What kind of fees does one incur after a lay off as in no longer a WF employee with their checking, savings, CC, etc?
17 replies (most recent on top)
Take it out and put it in your local credit union.
@1gta Not true. Violations of company policy that a not crimes can be "big data-ed" from your transactions that one would have no legal requirement to disclose. Team mate was forced to resign for this.
One fee you wont know about. If you are legacy Wachovia the employee checking accts were converted to Command Accounts at one point. If you didnt use the brokerage part it wasnt evident and things worked the same. When I left WF at the first full month they hit me with a $150 annual fee for the Command Account. I tried for months to get it reversed and nope they wouldnt do it. I closed the account of course. Here's what's wrong with WF though. WF knew how much I had in my 401k (it was approaching 7 figures), WF knew the amount of the lump sum cash value of my pension (low 6 digits) and they knew how much was in my command account. WF never tried once to keep that money with the bank. For a $150 fee they lost a big customer. I didnt have all my money with WF. Citibank called me the minute I put $35k in my savings acct. Connected me to wealth management team and within a week I was a Citi Wealth Mgmt customer. Citi acted on a small deposit. WF could care less about me. I had my severance direct deposited to Citi. That was fun.
I thought $10K was the amount for triggering a SAR, not 25
There are some examples of employees (id--ts they were) that took out small business stimulus money with no WF knowledge of them having a business. In some cases the loans were altogether fraudulent. Said loans were harder to find and only much later if at another institution.
Why isn't year-round egg nog a thing? It tastes good all year.
Again, you are talking out of your a-s. You don’t know the person who was fired. He has since been hired by another bank. A SAR was filed for multiple cash transactions that exceeded $25,000. A SAR is required if the aggregate of transactions is $25,000 or more. He had just been told he would be affected by location strategy and had sold off some items (including a motorcycle) to raise cash for padding of not having much severance coming.
The fees will be the same for you as any other customer. Will depend on your account types. Nothing is grandfathered or extended after separation.
There are definitely reasons not to bank where you work (eggs all in one basket kind of thing) but being afraid of an employer using your financial records against you isn’t one of them.
- if you’re d-mb enough to generate a SAR (likely multiple) then you’re going to do it anywhere you bank so that has zero to do with it.
- good luck on your supposed “lawsuit” anon innernet qu--f. Be sure to come back and tell us how Wells settled for millions when in reality you won’t provide the case # and court it is heard in because it doesn’t exist.
- being let go for cause and referencing a SAR(s) is wholly valid for being an employee of a financial institution. One SAR isn’t going to do it, it’s all the other d-mb sh!t you did that created a history of actionable behavior.
Well, you’d be wrong. It is actually possible to make financial transactions generating a SAR where nothing illegal is done. But when they want to get rid of you instead of paying severance for location strategy, they can and will use a SAR against you. We’ll see how it plays out in court.
It’s best not to s—t where you eat.
I’ve found that as long as you don’t commit crimes, then there’s really no risk with banking with your employer.
Wild concept, I know.
"I was wondering the very same thing. I've always heard with employee accounts they expect it to never be overdrawn."
I had heard that, plus, I heard you shouldn't declare bankruptcy......
but, to the question, I wondered that too, but it seems as long as you keep over $500 in your account, you won't incur any fees. as far as CC, I have no idea.
That doesn't seem like a reason to fire someone unless it's like severe. It's kind of a bad look if you work for a bank and can't manage your checking account. Even still, doesn't seem like a reason to fire someone. If there are patterns of knowingly writing bad checks or some sort of fraud, perhaps.
@cna+1tu8kFKI
I was wondering the very same thing. I've always heard with employee accounts they expect it to never be overdrawn.
What sort of information did they use to fire people? I dislike WF in so many ways, but I assume people getting fired based on account info probably did something shady or stupid.
It’s crazy to have accounts with a financial institution you work for. Wells Fargo has used information from accounts to fire employees instead of paying severance. I’d love to go into details, it shows how shady Wells Fargo is, but Wells Fargo is about to get slapped with a lawsuit.
Same as anyone else off the street