Any Californians comment on Well's Fargo

[OldAgePensioner]

I need an account at a California Bank in order to get a Safety deposit box.

Anyone care to point me to a good bank?

 

[LEX]

Skip WF and go to a credit union that has safety deposit boxes.

 

[Gpax7]

Avoid Bof A at all costs. Agree with credit union.

 

[OldAgePensioner]

Thanks for that.

 

[Leonidas]

I have two safe deposit boxes, one at my credit union (which is a loooong and inconvenient drive) and a smaller one at the WF branch that's a three minute drive from home. The CU box is a cheaper and they pay much better interest. But, there are some small items that I don't want to keep in the house, but do need occasional access to more often then I am willing to spend an hour fighting big city traffic to retrieve. So the WF box fills a need. You have to open an account, I chose savings, it pays .5% interest and you need to keep a minimum of $300 on hand to avoid any account service fees. Sucks, but I paid the price for the convenience.

 

[mb]

I'm in Santa Clara valley and have a safety deposit box at Washington Mutual. My credit union doesn't have safety deposity boxes. I've never had an account at Wells Fargo.

 

[AltaRed]

I've used WF exclusively for checking needs for last 5 years. Chose them primarily because of ATM network stretching from Alaska to Texas (rarely went east of the Mississippi).

Also have very good Bill Pay provisions in online banking, 1% dividend credit card, credit card auto pay, electronic billing, etc. Continually shuttled funds back and forth between ING and WF to optimize interest each month. Never had any issues, errors or glitches.

 

[OldAgePensioner]

Thanks for the inputs. Out my Mission St 41st floor I can see CitiBank, Wells Fargo, US Bank, Washington Mutual, Fidelity, BofA, and just one street back of on California there are a gazillion more.

This morning I'm going to do a survey of which has the prettiest tellers and chose that one.

 

[cute fuzzy bunny]

I havent used either BOA or WF, but my dad has, and he offers four thumbs down. Both screwed up his account opening, with WF losing a hundred grand initial deposit for a week, then finding it, then refusing to pay him the interest on it even though it was their fault. Both kept trying to slip funny little $3/$5 fees into his account, which they'd always acknowledge as mistakes and remove but then continue to try something else. Guess they're just looking for customers that dont scrutinize their bills.

Neither could easily cash out a EE bond, having to gather together a half dozen people to look it over, continue to try to process it the wrong way, and eventually trot out the guy over 30 that knew how to do it.

Both do have huge no-fee atm networks.

I'd go for a credit union.

 

[MJ]

This morning I'm going to do a survey of which has the prettiest tellers and chose that one.

OAP, Nothing like your hormones making your decisions.

I have had pretty good results with HSBC. When I complained about a problem, I was able to twist the supervisor's arm in giving me a $25 credit for my time (15 minutes). They also have a large presence internationally so their ATM card will come in handy. Don't forget their MMA @ 4.65% and their ability to establish unlimited ACH connections to transfer your money in or out of your saving account.

I only went one branch closest to me. The branch manager who was an Indi/Pak woman (?) was pretty cute and very agressive in her (failed) attempt to entice me to invest some of the money from my house sale with HSBC.

 

[Billy]

Alta Red:

I've used WF exclusively for checking needs for last 5 years. Chose them primarily because of ATM network stretching from Alaska to Texas (rarely went east of the Mississippi).

We haven't used a local bank since the early 80's. We opened an investmet account with an investment house (Fidelity, Vanguard, etc.)

Dividends and interest get deposited right into a money market fund, and the ATM's are accessible world-wide. There are no annual fees to have this sort of account.

Cute Fuzzy Bunny

Both kept trying to slip funny little $3/$5 fees into his account,...Both do have huge no-fee atm networks.

We get 5 free withdrawals from ATM's monthly. We only pay the local bank fee if there is one in the US, not in other countries.  Works for us.  

