Case Study: Wells Fargo's Effective Brand Management . . . Not!

Wells is HQ'ed in Minneapolis. They were bought by Norwest, but the combined company kept the Wells branding.

The money sometimes gets "frozen" while being transferred through the system in the arctic State of MN.

Thanks Chris :-)

I recently had a similar/worst experience at Bank of America. They closed down my account because of a human mistake in verifying a check. It was rectified 3 months later, much to my angered frustration. I suggest you try Washington Mutual. They make funds in deposited checks available immediately based on your credit score. So far, all my checks, no matter how big, have cleared immediately after deposit. Basically, they take a calculated risk in clearing the check based on your credit history. I never thought that free banking can mean better service. Anyways, hope it helps.

I had a recent horrific experience with Wells Fargo Auto Finance when they took a payment out of my checking account for a car I no longer had. Once they acknowledged their mistake, they took their sweet time in refunding my money. After numerous, frustrating calls to their so-called customer service center in AZ, where I received a different version of what was happening every time I called, I resorted to calling a friend who works for Wells locally, and she came to my rescue. I will never again do business with that company.

Shelly, thanks for sharing your experience with Wells Fargo. You'd think they would at least leave a comment here.

As I've said before, we'll eventually get over our frustration with Wells Fargo but the search engines will dredge up our displeasure again and again.

Wells Fargo could leave a comment, provide their side of the story...

I am posting a complaint agianst a branch of Wells Fargo and it is the one in Torrance California on Crenshaw Blvd. in the Vons grocery store. I had a family emergency and needed money from my account and they would not release my money to me. The funds were available and for some reason that they gave that didn't make any sense at all. They tried to say that they had to hold it one more day. I went to another Wells Fargo Branch and they gave me my money no questions asked and I asked them is there a hold or anything they said no its available. I was mad as hell my family memeber needed a surgery I might have not been able to get it because they play games with people's money. Its not right and I am going to take further action.

Recently I made a deposit by an ATM in the amount of 1,187.00. They posted the deposited then they meaning Wells Fargo took out the money. I called the 1 800 number and they told me that because the check was written to me and my wifes name they could not deposit check via ATM. This is due to the account being in my name only however, my wife did endorce the check for me to deposit. They then told me that I could have went to the teller and cashed the check with no problem. All of this was done on Friday 10/26/2007. By Monday I find out that I am overdrawn 400 dollars because they did not honor check. I had to tranfer money from my wifes Wellsfargo account to cover overdraft fees which were out of this world. The bank in fact made a shit load of money from me and probably countless others in this world by this practice. Do you know that I have deposited large insurance dividen checks made out to me and my wife via ATM with no problem before. I really believe that this bank creates these practices to make more money they don't deserve. By the way they are going to return a copy of my state refund check and a reason they would not honor it by first class mail 7 to 10 days. What good is a copy of my check?

Thank you for your Wells Fargo stories. You would not believe how many I get by email... And STILL no word from Wells Fargo!!! Are they listening? Why don't they put their side of the story? Google will kick up my Wells Fargo rant again and again for people to find, and Wells Fargo doesn't care?! Wells Fargo has some blogs which are flagged: "Welcome to the conversation." There is a conversation over here and on other sites that Wells Fargo doesn't care to join. I recommend highly that people stay away from this bank.

I deposited an insurance check 2 days ago in the amount of $9,460. I was informed that because it was an insurance check, the funds would be held for 11 business days, that's literally 3 weeks! Bear in mind that this check is for a cash-value surrender on a life insurance policy, so in no form or fashion is it contingent on any further approval by this insurance company. After 3 calls to WF today, I have learned this. They will not release the normal amount of $5,000 and keep the hold on the rest above 5,000 because......"they aren't obligated to do that in this situation". That really made me flip my lid. I've been with the bank for over 5 years and have never so much as asked them to do anything besides renew an aging debit card.
Tomorrow I'm heading to the branch where the deposit was made and chewing some ass.

