The Wells Fargo Wagon is Coming
Written: Oct 25 '07
|
Product Rating:
|
|
|
Pros: On- line site is very good; Toll- free Customer service line
Cons: Personnel at bank branches seem incompetent; Fees
The Bottom Line: Wells Fargo is a good bank but it needs to make some changes if it wants to become a great bank.
|
|
|
| Bryan_Carey's Full Review: Wells Fargo |
Banks come in large and small sizes and many people still enjoy the personalized service that only a small town bank can offer. But large banks are becoming more and more the norm and they continue to grow larger and larger each day through acquisitions and mergers. One of the giants in the banking industry is Wells Fargo Bank, a full- service financial institution.
Basic Facts About This Bank:
Wells Fargo is a very large bank with every service imaginable in a large financial institution. Like expected, the bank offers checking accounts, savings accounts, mortgages, bank CD’s, credit card accounts, home loans, personal loans, etc. In addition to these traditional services, Wells Fargo also offers brokerage accounts, investment banking, treasury management, and more. This bank is just as well known for its business services as for its individual account services.
Customer Service:
Wells Fargo offers many different ways to contact the customer service department. One is by calling the bank’s toll- free customer service line (800-869-3557). Another is by calling a local branch, if one exists in your area. Yet another method is by visiting the company web site, wellsfargo.com.
Final Thoughts:
Wells Fargo is a well- known name in banking. Headquartered in San Francisco, this bank has been around more than 150 years. It offers more than 6,000 retail bank branches and employees more than 162,000 individuals at its many branches and other financial centers. It’s most common symbol is the stagecoach, a trademark that has become synonymous with the Wells Fargo name.
As large as Wells Fargo is as a business and as well- known as its name may be, I had little interaction with this bank when I lived in Ohio and Tennessee. Some quick research reveals the reason why: Wells Fargo is primarily a western bank, with the vast majority of its financial centers located west of the Mississippi. Today, I live in Houston, Texas and in the time I have been here, I have had many interactions with this bank, both from a personal and business level. Not only does Houston have a large number of Wells Fargo Bank branches, but Wells Fargo also occupies the second tallest building in downtown, the Wells Fargo Plaza. Branches are seen all over the city, so it was only a matter of time until I got a chance to experience Wells Fargo and get to know it better.
Some of the nice features offered at Wells Fargo are its multiple checking account options, like its free checking service and PMA Checking. Free checking is the most common one selected because there is no monthly service fee and no monthly minimum balance requirement. This option even offers free Bill Pay on- line for a few months after opening an account. The PMA checking offers interest, but it requires a minimum total Wells Fargo balance, among all accounts, of $25,000. This balance can include checking, savings, and even the balances on your Wells Fargo credit card or your Wells Fargo loans. They will also include your mortgage in this calculation, but only up to ten percent of it. I like this idea of including all of these amounts to help members reach the $25,000 limit, but on the flip side, it could encourage some to keep credit card and loan balances higher than they otherwise would, just to make sure they don’t drop below the $25,000 level.
Interest rates offered by Wells Fargo are as good as any other large bank. However, they will charge ordinary savings accounts a monthly fee of a few dollars if a minimum balance is not maintained. One way to avoid this minimum balance requirement is to sign up for the automatic savings transfer. As long as you transfer at least $25 from another Wells Fargo account into your Wells Fargo savings account each month, you will not have to pay this fee. This is recommended, because with interest rates on savings accounts being so low, the monthly fee will easily wipe out all of your monthly interest, plus cost you a little bit more, leading to a declining asset value. Then, there are other fees too, like ATM charges and small misc. fees that can further erode the value of your accounts. Without a minimum balance or the automatic savings plan, you would be better off purchasing a metal safe for your home and dropping your money there instead.
Customer service is always an important issue with a bank and my experience with Wells Fargo has been mixed. I have never had any trouble when calling the toll- free customer service line. The people are knowledgeable and ready to please. Where I have had trouble, however, is with the small bank branches. What I have noticed is that the tellers and other employees seem to be very unskilled. They often have to stop what they are doing and ask another co- worker for help. This means one of three things: 1. Wells Fargo has a high turnover rate. 2. They don’t place enough emphasis on training. 3. They are hiring the wrong people for the job. It could also be a combination of the above, but whatever the reason, Wells Fargo needs to clean up its act in this area. It is frustrating to ask a simple question to a teller and get a blank stare in return.
Overall, I have found Wells Fargo to be an acceptable bank but not necessarily my bank of choice. I like the friendliness and knowledge level of the workers at the customer service center. But the service at local branches is not always the best, and some of the fees at Wells Fargo are higher than other banks. It adds up to an average banking adventure- one that is good enough to try but not great enough to endorse very strongly.
Recommended:
Yes
|
|
|
|
|
- Add to My Yahoo!: 
- Add to Google Homepage: 
© 1999-2009 Shopping.com, Inc.