Akaisha
Author, The Adventurer's Guide to Early Retirement

 

[OldAgePensioner]

I don't really need the account, I need the safety deposit box for my 600 Kuggerands currently stashed under my mattress. Keep that quiet, please.

 

[bosco]

can't recommend WF

opened an account with them 1 year ago when I left the area serviced by my regional bank. at the time they said if I had $100 automatically moved from checking to savings, I would have no monthly fee, could have ATM card, electronic bill pay, etc.

after about 6 months, a $12 fee showed up. This happened twice, both times I called, they said "oops" and took it back after noting the $100 autotransfer.

last month it showed up again. This time they acted like I was nuts--and quoted me rules showing that unless I had a mortgage with them or over $5000 combined, I had to pay the fee. They must have changed the rules, but they wouldn't fess up to it.

I am in the process of converting it all to Fidelity. The interest in the WF accounts is so bad, I don't want to keep $5000 there, and after talking with Fido, there are no fees if your household accounts are over $100,000 which mine already are. They have debit, electronic billpay, checking, everything WF had, PLUS decent interest rates.

Just my $.02 (last months interest on my WF checking account was $.11)

 

[Billy]

I don't really need the account, I need the safety deposit box for my 600 Kuggerands currently stashed under my mattress.   Keep that quiet, please.

600 Kuggerands? uh.. we need to talk, buddy     

I'm curious -- why not buy a fireproof heavy duty safe and keep it combination locked in your house/basement/in-the-backyard? Then you have access to it whenever you want, don't have to worry about banking hours, gas prices, traffic or account fees.

What am I missing here?

Oh, and I'd like to be the first to offer you my house to keep the safe in!     8) I could consider it my civic duty or something...

Akaisha
Author, The Adventurer's Guide to Early Retirement

 

[Ed_The_Gypsy]

Hi, Akaisha!

OAP is on the road. His 'home safe' would have to look like one of those travelling suitcases with wheels. (I am trying to imagine OAP hauling this around the hills of San Francisco! )

Ed

 

[OldAgePensioner]

I think Akaisha or Billy and Ed have talked me out of the whole thing. I'll just hide the shiny old coins in someone's flower bed up on Nob Hill. On Jones St. Yeah, nobody will suspect that 1155 Jones St. has gold in it's flower bed.

 

[cute fuzzy bunny]

Careful OAP...you might hit a vein of ore while digging...

You should buy yourself a panning kit and do a little panning in one of our fine rivers upstream of SF here in sacramento. Big rains this past year, should be a lot of gold released.

Folks tell me its like fishing, except you dont need a rod, reel or bait. And sometimes you scratch up a few hundred in gold to buy your fish dinner

Except its likely to be farm raised.

 

[OldAgePensioner]

I really like swordfish and a nice swordfish farm could rake in a few quid.

The gold panning thing sounds like fun. A bottle of hooch, some samwichies and a hooker for breaks. Darn right, sounds fun.

Well I off to the Embarcadero for an egg sandwich with basil mayo. It's an old tradition I'm starting.

 

[Billy]

Hi Ed!

Gosh, OAP's safe is that big?   

B and I were trying to figure out what would be owned that would be so important we would have to have a special safe to -- uh -- keep it safe!

I suppose deeds to property, original stock certificates, heirloom jewelry, maybe wills or something... but we like to put these things in cyberspace and encrypt them -- not the original stock certs, (if we had any)... and not all those 'gems'   

Our view being that at some point all those things start to own us instead of the other way around.

It took me a long time to get to this mental/emotional place -- but I truly like it better. Feels more free internally. I love beauty, I love quality. I just don't need to own everything.

Not to belabor this detail, but we have gotten to the view that our 'things' (home/vehicle/clothes/etc.) should support us and not the other way around. If we are fretting over a thing then our perspective is skewed.

I realize this is 'our' view. Everyone chooses. Whatever works for you... 

Best to you!

Akaisha
Author, The Adventurer's Guide to Early Retirement

 

[M. Kaleko]

I need an account at a California Bank in order to get a Safety deposit box.