I think after this whole debacle is over I'll be banking elsewhere.

Has anyone noticed that just about everyone has mentioned the 10 BUSINESS day and that does not include the day it was deposited the funds, it is considered the next day. So lets say you deposit that check at 6:00 am, it is a good check oh lets jest say for the heck of it a refund from the IRS. Well now you could not be around to deposit the check with a teller because you are on the way to work and you cannot do it when you get back from work because it is now 7:00 p.m so you would have to wait until Saturday to deposit the funds. If you are with Wells Fargo trust me they will find a way to charge you a fee for you not depositing that check when you recieved. So you do the only option you have. You run it through ATM to deposit the funds. Wells Fargos policy is to hold that check for 10 days because it was deposited into an ATM, even if you went to the teller, they would hold it for 10 days they just tell you that they would have released the funds within the "normal" two to three days. They want you inside the bank to try and sell you more of the "banking services to make your life easier". The bottom line is Wells Fargo has a standing policy to hold at their discretion (anything over $500.00) for 10 days. Now if those funds are yours and you do not have access to them, ask yourself where are those funds at that very moment. We live in an instant access world now, the bank runs a check electronically to verify those funds are available, and if it comes from like the IRS or a mutual funds company a registered cashiers check any thing that we all know will be honored(I think Wells Fargo may not honor their checks this is why they do this you know the guilt complex issue) but they sit on it and while they sit on it the funds that are yours is gaining them interest. Now on just two posts I see over 10,000 dollars in funds that needed 10 business days, which in all reality is 16 to 17 regular days. They have found a way to rob us of our funds, I think this definately borders on embezzlement.

It is time we as Americans stand up and say HELL NO WE are not gonna take this anymore from the shady banking practices that the big commercial banks are pulling on us. It is our money we worked for it and the banks execs board of directors and stockholders need to find a way to actually earn the money for themselves instead of stealing it from those of us who actually work.

Its funny how you all talk about holds when the truth is that bank place holds in accounts due to OVERDRAFTS AND RETURNS. Why would I ever think such a relation will benefit my account??? so please get your heads out of the water and look at the real world!!!! and about ATM doing the same thing, well guess what! same thing applies to them, if your account has all of those OD and Returned items the ATM will HOLD IT, how would an ATM know if you're depositing Cash or a good check thats not ganna get return AGAIN ???? and why do we all insist in using our bank accounts when there is no money in it?? and after that we have the face to complain about fees!! LOL. I think we all need to go back to the times we did not have ATM cards and pre-printed checks, the times you'd only be able to deposit and withdrawal from the banks!!! ohh and one last thing>> Check out WaMu and B of A fees!!! they're going up after April 2008!!
Why dont we all think harder and balance our accounts, remember what we paid and its pending ( BALANCE OUR CHECK BOOKS ) that will stop fees and 99% of the problems u think u have with the bank... All I can say is that I've had Wells Fargo for the last 10 years and NEVER got a fee or miss any money, also had WaMu and B of A and I'm not ganna get into those guys!!!!!
I can say guys that Wells Fargo and Credit Unions are the best place to bank... I'm not ganna be here again so e-mail me if you have anything to say to what I'm posting. yoleguys@hotmail.com

Robert, congrats on having a good experience with Wells Fargo. People like you are hard to find.
But also, Wells Fargo is hard to find to tout its wonderful services. No hide or hair here from HQ. You'd think WF would care about this post, which continues to attract attention and comments many months after it was published. The comment section is open to Wells Fargo, yet they would rather ignore it. I think that says a lot.

I thought I would just add my 2 cents regarding the WF's outrageous policies regarding holds.

I deposited a bonus check for in excess of $5K from my employer via an ATM and received an email a day later saying that WF will hold $4900 for a week and the remainder for 2 weeks.

