BIGcementpon Status Name 11318 Posts user info edit post |
2 bad, G.N.S.P
Is there an "official" link to the WF site about this? Sounds like I'll be moving my accounts as well.] 4/17/2012 7:25:57 PM |
CharlesHF All American 5543 Posts user info edit post |
Quote : | "i'd just straight up fucking forget if i didn't auto-draft." |
It just depends on the person. I make it a point to pay all our bills on or around the 1st of each month (no matter the due date), and each of them is done through bill pay through my account. My wife has her gym membership set to auto-draft and that's it.
I like it set up this way for a few reasons -- instead of paying bills throughout the month and occasionally having that "oh crap today the XYZ bill was due" moment, you pay all your bills once/month, all on the same day (or pretty close to it). You make the decision when to pay the company...rather than the company taking money from you. I keep a pretty close eye on our finances, and this allows me to know exactly how much I pay for each bill, and I have complete control over who I pay, when I pay them, and how much I pay them.
In fact, this thread has spurred me to go ahead and set up bill pay for this coming month. 4/17/2012 7:37:01 PM |
Meg All American 6759 Posts user info edit post |
I do the same thing. It's a little sad to watch so much money leave my checking account all in the same day 4/17/2012 7:43:37 PM |
dinoantncsu Collector of Gnomes 422 Posts user info edit post |
https://www.wellsfargo.com/checking/ 4/17/2012 7:46:46 PM |
Meg All American 6759 Posts user info edit post |
Like I said - it would have been nice to receive notification of a supposedly new fee. 4/17/2012 7:48:59 PM |
Stein All American 19842 Posts user info edit post |
I had a great Wells Fargo experience today. I have my mortgage through them and recently refinanced, using their Bill Pay. I forgot to switch over to the new account before the last billing period though.
Guy calls me today, tells me that I'm late on my mortgage payment, but when he dug into it, he saw it just went to the old mortgage, so he's taking care of moving the money to my new mortgage and removing all the late fees. He then walked me, step by step, setting up my new mortgage in BillPay.
A++ customer service. 4/17/2012 8:07:58 PM |
dinoantncsu Collector of Gnomes 422 Posts user info edit post |
Haha I tweeted Wells Fargo about my disappointment, and they Tweeted back and said they could work something out. 4/17/2012 9:17:24 PM |
face All American 8503 Posts user info edit post |
I bet they're really concerned about losing one of their least profitable customers.
If you don't do any business with them, why would they care? 4/17/2012 11:03:35 PM |
dinoantncsu Collector of Gnomes 422 Posts user info edit post |
Hahah i thought that too, i currently have $13 in invested with them 4/17/2012 11:05:44 PM |
face All American 8503 Posts user info edit post |
They are actually losing money servicing you if all you have is a tiny checking account.
They have to pay for the building, the tellers, the statements, etc.
And they get nothing out of you. A checking account is hot money. What are they going to do with that money? Invest it in overnight rates at .0000001%?
Deposits are liabilities for banks. They'll take a small loss on you in your 20's because they are hoping you join society one day and qualify for mortgages, home equity lines, cd's, savings accounts, IRA's, auto loans, etc.
And a select few will become rich and will be wildly profitable customers. Or open business accounts that are wildly profitable.
But if you're hitting your 30's and you still aren't worth what it costs them to service your account, chances are you never will be. And they don't want you.
(at least if you used a debit card they could make some $, but now that congress killed that they don't want you again)
[Edited on April 17, 2012 at 11:14 PM. Reason : a] 4/17/2012 11:12:44 PM |
Snewf All American 63348 Posts user info edit post |
Quote : | "They'll take a small loss on you in your 20's because they are hoping you join society one day and qualify for mortgages, home equity lines, cd's, savings accounts, IRA's, auto loans, etc." |
hmmm they probably shouldn't have recklessly loaned money to people for homes and collapsed the economy then
way to go, poindexter4/18/2012 3:10:40 AM |
arcgreek All American 26690 Posts user info edit post |
How do YOU PEOPLE not get anxious with that low of a balance??? 4/18/2012 3:16:14 AM |
face All American 8503 Posts user info edit post |
^^ not sure what that has to do with anything. The point is... banks don't care much about poor people because they have nothing to offer the banks as customers.
If you don't have direct deposit then you are wasting their time making deposits 1-4x a month at their store.
If you have a checking account but nothing else you are wasting their $ on statements, paperwork, etc.
Think about whatever business you are in and think about the annoying customer who wastes all your time and generates no revenue. Do you want them?
