer opened an account for me when I immigrated in California two years ago. They are still Wells Fargo fans.
Credit Card Account
I have opened a credit card with Wells Fargo two years ago. I had had no credit history and the best they could give me was a $300 (three hundred dollars) credit limit, on a SECURED credit card.
In the meantime, I opened other accounts with American Express and Chase, and while American Express increased my credit limit on their own to $13k, and Chase increased it at my request to $1,500, Wells Fargo did nothing of the sorts. My $300 did not generate 1 cent of interest.
In the last 6 weeks, I have had three fraudulent charges from NV companies that you can find complains against at ripoff-report.com. The REALLY INTERESTING fact is that I had not used this $300 card in the last 6 months and generally only used it sparingly and with reputable online merchants. So how did my card information get out and spread all of a sudden?
Worse, it took them over 2 weeks to act on the report I sent (via the online contact form) about the first fraudulent charge. "Acting" on my report meant calling me, but the charge was not reversed. One week ago I notified them about the second fraudulent charge and no response so far.
I called customer support today and the rep opposed minimal resistance to my request to close this account.
Checking account
Checking is not really free unless you keep $1000 (IIRC) in the account. If you don't, you get fined $8 every month. There's no interest for checking.
Savings Account
The Savings account has a ridiculously low interest rate, lower than 1%.
Fees
There are all sorts of fees: if the funds in your accounts go below the limit; overdraft fees even after I called customer support and was ensured my savings and checking account were linked without overdraft fees; Bill Pay fees even if you don't use Bill Pay
Online Experience
Online, you can only see transactions from the last 90 days. I guess that's common with American banks.
All in all, I see no reason to keep banking with Wells Fargo.
Recommended:
No
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Epinions.com ID:
dandv
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Member: Dan Dascalescu
Location: Sunnyvale, CA, USA
Reviews written: 16
Trusted by: 0 members
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