Facts:

1. I am WF customer of more than 30 years.
2. The deposited check is drawn on BofA
3. The same BofA account is used to make a direct payroll deposit into my WF account twice a month.
4. I have had balances in my checking acct in excess of $100K over the last few years.
5. I have never had a deposit not honored.
6. The BofA check will clear overnight, I am sure. So how can WF hold my money for up to 2 weeks?
7. Spoke to WF by phone, and got nothing but policy statements.

I will probably sever my long-standing relationship with WF over this outrageous behavior.

Wanted to put this on the record. Thank you.

Check out www.wellsfargoinjustice.com or email us at info@wellsfargoinjustice.com.

I agree with the others. Wells Fargo is a big joke...Just trying to get a paper notorized for my 92 yr. old Mother...She did not have recent Picture ID. She is handicapped and just out of the nursing home. She now has homecare, but funds are low and she needs to cash in a insurance policy...She asked me to be Power of attorney, I have all the papers, just an notary to sign...They would not do it, even with all the insurance, medicare and social security numbers..and she was sitting right next to me.It was hard for me to get her out of the house and to the bank, now they want her to go to the liscence branch to get a picture ID. She had an old one with her, she looks the same but they would not sign our papers. She is not in good enough health to be running all over town...She has been a customer there for at least 50 years..Not only that, now she cannot sign checks or withdraw money because she does not have a valid ID...Lucky my name is on the account or we would not be able to take her money out to pay for the care she needs...Funny ,but I have been drawing monies from her account and they never asked me for picture ID.....

I don't know why Wells Fargo behaves in such a way. It used to be interested in providing banking services, now it seems so disconnected from its customers even when they are standing/sitting right in front of its representatives. I'm moving to a local credit union when I get the chance.

I've had the same outrageous treatment from Wells Fargo of late. I've been a customer for 38 years. They refused to deposit without a hold a large check from my dad's estate (drawn on US Bank--just down the street from Wells Fargo). They could have easily called to verify the check, but, oh no, the funds may be there this minute but you (the customer) could go on a spending spree and the check could be returned! I'll add that I have never had an overdraft or any fees on my account. As a matter of fact, I had deposited a large check 4/08 without a hold put on it, but that didn't seem to matter. I feel as if I'm being treated like a criminal, but more importantly the bank is holding the funds for their own gain. I put it in there but am anxious to get it someplace where I can get some decent interest and am angry they can take their sweet time making it available. I ended up taking the check to US Bank to exchange for a cashier's check--got dinged $7.00 for that. I then went to WAMU and put it into my online savings (3%) till I decide where to put the bulk of it.

We recently settled a nationwide class action against Wells Fargo which included damages for annual fees improperly charged customers with Portfolio Management Accounts (PMA). WF paid out approximately $3 million in damages and fees.

WF alleged that the improper fees resulted from a computer "glitch" in their system. I would not be surprised if other such glitches exist and would be happy to speak with any dissatisfied customers.

Contact me by email dan@nwprolaw.com.

Just playing devils advocate. I was searching to find out if anyone was having problems with their debit cards wearing out after two months(on my 4th for the year)and found this site. I couldn't help but throw in some perspective.

Wells Fargo probably has upwards of 80 million customers with 300 million accounts. On any give day no less than 20 people will look at your account and make some sort of decision on it. The system requires that all 20 people know all of the Bank's policies to properly manage your account. You can bet that the same 20 people will not be the ones making the decisions tomorrow and a new set will be there the following day. Over a one year period you proly have some 300 people that have now done some action to your account. Just statistically speaking you will probably have 10 or more errors on your account throught the year. Of those 10, one might come to your attention. Of those 79,980,000 will get that error corrected. That leaves 20,000 people out there that will have a bad experiance. This is a very small percentage of the customer base and quite frankely not worth their time. You can name your bank and it will be the same. If you switch to a small local bank you will often find a much more strick set of rules with no flexability until you have been with them for 10 years and palying golf with the manager every weekend.

