Wells Fargo sucks!

I realize that's not very nice to start off like that. but that's just how I felt when I visited my banker the other day. But I love the way it sounds and I like saying it!

This all came about after I read an article in the business section of "The Oregonian" newspaper. It stated that as of October 14, Wells Fargo & Co. would begin charging most Oregon and Washington checking account customers a $3 monthly debit card activity fee. That would count just if you used your card for purchases. Now what the hell does that mean? Isn't that why they introduced the card in the first place, to make it easy to purchase items without always carrying money with you? It was like a miracle had happened. I loved it. This fee comes as a result of the federal cap on debit card swipe fees imposed by Congress and the Federal Reserve. This takes effect October 1 and will cost big banks millions in lost revenue. When I read that I almost cried for the poor banks. So now Wells Fargo is trying to find ways to make more money and decided to hit the little people with a charge that they figured no one would notice. And maybe they thought we were all too dumb to ever read the business section of the paper and see the little article. The average person in this country is not dumb; we just aren't as crafty as the people who run the banks.

I was so mad, I went to the bank the next day and talked to my banker who was young, slim and very nice. When did bankers get to be so young. I thought they would be older and sort of fat. But that's just in old movies I guess. I don't think he expected someone like me because the first thing I said was that I was very pissed off at their plan and refused to pay the $3 monthly fee. I told him I had been a customer of Wells Fargo since - - I won't say it on my blog as it will make me about 120 years old. I said that should count for something, but apparently it didn't. I finally mentioned another bank that wasn't doing that and maybe I should go there. I also told him I had some money in securities which had been held by Wachovia before it went down the toilet and was now listed as Wells Fargo Advisor. He perked right up at that and said I could opt out of the $3 fee and have a special account. So everything turned out ok for me. But it still pisses me off that they came out with debit cards and everyone thought they were great, and then they pull something like this. I would like to know what their CEOs make and what sort of retirement package and golden parachutes they have. I asked him about that but I think he was looking out the window about then and wishing I'd just shut up!

When I called my broker's office and told them what I was doing, they said it was fine and they really didn't care what I did! I asked them why everything they sent to me was listed as Wachovia Wells Fargo Advisor. I said I thought Wachovia was all done so why is their name still there. She tried to explain that Wells Fargo is like a big umbrella and they are under it. I didn't know what the hell she was talking about, but we both seemed happy. I don't know anything about how banks run. Maybe that's why they get into so much trouble - they don't know either.