Anyone care to point me to a good bank?

Hi OAP,

Wells Fargo is on my hit list. As in: hit 'em hard & where it hurts.
Few months ago I deposited $ 1,500.-- in cash into their ATM because the line inside was too long and moving at a snail's pace. That was the first and last time I made a cash ATM deposit. WF promptly  "lost" it... and six phony phone-bankers later, I still didn't know what happened and if I would get "reimbursed" for what they'd stolen.

Yelling often works in American business dealings 
but with WF's professional stone-walling tactics firmly in place, it was useless.

Couldn't get no satisfaction, even though I eventually got "credited" for the missing $$.

WF & BoA are known violators of the 11th commandment:

Thou shalt not suck.

Kaleko - glad you asked.

 

[OldAgePensioner]

Kaleko,
I asked my broker and he wouldn't comment but BOA and WF seem like they have some issues.

Akaisha,
You are so right about not letting what we own, begin to own us. So many people I know have possessions that dominate their daily lives.

I own nearly nothing (I can lift all my worldly goods in two suitcases weighing less than 50 lbs each), I moved from Chicago to SF with everything I own in those suitcases. The safety deposit box was going to have a spare wallet with Australian DL and a couple of credit cards and spare Insurance Card. Also some pictures of my grannies (all deceased). If fire or robbery occur, I get back in business quicker.

I claim to be the person with the least crap. OAP (Owns A Pittance)

 

[Billy]

You are so right about not letting what we own, begin to own us.  So many people I know have possessions that dominate their daily lives.

And it happens so quickly, too! There is an old Indian proverb that says "What is not given is lost." I remind myself of that from time to time...

I own nearly nothing (I can lift all my worldly goods in two suitcases weighing less than 50 lbs each), ..

Wow! My hat's off to you OAP! You are ahead of me in this one! Congratulations!  8)

Akaisha
Author, The Adventurer's Guide to Early Retirement

 

[MasterBlaster]

OAP:

When I worked in San Francisco many many years ago I received a free checking account at the Crocker Bank on the northwest corner of 3rd and Market street because my company had large accounts there.

Now Crocker Bank was long ago swallowed up by another bank during the banking wars. However they had the most beautiful three-story lobby with ornately carved marble pillars and other marble ornaments. It was almost an honor just to step foot in that branch and cash my puny paycheck. I felt like I should pay them just to be able to bank in that beautiful branch. I suspect that the old Crocker bank building is strill there operating as another bank.

And I understand that you (OAP) live really close to that area now... so if you get a chance take a peek in the lobby there. I would like to know if it is still as spectaular as it used to be and would enjoy your comments.

 

[haha]

I suppose deeds to property, original stock certificates, heirloom jewelry, maybe wills or something... but we like to put these things in cyberspace and encrypt them -- not the original stock certs, (if we had any)... and not all those 'gems'   

Akaisha, could you comment further on this? Everytime I leave for even a few days I have some concern that I'll come back and all my important docs will be gone. Maybe you could suggest something fo rme to read in this area?

Thanks, ha

 

[justin]

I'll add to the two thumbs down crowd on BofA. I had a balance of ~ $9500 on a BofA credit card using one of their 0% balance transfer deals. A few months into paying it off, they don't receive the check I mail them with the monthly payment. Of course the next statement arrives at my house and I have a late fee and a huge finance charge since I "defaulted" on paying back the balance and the rate went from 0% to 10.5% default rate.

I immediately called up and negotiated a full refund of all late fees and finance charges and a reinstatement of the 0% offer for the duration of the original 12 month term. They refunded the finance charges and late fee, but they repeatedly failed to reinstate the 0% rate after saying they would. So each month I'd get the bill, call up and get them to refund the finance charges and they would agree to reinstate the 0% offer. Each time the 0% reinstatement would be rejected because I had paid late that one time (realistically, they lost my payment). Eventually I gave up and paid off the balance.