Wells Fargo - To bank, or not to bank?
Written: Aug 21 '00 (Updated Aug 21 '00)
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Product Rating:
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Pros: convenient, branching locations, online banking, phone banking
Cons: ATM fee charges, minimum balance charges for savings accounts, poor notification with rules and changes
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| eyestar's Full Review: Wells Fargo |
I have been with Wells Fargo bank since 1993 (back then it was known as Norwest) and I am currently still with them. This was the bank where I opened my first checking and savings account. From staying with this company, I have had both good and bad experiences.
One really great thing I like about Wells Fargo bank is the convenience of their branching locations. I live in the mid western United States and do most of my vacation and travelling in the north or mid west areas. I can find a Wells Fargo bank in almost every city that I go to. Since I just moved to Denver, I can find a Wells Fargo usually within a couple of blocks no matter where I am in the city. (They seem to be everywhere in Denver!) This is a very nice feature - especially if you live in a big city like Denver because you can usually find a bank with minimum amounts of searching.
The branching is also a must for college students. When I moved from my home town to attend college in a different town in the same state, I had the convenience of staying with Wells Fargo bank. I did not have to change my checking or savings account numbers and I didn't have to go through the hassle of switching to a new bank.
I do have one major problem with Wells Fargo branching system. When I moved from Montana to Denver, I assumed I could keep my checking and savings account numbers since I was staying with Wells Fargo. I thought this would be great because it would be one less stress I'd have to deal with during the move. Boy, was I wrong. Even though Wells Fargo in Montana is the same bank as Wells Fargo in Colorado - I still needed to close my Montana account and open a new Colorado account. This made absolutely no sense to me, since they are both Wells Fargo. Because of this, I ended up trying to open a Colorado account before I lived in Colorado to make sure the banking was squared away. Three times I attempted to open a new Colorado account and each time they opened a Montana account. I was very angry, and ended up having to open the account when I moved here.
On the other hand, a great feature that Wells Fargo bank offers is convenient phone and online banking. I can access my accounts from anywhere. If I have a computer with an internet connection, it takes just a few minutes to log into their site and check my balance, transactions, and what checks have cleared the bank. I can also do balance transfers online, order a copy of a canceled check, and other great features. If I'm not by a computer, I can just call the handy 1-800 number to get this information over the phone. If I have any questions, I can talk to a representative in no time.
Wells Fargo also has their own Mastercard, which allows for overdraft protection for your checking account. If you accidentally go over the amount in your checking account, it will deduct from your Wells Fargo credit card. The credit card also offers Wells Miles, in which you can earn frequent flyer miles, but you must pay the yearly fear for the Wells Miles program of $25. One great thing about this credit card is that you can access it online in the same place where you check your checking and savings information. You can also do balance transfers from the credit card to checking if you need some extra cash. You can even pay your credit card bill simply by transferring money from checking/savings to the credit card - all with a click of a button.
One new feature that Wells Fargo has added is Bill Pay. Bill Pay is an online payment tool that allows you to pay all your bills with a click of a mouse button. This makes for less paperwork, no more check writing, no more stamps. Bill Pay does cost $5 per month, but I feel it is worth it.
Something else to consider - Wells Fargo banks are open on Saturday mornings. Which is great for people that work weekdays.
As for problems... I've found that they tend to not inform members of some of their rules. I do a lot of transferring of funds between my checking and savings accounts. One time it was close to Christmas, and I had done more transfers than usual. I get a warning letter from the bank telling me I am only allowed to do a certain number of transfers per month, and that these transfers can only be completed in certain ways. I did not know of this rule and do not remember ever being notified of it. I was very disappointed when they sent me this surprising letter that stated if I went over a certain amount of transfers again - they would close my account.
Wells Fargo also started charging fees for taking out money from ATM machines that were not run by the bank. I do not remember receiving any notification that they were going to do this. Not only do I get charged from the ATM I take the funds out of, I also get charged by Wells Fargo bank for using an ATM machine that is not their own. This news upset me a great deal, and I almost switched banks because of it.
Another thing that I do not like about Wells Fargo bank is that if you do not meet their minimum balance on their standard savings account ($300), they will charge you monthly fees.
If you are looking for a bank that offers convenient locations and access, then Wells Fargo is the bank for you. But if you're not interested in convenience, then I suggest you check out other banks before committing to Wells Fargo.
Recommended:
Yes
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Epinions.com ID:
eyestar
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Location: USA
Reviews written: 135
Trusted by: 116 members
About Me:
"Still talking to myself and nobody's home..." -Guns N' Roses
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