F.Y.I.
A quote from a friend of mine, he sent this email to his bank:
This is the note I sent to my bank tonight...
July 30, 2003
I'm not sure this note will mean anything as I get the sense that Wells Fargo does not comprehend what good customer service is about but I still feel I need to say something.
I learned recently that I will now be charged $40 a year for each of my 2 IRA accounts that are with Wells Fargo.* I am told I was notified of this last September in one of the little inserts that are often with my statements - the same inserts you have done such a great job at training me to NOT read.* On top of that, I am told that if I close out the accounts now, 1 year has already lapsed and I will actually be charged for 2 years on each account - a total of $160 if I withdraw.
I have over $xxxxxx in accounts with Wells Fargo, plus my credit card and mortgage.* I'm sure you have many customers who have invested more money with you than I have, however, when I decided to bank with you, I liked the idea of the convenience of having everything in one place.* On top of that, you offered me free checking, online bill pay and, I thought, no service fees
I might be able to understand that you have a need to charge for IRA accounts but I feel your approach was deceptive.* This is not the kind of organization I want to bank with.* I have already done some research into other options.* Fidelity would love to have all of my investments and, incredibly, they are not interested in charging for any of my accounts, including IRAs.* On top of that, amazingly, they offer free checking, ATM and on line bill pay.* They are sending me a package via overnight mail.* The $100 they are offering me to bank with them also helps ease some of the pain.* I will immediately initiate the transfer of my IRA accounts.* If I have to pay you for the honor of having had my accounts with you, so be it, however, I will not wait for you to deceive me further in the future.
If there were a way to transfer my mortgage at no cost to me, I would look into that as well, however, I don't believe that is an option - unless you come up with some new charges for mortgages.
Changing bank accounts is not a process I look forward to.* With that in mind, I will be sure to tell my friends and co-workers to be careful if they are currently or are considering banking with Wells Fargo.
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