[Edited on April 18, 2012 at 4:45 AM. Reason : a] 4/18/2012 4:43:30 AM |
Smath74 All American 93278 Posts user info edit post |
Quote : | "I hope the entire fucking banking industry fails. Nationalize that shit and be done with it." |
because the federal government is the most fiscally responsible organization ever.4/18/2012 7:24:26 AM |
StayPuff All American 5154 Posts user info edit post |
I have WF and a WF Mortgage. I am able to transfer money from my checking straight to my mortgage without doing an autodraft. 4/18/2012 7:29:57 AM |
NyM410 J-E-T-S 50084 Posts user info edit post |
Free checking is going the way of the dinosaurs anyway in general. As face said, someone who JUST has a free checking account is a net loss to the company. And credit unions are nice but if you travel a lot ease of access is nice to have. Then again I'm just harboring a guess but if you are worried about losing free checking chances are you aren't going to be traveling much so a credit union will work perfectly.
My favorite TWW posts are when people bitch about overdraft charges or other bank charges that are 100% their own fault. I realize this is NOT whats happening here but that lack of personal responsibility cracks me up.
[Edited on April 18, 2012 at 8:05 AM. Reason : X] 4/18/2012 8:05:08 AM |
quagmire02 All American 44225 Posts user info edit post |
the few rare times i use debit or checking (because, really, what reason is there to use it?), it's my ING direct account
now that capital one owns ING direct, though, they may start fucking me in the ass like these other piece of shit banks are doing to their customers...in which case i'll just fall back to my SECU account for everything 4/18/2012 8:11:53 AM |
jbrick83 All American 23447 Posts user info edit post |
I'm pretty sure BofA did this when I signed up with them years ago. But I was an adult at 22, and even though I was in grad school I managed my money well enough to keep over $1,500 in my account. 4/18/2012 8:29:43 AM |
arcgreek All American 26690 Posts user info edit post |
Quote : | " My favorite TWW posts are when people bitch about overdraft charges or other bank charges that are 100% their own fault. I realize this is NOT whats happening here but that lack of personal responsibility cracks me up. " |
This.
[Edited on April 18, 2012 at 4:15 PM. Reason : ]4/18/2012 4:14:45 PM |
aaronburro Sup, B 52883 Posts user info edit post |
thanks, Obama, for passing your "banking reform" that caused shit like this. 4/18/2012 10:18:43 PM |
arcgreek All American 26690 Posts user info edit post |
Actually, what it creates is an interesting time for small banks and credit unions.
[Edited on April 18, 2012 at 10:35 PM. Reason : and investing in them--the small banks]
[Edited on April 18, 2012 at 10:35 PM. Reason : ] 4/18/2012 10:34:36 PM |
PKSebben All American 1386 Posts user info edit post |
Switching soon too 4/18/2012 10:59:13 PM |
alexwbush All American 3344 Posts user info edit post |
is this all Wells Fargo checking accounts? The Wachovia checking and savings accounts I had moved over. 4/19/2012 1:11:09 AM |
UJustWait84 All American 25819 Posts user info edit post |
If $7/m is enough to break the bank, well...
[/troll] 4/19/2012 1:27:15 AM |
jbtilley All American 12796 Posts user info edit post |
Quote : | "I thought BofA was ATM fees, but I may be mistaken." |
http://www.bloomberg.com/news/2011-11-01/bank-of-america-drops-plan-for-5-debit-fee-as-competitors-scrap-charges.html
The only reason they backed down wasn't due to backlash but because the other major banks didn't follow suit with the fee... and you better believe that fee will be reintroduced as soon as all the banks can agree on it.4/19/2012 8:36:04 AM |
Geppetto All American 2157 Posts user info edit post |
if you don't meet those qualifications then it takes more in overhead and other variable costs to maintain your account than the money they get from you.
they aren't doing this because they are greedy and want to squeeze blood from a turnip, they're doing it because they don't want to make 0% margin by pandering to some customers when they could invest the money they would otherwise spend into different projects that would net greater returns.
some serious ignorance in this thread 4/19/2012 12:15:09 PM |
quagmire02 All American 44225 Posts user info edit post |
Quote : | "they aren't doing this because they are greedy" |
you're dumb4/19/2012 5:29:36 PM |
Meg All American 6759 Posts user info edit post |
4/19/2012 6:08:00 PM |
quagmire02 All American 44225 Posts user info edit post |
closed my accounts today
now all i have is SECU and ING direct 4/19/2012 10:01:21 PM |
wolfpackgrrr All American 39759 Posts user info edit post |
Whelp, finally got the email I figured I'd be getting saying my free checking will no longer be free. Guess I should finally get around to changing my auto-payments to SECU and cancel my Wells Fargo account. 5/8/2012 3:18:26 PM |