Wells Fargo/Wachovia Nightmare - PeachParts Mercedes-Benz Forum

retmil46 · #1 07-19-2010, 10:26 AM

Anyone else getting screwed over in this switchover between Wells Fargo and Wachovia?

450slcguy · #2 07-19-2010, 10:30 AM

Quote:

Originally Posted by retmil46

Anyone else getting screwed over in this switchover between Wells Fargo and Wachovia?

How so?

Pavka007 · #3 07-19-2010, 11:02 AM

Quote:

Originally Posted by retmil46

Anyone else getting screwed over in this switchover between Wells Fargo and Wachovia?

Oh yes....and that's why I am no longer banking with them. Credit Unions are way to go. The local CU here are bloody brilliant, no fees, no hassles I should have switched long time ago.

aklim · #4 07-19-2010, 11:42 AM

Quote:

Originally Posted by retmil46

Anyone else getting screwed over in this switchover between Wells Fargo and Wachovia?

Care to elaborate? I have all my accounts with Wells Fargo and they have been excellent.

retmil46 · #5 07-19-2010, 11:43 AM

Started banking with Wachovia 6 years ago when in NC, to get a home equity loan for my parents for repairs to their house.

Little over 3 years ago, purchased a 3.5 acre lake property lot up at Canyon Lake. Got the loan via Wachovia as well - 15 year simple fixed interest loan, could pay off the principal whenever I wanted. Wachovia loan, Wachovia checking account - simple matter for an automatic debit every month for the loan payment.

When I moved to Texas last year, went with Frost Bank for the majority of my funds and everyday banking. Left the Wachovia account open so my parents could have access to emergency funds if needed, my Navy retirement check still going to it, and the automatic debit still in place for the loan. Every so often as excess funds built up over a certain amount, I'd do a transfer to the account with Frost.

Early June, I get a statement from Wells Fargo that the loan was being transferred over to them, with a different account number. There was a note saying that the payment was still set up for automatic debit in the correct amount on the correct date from the correct Wachovia account number, and that everything would function as before. One thing that escaped my notice at the time was that Wells was now calling this a HOME EQUITY loan - for a bare piece of land?

First of July, I schedule a transfer from the Wachovia account to the one with Frost, on the Frost website. Worked before with no problems, funds supposedly available on July 12.

July 14th, I check the Frost acoounts. No evidence whatsoever I scheduled the transfer, and no funds. WTF? I check the Wachovia account. No eveidence of the transfer there either, and the automatic debit for the loan payment hadn't happened. OK, time to go to war.

Next morning, I call Wells. To make a long story short, they had all the correct account and routing numbers, but no effin clue why the transfer and loan payments hadn't happened! Best they could tell me was "wait till August and see if it happens again"!

This after an hour on the phone.

While on the phone, I authorized them to do a one-time debit of the Wachovia account to get the loan current. I check this morning and guess what? Still no evidence that the debit has went thru or has even been received by Wachovia.

I checked the Wells site for the loan statement, and find another two screwups. One, they totally screwed the amount of interest I payed on the loan last year. Two, they reset the amount of the payment going to interest to Year 0 - only $60 going to principal.

On top of THAT, I get a form letter from Wells over the weekend saying if the next automatic debit doesn't go thru, they're going to jack up the interest rate and payments because of the "discount you received for setting up automatic payments with the loan".

WTF??? THERE WASN'T ANY SUCH DISCOUNT - IT WAS A SIMPLE D#####D FIXED INTEREST LOAN THAT I SET UP THE AUTOMATIC PAYMENTS ON LATER!!! ARE THESE JOKERS THAT STUPID TO TRY AND CHANGE A SIGNED CONTRACT WITHOUT ANY NOTIFICATION OR HAVING ME SIGN ANYTHING?

Luckily, I still have all the original paperwork with me. Tomorrow morning I'm going to go down to the local Wachovia and Wells branches and get in some people's faces, throw the original loan paperwork down on the desk, and tell them "Argue with THIS!!!"

Changing my Navy retirement to go to Frost, and as soon as all this is straight with the loan, that's the last I'll have to do with Wells ScrewMe.

aklim · #6 07-19-2010, 12:22 PM

OK. So far, what I am seeing is that there might have been an error. A lot of these things are computer generated and computers only do what they are told and NOT what you want them to do. While it is true that there is some glitch going on during the switchover, I fail to see what malice there is at this time.

Having been with banks that switched over, quite often there is a glitch here and there. These things never go error free. Again, a computing error and sending out of form letters is not really cause for claiming they are trying to screw you over. A long time ago, I got a bill for $0.00 from a credit card or some company. This happened once and the next time, it was marked "PAST DUE".

panZZer · #7 07-19-2010, 04:05 PM

Quote:

Originally Posted by aklim

Care to elaborate? I have all my accounts with Wells Fargo and they have been excellent.

I didnT know there were any up there-There was none in Ohio when I wet to the NE coast.

Skid Row Joe · #8 07-19-2010, 04:22 PM

Wells Fargo is probably the best big bank left. I know Berkshire-Hathaway, Inc. owns a bunch of their stock. That right there says something to me, if Warren Buffett believes in them. At least my dealings with Wells Fargo have all been favorable. I bought several US Government I-Bonds through a branch near me starting 5 years ago over a period of time up to the annual limit of $60K a year, and all went well. No problemo....

420benz · #9 07-19-2010, 06:20 PM

Quote:

Originally Posted by Pavka007

Oh yes....and that's why I am no longer banking with them. Credit Unions are way to go. The local CU here are bloody brilliant, no fees, no hassles I should have switched long time ago.

I agree.CU'S are the only way to go. But I have two Wells Fargo bonds that pay me a 71/4 % dividend every month.

aklim · #10 07-19-2010, 06:27 PM

Quote:

Originally Posted by 420 benz

I agree.CU'S are the only way to go. But I have two Wells Fargo bonds that pay me a 71/4 % dividend every month.

Been to 2 CUs and they were way more hassle to work with than Wells Fargo.

Skippy · #11 07-19-2010, 06:35 PM

No problems with Wells Fargo for me.

MTI · #12 07-19-2010, 06:42 PM

Wills Fargo in Carmel Valley, CA does a pretty nice steak dinner.

Ghoti · #13 07-19-2010, 07:12 PM

I had my business & personal accounts (credit cards with each) with them as well as my mortgage. It got to where I finally moved everything away from Wells Fargo and to a credit union.

Like it's been mentioned, I don't know why I didn't switch earlier.

If WF is worse now than it was, I can't imagine.

compress ignite · #14 07-19-2010, 07:17 PM

One of the credit unions I use has the ability for me to scan a check,
(Front+ Back) [after it's correctly countersigned on the back]
directly into Checking, from My House.(150 miles away)(Instant Deposit)

Ask Any of the "Banksters" about why they do not offer such services.

That said,no problem with WF,Yet.
[Although,the WF accounts are structured so they cannot do anything Nefarious or Stupid.](Without going to Jail)

There's really no reason to do business with any of the Commercial Banksters.
Look at it this way,doing business with them, only allows more opportunity for them to buy members of congress (AND the Regulators) with the profits they steal from you and me.

Hatterasguy · #15 07-19-2010, 07:44 PM

Nope I no longer deal with large banks. Just local and credit unions.

Chase pulled some nice BS with me last year, thats why I no longer do business with them.