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  1. #1
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    Banks !!!!

    I don't rant often but I need to right now. I use Quicken to pay my bills so I just went to pay one, my account updated and I had to look twice. Shows a check, in order number wise for 22,286.34. It was written by some company in Denver to another company in Denver, my name or account number are no where to be found.
    Spent almost an hour on the phone, 3 different people and they all agreed it was a mistake but must open fraud claim and could take up to 10 days to give me my money back. I am so angry right now I can't see straight . Sorry for the rant By the way, the bank is Wells Fargo. I will say this is the first problem I have had and I have been with them since 1983.
    Last edited by Scott Donley; 06-17-2019 at 5:30 PM.
    Sometimes we see what we expect to see, and not what we are looking at! Scott

  2. #2
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    When a computer makes an error it is usually a doozy.

    Wells Fargo used to be one of the banks that had my respect though none of my accounts have been with them. In the past few years it seems they have lost focus on their mission.

    Did the amount on the errant check cause an overdraft?

    One time my bank was asked to stop payment on a single check. Somehow it canceled every outstanding transaction that hadn't cleared. It caused a bit of a problem taking about two weeks to get it straight.

    jtk
    Last edited by Jim Koepke; 06-17-2019 at 7:43 PM.
    "A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty."
    - Sir Winston Churchill (1874-1965)

  3. #3
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    We used a regional bank for over 20 years for our personal banking needs . I was the treasurer for a national organization's local fundraiser for 6 years using the same regional bank for the our local chapter's needs. Then Wells Fargo bought that regional bank out. Shortly after the buy out, long time employees of the former regional bank began voluntarily retiring or were let go. When we no longer recognized any one working there, they started not recognizing us, and after the 2nd problem with our accounts, we changed to another regional bank. 15 years later we are still with the 2nd regional bank. Wells Fargo has had too many issues in the national news over the last few years for me to be comfortable using them.
    Ken

  4. #4
    Years ago, son did monthly online bill pay with another bank. Money came out of his account, but none of it reached his creditors, including mortgage company. Bank never could explain it, and after about two months credited him his money back, plus sent letters to all his creditors explaining what happened. Remember they couldn't explain what happened. About three years later, he goes to buy another house. The mortgage process was a nightmare,even though there were letters explaining that what happened wasn't his fault Once my bank made a small error in my account. Because I'm self employed, each month before paying bills, do the telephone thing to check balance. When I hung up phone, wife wanted to know what was wrong. Simple, I'm over $5000 overdrawn. I had made two deposits in the previous couple days, which totaled more than $5000. They were made on different days, and at different branches, but both had been applied to my account as debits instead of credits. After calling branch, in less than an hour my funds were replaced.

  5. #5
    Wells Fargo has saved my butt from ID thieves 3 times, caught and shut down the nonsense before I even knew it was happening. Kudo's...

    Then last October-ish, I had 2 Amex withdrawls, and 3 E-pay charges against my account to/by 'some guy' totalling over $17,000 that they totally missed-? Usually there's the 'test' draw of a buck or so, but the first Amex charge was over $15,000, I thought there was some sort of 'flag' with transactions over $10k, but I guess not! We got it all back except $600-something, still not sure why but since I could earn much more than that in the same amount of time I'd spend fighting it, I didn't fight it. I wrote it off...

    As to Wells Fargo's nonsense with opening fake accounts, our branch was guilty of pushing new accounts, but as far as I know they didn't do it fraudulently; I was a 'victim', but all it did was help me: when I was needing money to buy a machine, they opened a new Visa account, 0% for 18 months... when I needed another machine and a new driveway poured, I was happy to put it on the same card, but they opened another account, same terms.. Hey, if you guys insist on borrowing me money for free, who am I to argue? Haven't seen a fee for either account- yet...
    ========================================
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  6. #6
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    I had a banking relationship with Wells Fargo for may years dating all the way back several generations of mergers and acquisitions. While we still have a HELOC and a CC with them (inconvenient to move the former and the latter is kept merely for true emergencies and only used once a year to keep it active) they lost our regular banking relationship when they decided to start charging a fee for things like accessing the account directly from Quicken. We moved to TD Bank and never looked back...

    That said, unfortunately, banks have some wiggle room relative to time to restore funds after fraudulent activity with debit cards and checking transactions. Some do it reasonably quickly, but some do not. This is one reason I pretty much never use a debit card for any kind of purchasing...it only gets used in the ATM for the every three months or so $100 with-drawl of cash I make to restock my emergency fund for my wallet's hidden compartment. (I don't generally use cash for transactions, either) Credit cards have been exemplary for dealing with fraud, particularly AMEX, which is what I use for "cash" transactions.
    --

    The most expensive tool is the one you buy "cheaply" and often...

  7. #7
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    Don't know anything about Wellsfargo, however, when organizations become large, decisions can be made that no longer serve the customer, but serve the organization in the name of profit. Best to stay away from any large organization. Try a local credit union.
    Life's too short to use old sandpaper.