The moral of this story is to take your licks, if you have a problem be persistant in calling back till you get someone that can fix your issue (you can usually find someone that knows how to or doesn't know that they cant). Ive had my fair share of go arounds with banks, phone companies, electric companies, cable companies, credit card companies... you name it. If you obsess over every mishap youll be miserable.

WF policies are the same as any other bank. Holds are placed on funds to provide some peace of mind that both the bank and me are not going to overdraw - if i over draw, the bank has paid one of my creditors for me, right? With regards to insurance checks and large dollar amount checks, holds only make sense for both the bank and customer - How do I know my payroll check won't bounce and leave me overdrawn? Companies are going out of business daily. I like banking with a conservative bank - that is why they still exsist!!! This economic climate has created an atmosphere of cautiousness and rightly so. I wait until my funds clear so that I can pay my bills in peace. Keep in mind that bank history/relationship makes a difference. If you owned a store and one of your regulars came in and asked for an exception you'ed be more likely to agree and take the RISK. If it were someone you saw intermittenly and was a newer customer - you wouldn't. Would you let someone - even your wife, deposit your money in her acct? You would? Why not have a joint acct??? What about divorce and estrangement - endorsement my butt - ever faked your mom's signature in school? Oh and ID me?? Why, why why doesn't EVERYONE have proper, NON-expired ID??? What if I stole your id, it expired - its ligit, I look like you - would you be comfortable??? You need valid (ie not expired) ID for many many more things than banking. I don't know about you, but I would rather bank with a bank that is ultra conservative, it just protects me more. OH and for the record-- yup, totally a WF employee - but a customer 10 years prior. I don't even like my branch manager, doesn't mean I don't like the company. Why else would I go through the brutle hiring process? We are human, we make mistakes - are you perfect at your job? Even docs make mistakes -- My advise, bank at the same branch, find a banker or manager or even teller that you can build a relationship with. When things go wrong, present a reasonable explaniation and treat employees with respect - they will go out of thier way to help you. Yell at me, use bad words, and customer service goes back to the legal minimums. If you don't understand, ask. If you need help, ask. Think about the worst case scenario and be thankful the bank is watching its butt. Be thankful your not at IndyMac or your mortgage is not at FannyMae. Can stand your branch? Go to another one and introduce yourself to the manager, explain what you need from the bank. Like it or not, we need banks for daily living - a little effort on the part of the customer makes the employee's job easier too. Thats what we all want, right - service our customer and limit the misunderstandings. Yes we screw up - surprise, we are human? But it is your money, but is it your money, but it is a big insurance company, but it is my payroll check, but I have to pay bills today - heard it all. Good planning, and understanding of the BENEFIT to you, and asking all the questions will make your banking expirence better. This goes for BofA, Citi any bank. Do your research, find out what works for you, let your banker know what types of deposits you need to make and what your needs are. They WILL tell you if you are a fit. Its buyer beware, just because you didn't know, doesn't mean it isn't so. Make sure you are informed before you open an account. Life will be easier, the sun will shine brighter, and all will be well :) Peace and Love everyone -and do unto others

Lisa, Wells Fargo can clear a check in minutes. Why does it take 10 days to clear a $7500 check!!! Five days for the first $5,000 and five days for the next $2500.
How can you partially clear a check? It is nonsense. It is Wells Fargo taking advantage of people. I still get complaints left here by people and still NOTHING from Wells Fargo!!!

I have a wells fargo account I just opened. I deposited my payroll check thursday around 3 pm and it is FRIDAY 10 PM and NO MONEY!!! I gave them my whole check to deposit and over 24 hrs later, I am hungry, my stomach is growling. I am getting really depressed. I work hard and LIFE kicks my ASS around ALL DAY!!!
Life is not ROUGH, the DEVILS in it are though.
I wish I could buy something to eat!!!
Honestly, I cant wait till I die and my misery is gone.