Still on the 60 day notice of layoff deal. Thinking of how after over 10 years of loyal service to Wells Fargo the thought process of the 'loyal employee" will have to change.
My son who has a Wells Fargo checking, savings and credit card that he has been using is thinking to acquire a new banking relationship with a bank that has more banking centers located near his new work location. He has done his banking at Wells Fargo since college due to his Fathers employment relationship with Wells Fargo. There is a bank he found that offers a $400.00 incentive for opening new direct deposits with their bank. He plans to switch his accounts from Wells Fargo to a different bank in the near future since we are not going to be a 'Wells Fargo family" much longer and the new bank has more convenient banking center options near his new work location.
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Credit unions are sc--w ups to. Got my mortgage through one and it was a complete mess just like any big bank. In any case, lending money to people that couldn't pay it back wasn't the banks idea.
We moved to a credit union after the housing bubble burst.
Like everyone should have.
Why people continue to reward banks for bad behaviour and also being bad at doing things is beyond me.
Switched to Chase with minimum fuss....only hassle was the waiting period while funds transferred over via wire.
@2utg+1hjz9d6x Be glad they didn’t drain ot with fees. I was depositing a very small amount per month in savings account - that was forced open during the fake account scandal I might add - and since I was not taking any money out I got an email calling it “inactive”. Yeah, because I didn’t want it and couldn’t be bothered to go back to the crooked branch to close it when I saw it online.
I did make my way to the branch to close it once I got the notification though. Woman in the branch was really nice about it and said she had been closing more accounts than she’d been opening in a long time. That was 2018ish.
I had opened a few WF team member checking accounts about 6 years ago because it was a free feature for employees and it was convenient for our finances. I ended up relocating for personal reasons and transferred most of my banking to another competitor with more of local presence in my new state of residence. Well low and behold the boneheads at WF decided to close all my checking accounts for inactivity one day and didn't notify me. I just noticed i had a new "closed accounts" section when I logged in online. This goes to show you what they think of all customers let alone employees.
switching cost is too high. I'll stay with wells, end of day most banks suck so might as well stay with the devil I know.
I left employment at WF - refinanced out of a jumbo mortgage - moved my stock match from 401K in-kind transfer- moved my 800K 401K - moved my cash balance and I highly recommend all my friends avoid WF. That’s how I dealt with their new unfriendly policies towards employees. It used to be a good company. #sad #FCharlie
I don't need another family, I've got one. It's a place to work, and there's nothing wrong with that.
That “WF family” stuff always made me sick to my stomach.
So, in AGE days, when the company was bad and tye company didn't perform, you took a pay cut? How is that better? At least at Wells you never see a pay cut besides bonuses but that should be expected. Most AGE folks were lazy anyway. There's a reason why they called it the country club because you weren't expected to do much.
Family companies dies in the 90s. Welcome to the 21st century.
The last family company I knew of was AG Edwards. Wachovia Wells trashes it. Before Bagby they never had a layoff in their history. The executives took pay cuts instead. And if the belt tightening needed to go further the employees took small pay cuts with full salary restored when the economy improved. 7 percent annual pay raises were the norm.
The CEO would often speak out about Wall Street greed over people.
It was truly a great place to work.
May Bob Bagby burn in he-l.
George Carlin said it best: They don't give a f--- about you. It's a big club and you ain't in it.
If I was still there, I wouldn’t even volunteer anymore.
Hmm, maybe this post has been unearthed from a few decades ago. Family banking, more and convenient banking centers? What else, free cheques and travelers cheques?
A wonderful gift for family members is teaching then how to hunt for the best financial relationships for them, especially so they can see the disparities in savings or lending rates vs. other features. 👍 for planting the credit union seed.
One of the biggest myths we propagate in financial services is that there are huge switching costs to changing or adding another relationship. Simply not true any more
don't wait to move your accounts until/if you are laid off.
if you are still employed at WF - move your accounts somewhere else.
You should not give your employer any information about your finances than they know - what they pay you. People can and do look at PII all the time. it doesn't have to be a systemic breach.
Pay for banking somewhere else.
Go to a credit union. Switching accounts is easy. Keep old account open with a few hundred in it for a month after just in case (and give payroll time to update stuff). Almost everything can be updated online.
If you are an employee and get laid off, or leave on your own, move your accounts quickly. You probably don’t know or forgot that employees get free accounts the public does not. Before you know it you can find yourself being charged fees!
I’m planning on leaving and have been on the job hunt for the last 3 months. One of the first things I did after my resume was open accounts at another bank and switch my online bills. Once everything went once cycle through the new accounts I closed all the WF accounts.
I opened my first WF account in 1990 and stayed with them all the way up to the new account scandal. Then I switched all my banking to Schwab and couldn't be happier.
Don't let the naysayers scare you, it's not difficult or painful.
I recently changed banks because i was angry, and extremely highly do not recommend it. Just the deposit account took a insane amount of work. You have to hunt down a new place, fill out forms, provide a bunch of junk, wait, wait some more. Link funding to it via work, more forms, more work. Then spend hours linking all your accounts to that account. You have to make sure you have enough funds between the two accounts that one doesn't go over. I was hit with overdraft fees when payments were still hitting my old account which wasn't getting funded. Just put it this way don't do it unless your retired and really angry. I ended up with 4 accounts with the legacy place and 1 deposit account with the new place, which created a number of issues.
The idea of being a family company or a company loyal to employees died several decades ago. The idea of being a loyal worker to a particular company died with millennials. One of the few positive (in my eyes) things they get credit for.
No company owes you anything beyond the pay you’ve already worked for.
You owe them nothing more than doing the job you were hired to do while you are there.
At the drop of a hat they will drop you, so you should always be prepared for that, and to leave for a better opportunity.
Wells Fargo a family company?! That's comical. Dude, it's a dog eat dog toxic workplace rotten to the bone. Loyalty gets you nowhere there, let alone job performance. The only people they value are those who they hire from JPM. Fu-k Wells Fargo!