I have had a banking relationship (personal and business) with Wells Fargo for years. I heard about their problems opening accounts with customers, but with mid-seven figures under management in their private bank, I expected they would be more careful with my relationship. However, there has been a noticeable drop in their customer service, and their model seems to be transitioning from customer focused to systems focused. What use to get done with an email or call to my private banker or a visit to my local branch, now requires I be routed through their 1-800 number, with a 30 minute wait for someone to answer is the norm.
Earlier this year I tried to pay off my Wells Fargo Mortgage. What should have been an easy payment from my Well Fargo Bank account to my Wells Fargo mortgage account turned into a week's worth of uncertainly and reversed payments. Seems their system is not set up to accept individual mortgage payments in excess of $99,999.00, and you cannot pay more than the current balance, even if the payoff is more (due to the $10 mortgage satisfaction fee).
Last week I tried to move $57,000 from my Wells Fargo business account to my Wells Fargo SepIRA, but was stymied over and over because they have disabled the ability to transfer money from a Wells Fargo account to a Wells Fargo SepIRA. When I finally got a phone banker on the phone, she told me this was done to protect me from inadvertently transferring money out of the SepIRA account into my business account. The fact that I want to move money INTO the SepIRA, not OUT OF the SepIRA, made no difference to the phone banker.
I was told to fill out a transfer form and to send it to them. I filled out the form and walked across the street to the Wells Fargo branch, and for the next hour I watched as the poor Wells Fargo branch banker was told misinformation after misinformation. First, they told him the limit for a SepIRA was $7,000. Nope, that's the limit for regular individual IRAs. Next he was told the window for 2020 SepIRA contributions closed Oct 15, 2020, and that they only kept it open that long because the IRS extended the deadline from the normal April 15th deadline.
We tried to explain to the phone banker that they were confusing the deadline for 2019 contributions with 2020 contributions (which can be made until April 15, 2021), but the phone banker was having none of that and refused, saying I would have to wait until January 2021 before they open their system to accepting SepIRA contributions again, and that I would only be able to contribute for 2021 as I missed the governments October 15th deadline.
I had the branch banker fax the form I filled out, but so far nothing.
I talked to my private banker today and he confirmed that Oct 15th was the deadline for 2019 contributions, and that I have until April 15, 2021 to make my 2020 SepIRA contribution, but when asked to check to see if my transfer form is being processed, he said he is no longer given access to the investment side of the bank.
I talked to my mother, who has her entire portfolio managed with Wells Fargo, and after I mentioned my concerns she told me she has experienced similar apathy from the bank. I asked if she still meets annually with an investment advisor to make sure her investment goals are being met and she said they have not met with her in a few years.
Are others seeing a noticeable change in their level of customer service from Wells Fargo? Has the bank decided to curtail the ability of the private and branch bankers in favor of a unified system where they route private banking customer through a call center? If so, this tells me the days are numbered for the bankers in our communities who work with and care about their customers.
I think it may be time to research the services of other banks.
Earlier this year I tried to pay off my Wells Fargo Mortgage. What should have been an easy payment from my Well Fargo Bank account to my Wells Fargo mortgage account turned into a week's worth of uncertainly and reversed payments. Seems their system is not set up to accept individual mortgage payments in excess of $99,999.00, and you cannot pay more than the current balance, even if the payoff is more (due to the $10 mortgage satisfaction fee).
Last week I tried to move $57,000 from my Wells Fargo business account to my Wells Fargo SepIRA, but was stymied over and over because they have disabled the ability to transfer money from a Wells Fargo account to a Wells Fargo SepIRA. When I finally got a phone banker on the phone, she told me this was done to protect me from inadvertently transferring money out of the SepIRA account into my business account. The fact that I want to move money INTO the SepIRA, not OUT OF the SepIRA, made no difference to the phone banker.
I was told to fill out a transfer form and to send it to them. I filled out the form and walked across the street to the Wells Fargo branch, and for the next hour I watched as the poor Wells Fargo branch banker was told misinformation after misinformation. First, they told him the limit for a SepIRA was $7,000. Nope, that's the limit for regular individual IRAs. Next he was told the window for 2020 SepIRA contributions closed Oct 15, 2020, and that they only kept it open that long because the IRS extended the deadline from the normal April 15th deadline.
We tried to explain to the phone banker that they were confusing the deadline for 2019 contributions with 2020 contributions (which can be made until April 15, 2021), but the phone banker was having none of that and refused, saying I would have to wait until January 2021 before they open their system to accepting SepIRA contributions again, and that I would only be able to contribute for 2021 as I missed the governments October 15th deadline.
I had the branch banker fax the form I filled out, but so far nothing.
I talked to my private banker today and he confirmed that Oct 15th was the deadline for 2019 contributions, and that I have until April 15, 2021 to make my 2020 SepIRA contribution, but when asked to check to see if my transfer form is being processed, he said he is no longer given access to the investment side of the bank.
I talked to my mother, who has her entire portfolio managed with Wells Fargo, and after I mentioned my concerns she told me she has experienced similar apathy from the bank. I asked if she still meets annually with an investment advisor to make sure her investment goals are being met and she said they have not met with her in a few years.
Are others seeing a noticeable change in their level of customer service from Wells Fargo? Has the bank decided to curtail the ability of the private and branch bankers in favor of a unified system where they route private banking customer through a call center? If so, this tells me the days are numbered for the bankers in our communities who work with and care about their customers.
I think it may be time to research the services of other banks.
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