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Wells Fargo Hit with $1B in Fines

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Re: Wells Fargo Hit with $1B in Fines

#191

Post by minthelper »

djsumdog wrote: post #126
heurist wrote: post #38

Earlier quoted context omitted.

It's definitely an industry ripe for rebirth. For instance, I should be able to partition my money into several lightweight accounts - one for groceries, one for home expenses, investment, etc - and automatically have fractions of my deposits sent to those accounts so my budgeting and money management are handled without any effort on my part. I should have lightweight cards available for each of those accounts with…

I deleted all my Mint stuff years ago just because of the security concerns. If you mention the security concerns on Hackernews, a Mint employee typically replies with a link to the wikipedia page on their patented security model. Still, I'd rather not type all my bank passwords into an Intuit website. I like your concept of the multiple credit/card style budgeting. That makes a lot of sense. There are even some of t…

Hi djsumdog, We understand you have concerns about security. Here at Mint, we use a very strong proprietary cryptographic security model which guarantees the safety of your personal information. We'd love to discuss this more with you so if you reach out to us at https://help.mint.com/ we would love to make sure you're happy with our services. /KEB

Re: Wells Fargo Hit with $1B in Fines

#192

Post by [deleted] »

SnowingXIV wrote: post #162
ericcholis wrote: post #76

Earlier quoted context omitted.

Simple[1] is pretty close. Create "Goals" for any amount and time period, Save $X by Y Date . Simple automatically allocates money to your Goals from your Available Balance daily, every friday, or any other schedule. They show you a "Safe to Spend" balance which is your Available Balance minus your total Goals. You can associate a Goal with a spending category, say Groceries, and have all transactions marked Grocerie…

I liked the idea of simple, but didn't like the fact they couldn't send me checks to use. They'll mail them on my behalf but not send me an actual checkbook to hold onto for one off situations. I rarely use them, but sometimes contractors or landlords prefer this method or charge exorbitant fees to use a credit card. Also if I come into a decent size amount of a cash payment, I can't walk into a bank to deposit it. M…

[deleted]

Re: Wells Fargo Hit with $1B in Fines

#193

Post by unethical_ban »

scotch_drinker wrote: post #155

WFC had net income of $5.9 billion in Q1 2018. A $1B fine is a joke that is being played on the rest of us.

It won't put them out put business, but I guarantee this is not a good look for them or their board, even internally.

I have no sympathy for them, fyi.

Re: Wells Fargo Hit with $1B in Fines

#194

Post by callmeed »

epc wrote: post #7
aphextron wrote: post #4

Something has happened to big banks along the way, where they no longer actually provide banking services to their customers. When I walk into a Wells Fargo branch now and sit down with a "banker" to take care of my accounts, it consists of sitting next to them while they call 1-800-WELLSFARGO for me and talk to a call center. There simply is no service anymore. I walked into my local branch to open up an IRA last we…

Chase seems to have moved their "hands on" banking to their "Private Bankers" (who you qualify for if you have some minimum amount of money or debt across your accounts).

Yes, I am a Chase Private Client and, to be honest, it's awesome. I call and a friendly human answers immediately.

But beyond that, I think Chase does a pretty good job overall with in-branch customer service. Their online/mobile banking is great. They're the best big bank by far IMO.

Re: Wells Fargo Hit with $1B in Fines

#195

Post by Consultant32452 »

aphextron wrote: post #4

Something has happened to big banks along the way, where they no longer actually provide banking services to their customers. When I walk into a Wells Fargo branch now and sit down with a "banker" to take care of my accounts, it consists of sitting next to them while they call 1-800-WELLSFARGO for me and talk to a call center. There simply is no service anymore. I walked into my local branch to open up an IRA last we…

In the absence of a quality local bank or credit union, I can't speak highly enough about e-banking at places like Fidelity or Schwab. They're huge banks but you can open new accounts online in no time. You can use literally any ATM in the country and they'll pay whatever fees you are charged. No minimum balance, bill pay, basically every feature you should be able to expect from a bank these days.

The ONLY downside I've thought of, even though I haven't encountered it yet, is if you need to get a lot of cash you might have to jump through hoops. But you can get at least $200 from most ATMs so that's only a problem if you're going to pay cash for a car or something.

Re: Wells Fargo Hit with $1B in Fines

#196

Post by ThrustVectoring »

theandrewbailey wrote: post #111
jobu wrote: post #99

Earlier quoted context omitted.

The _only_ benefit of a large bank like Wells Fargo is that they're nearly everywhere, and I can deposit or withdraw money from any branch without paying a fee. They do not offer any other service or product that comes close to competing with my local credit union (or even most small banks).

If your credit union has shared branching, they're everywhere too. https://co-opcreditunions.org/locator/

Shared branching on credit unions is awesome.

Re: Wells Fargo Hit with $1B in Fines

#197

Post by mgkimsal »

istorical wrote: post #10
aphextron wrote: post #4

Something has happened to big banks along the way, where they no longer actually provide banking services to their customers. When I walk into a Wells Fargo branch now and sit down with a "banker" to take care of my accounts, it consists of sitting next to them while they call 1-800-WELLSFARGO for me and talk to a call center. There simply is no service anymore. I walked into my local branch to open up an IRA last we…

I had a similar breaking point with Wells Fargo. I was about 20. Needed to get something notarized, someone mentioned that banks could do it. I googled and confirmed WF could do it for their customers so I went over to my nearest branch. Asked the front desk if I could get something notarized. They said sure and referred me to a banker at a desk. I walked over and sat down and told him I was looking to get something…

I have a suspicion that they (and other banks) may employ some 'secret shopper' types. If they don't pester you with annoying stupid unrelated questions, they will get penalized or fired. Such is "retail" in the US.

Re: Wells Fargo Hit with $1B in Fines

#198

Post by xxpor »

minthelper wrote: post #191
djsumdog wrote: post #126

Earlier quoted context omitted.

I deleted all my Mint stuff years ago just because of the security concerns. If you mention the security concerns on Hackernews, a Mint employee typically replies with a link to the wikipedia page on their patented security model. Still, I'd rather not type all my bank passwords into an Intuit website. I like your concept of the multiple credit/card style budgeting. That makes a lot of sense. There are even some of t…

Hi djsumdog, We understand you have concerns about security. Here at Mint, we use a very strong proprietary cryptographic security model which guarantees the safety of your personal information. We'd love to discuss this more with you so if you reach out to us at https://help.mint.com/ we would love to make sure you're happy with our services. /KEB

This has to be satire, right?

Re: Wells Fargo Hit with $1B in Fines

#199

Post by mwexler »

madamelic wrote: post #132
bombledmonk wrote: post #110

Earlier quoted context omitted.

There's yet another thing that's needed industry wide. Oauth or similar concept with read only access to a data api.

plaid.com

And Yodlee. Quovo. Tink. Finicity. A zillion others. This is where modern banking data is moving, for better or worse. I think it's better, but the world is still on it's first steps in this "more open" financial data linking space.

Re: Wells Fargo Hit with $1B in Fines

#200

Post by fastball »

aphextron wrote: post #4

Something has happened to big banks along the way, where they no longer actually provide banking services to their customers. When I walk into a Wells Fargo branch now and sit down with a "banker" to take care of my accounts, it consists of sitting next to them while they call 1-800-WELLSFARGO for me and talk to a call center. There simply is no service anymore. I walked into my local branch to open up an IRA last we…

That's the promise of a lot of FinTech.

Building out services that are digital first so that the quality of service provided is actually scalable.

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