Wells Fargo is one of the shittiest banks I've ever worked with.
I would definitely believe this.
And I don't mean just shitty to customers, that's a given. I mean they did shit that just made no sense at all and probably cost them a TON of money just sorting everything through their shitty processes.
I have many far better examples but this one is the funniest -- you used to be able to overdraw your account by $400-800 EASILY. And not pay a damn thing to do it. All you had to do was time your ATM withdrawals at the right time of night on Friday at the right locations and as long as you deposited a positive account value by Tuesday morning, even if it was a check that would be pending for several days after, it was like it never happened 😭 free payday loan without needing to sign over a paycheck to do it 🤣 no overdraft fees NADA
I can't imagine how many people figured that out and used it in the regular. When I was a broke irresponsible 20 year old you can bet I used the SHIT out of that to pay rent.
Think I only ever got charged an overdraft fee twice and it was just because I hadn't figured out the timing for making the deposit yet.
But even $35 for a $800 overnight, instant no reject possible no credit needed approval, no collateral, weekend loan is pretty ridiculous.
Basically zero consequences (besides the overdraft fee if you missed the deadline) as long as you paid your account within a month or so.
I bet a ton of people who figured that out just ran off with it 🤣 even if Wells Fargo sued every single person who did this and was successful, they would have lost years of being able to capitalize on those funds nevermind attorneys fees and debt collector fees.
Eventually they figured it out and put a stop to it but that shit worked for YEARS until just a couple years ago.
I can't imagine what they're capital investment portfolio looks like 😬
I had a millionaire mentor teach a group of us this work around. When his bank stopped allowing it, he asked them if they hated free money. Went to the competitor across the street, told them what he was doing & asked if they would allow him to do kt with them & transferred all of his accounts within an hour of being told no bank would allow him to do it at his original bank.
He said he would never forget the look of shock & humiliated anger he recieved when he walked back into the same branch manager & requested to have his accounts shut down so he could take everything across the street.
Haha I did something very similar at a community credit union. They pulled a bait and switch on paper work, a couple %.
My Frens mother was the Unions president. (She told me to take the money and run) fuck that bitch she said. (Sales associate was Knowin for that to "pump" her numbers)
Frens mother couldn't really help me after. (Legal situation) So In retaliation, my family moved every acct. And every last penny. Damn near sunk a branch over night.
I would have brought up that specific issue during a yearly members meeting. There would likely have been some pretty upset members that side of hand crap was happening to them & other members.
I am so grateful the credit union I use still has a strong small community attitude. Branch managers still rant about FDIC & other rules that cause issues with members. An older one that retired about 20 year ago would complain openly about how CUs had become too much like banks instead of their intended function of helping their members figure out loans vs focusing on larger divedends for members.
Wells Fargo is one of the shittiest banks I've ever worked with.
I would definitely believe this.
And I don't mean just shitty to customers, that's a given. I mean they did shit that just made no sense at all and probably cost them a TON of money just sorting everything through their shitty processes.
I have many far better examples but this one is the funniest -- you used to be able to overdraw your account by $400-800 EASILY. And not pay a damn thing to do it. All you had to do was time your ATM withdrawals at the right time of night on Friday at the right locations and as long as you deposited a positive account value by Tuesday morning, even if it was a check that would be pending for several days after, it was like it never happened 😭 free payday loan without needing to sign over a paycheck to do it 🤣 no overdraft fees NADA
I can't imagine how many people figured that out and used it in the regular. When I was a broke irresponsible 20 year old you can bet I used the SHIT out of that to pay rent.
Think I only ever got charged an overdraft fee twice and it was just because I hadn't figured out the timing for making the deposit yet.
But even $35 for a $800 overnight, instant no reject possible no credit needed approval, no collateral, weekend loan is pretty ridiculous.
Basically zero consequences (besides the overdraft fee if you missed the deadline) as long as you paid your account within a month or so.
I bet a ton of people who figured that out just ran off with it 🤣 even if Wells Fargo sued every single person who did this and was successful, they would have lost years of being able to capitalize on those funds nevermind attorneys fees and debt collector fees.
Eventually they figured it out and put a stop to it but that shit worked for YEARS until just a couple years ago.
I can't imagine what they're capital investment portfolio looks like 😬
I had a millionaire mentor teach a group of us this work around. When his bank stopped allowing it, he asked them if they hated free money. Went to the competitor across the street, told them what he was doing & asked if they would allow him to do kt with them & transferred all of his accounts within an hour of being told no bank would allow him to do it at his original bank.
He said he would never forget the look of shock & humiliated anger he recieved when he walked back into the same branch manager & requested to have his accounts shut down so he could take everything across the street.
Haha I did something very similar at a community credit union. They pulled a bait and switch on paper work, a couple %.
My Frens mother was the Unions president. (She told me to take the money and run) fuck that bitch she said. (Sales associate was Knowin for that to "pump" her numbers)
Frens mother couldn't really help me after. (Legal situation) So In retaliation, my family moved every acct. And every last penny. Damn near sunk a branch over night.
I would have brought up that specific issue during a yearly members meeting. There would likely have been some pretty upset members that side of hand crap was happening to them & other members.
I am so grateful the credit union I use still has a strong small community attitude. Branch managers still rant about FDIC & other rules that cause issues with members. An older one that retired about 20 year ago would complain openly about how CUs had become too much like banks instead of their intended function of helping their members figure out loans vs focusing on larger divedends for members.