  8. #8
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    amen to the big bank problem. I call it "Institutional Indifference". We banked with a place back in Kansas City that got big. They decided to increase the interest rate on our credit card. We saw no reason for it and I went to the bank and pointed out that the rate was unreasonable given our FICO score of 813. They said there was nothing they could do. So I pulled our accounts (over $100K) and went to another bank and got 8% less on the credit card (introductory) and then 6% less permanently which was 2% better than before they jumped the rates. In truth, we didn't keep much of a balance so the interest rate didn't hurt us. We just didn't watch for competitive interest rates and we don't jump around much. It was more the principal of the thing.

    I went back to the original bank branch and thanked the manager for giving us a reason to look around. He was 'aghast' that our rate had increased, exclaimed that it was a mistake and begged me to return. I declined, pointing out that I had spoken to someone at that same branch and had received the cold shoulder. I further explained that I had gone above and beyond to rectify what I, also, thought must have been some sort of mistake and that they had squandered the opportunity.

  9. #9
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    Money is back!
    I will say my original bank (First interstate) was bought out by WF and that is how I ended up with them in the first place. I do most of my banking, savings, IRA, CD's at USAA. The nice thing about WF is they are local (3 blocks) charge me no fees, and allow bill pay using Quicken.
    Sometimes we see what we expect to see, and not what we are looking at! Scott

  10. #10
    As to bank fees, banks are no different than satellite TV or cellphone companies; threaten to take your biz elsewhere to save money and they'll likely negotiate to keep your business...
    ========================================
    ELEVEN - rotary cutter tool machines
    FOUR - CO2 lasers
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    ONE - vinyl cutter
    CASmate, Corel, Gravostyle


  11. #11
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    Quote Originally Posted by Kev Williams View Post
    As to bank fees, banks are no different than satellite TV or cellphone companies; threaten to take your biz elsewhere to save money and they'll likely negotiate to keep your business...
    I tried that with Wells Fargo when they suddenly decided to charge the fee for Quicken access a number of years ago, and they more or less said no-dice. So we moved multiple accounts as stated with the exception of the HELOC with unbelievable good terms and a CC as I mentioned above. The large banks are not prone to negotiation...
    --

    The most expensive tool is the one you buy "cheaply" and often...

  12. #12
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    Quote Originally Posted by Jim Becker View Post
    [edited]
    The large banks are not prone to negotiation...
    They are subject to contracts. One of the better things done in my life is open accounts with a bank that had free checking and no fee accounts for life.

    We were banking with a savings and loan. Over the years they were acquired by another bank which was acquired by another bank. This bank decided we all needed to pay for them to handle our money

    Many of us moved our accounts to a bank offering free checking for life. A few folks opened minimal accounts there just incase they needed it if their bank wanted to start imposing fees. This bank became a bit over extended in the housing market and is now owned by one of the major national banks. Due to the original contracts they do not get to charge fees on the accounts of people who are still banking with them. (my recollection is there was a court case on this)

    jtk
    "A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty."
    - Sir Winston Churchill (1874-1965)

  13. #13
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    Quote Originally Posted by Jim Becker View Post
    I tried that with Wells Fargo when they suddenly decided to charge the fee for Quicken access a number of years ago, and they more or less said no-dice. So we moved multiple accounts as stated with the exception of the HELOC with unbelievable good terms and a CC as I mentioned above. The large banks are not prone to negotiation...
    Yes WF also tried to start charging me for Quicken, called them up and they agreed to not charging. I won ! It was all funny because when they first started online banking you could use Microsoft Money or Quicken, They even gave you a copy of Money if you wanted it. At the time I had already been a many year user of Quicken having used it to print all my checks ( dot matrix ). I am glad I did as MS Money is no more.
    Sometimes we see what we expect to see, and not what we are looking at! Scott

  14. #14
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    Quote Originally Posted by Scott Donley View Post
    Money is back!
    I will say my original bank (First interstate) was bought out by WF and that is how I ended up with them in the first place. I do most of my banking, savings, IRA, CD's at USAA. The nice thing about WF is they are local (3 blocks) charge me no fees, and allow bill pay using Quicken.
    Cool.

    So Wells Fargo made it right, and in a timely manner. Sounds fair to me. I've had checking, savings, credit cards, mortgages with them for over 30 years without anything negative to report. In fact they have actively prevented fraudulent transactions against my account several times, so count me as a Happy Wells Fargo customer.

  15. #15
    Quote Originally Posted by Scott Donley View Post
    By the way, the bank is Wells Fargo. I will say this is the first problem I have had and I have been with them since 1983.
    I'm reminded of the famous cartoon, depicting two executives from WF, 100 feet tall, striding down the street with hundreds of normal-sized people running screaming from their strides. One exec says to the other, "Careful, you don't want to get any on your shoes."

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