Wells Fargo Hit with $1B in Fines • Hacker News Board

Re: Wells Fargo Hit with $1B in Fines

#281

Post by e2e4 » Fri, Apr 20, 2018, 9:48 PM UTC

heurist wrote: post #38

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…

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…

Qapital provides some of the features that you've mentioned: https://www.qapital.com/spending/

Re: Wells Fargo Hit with $1B in Fines

#282

Post by ensignavenger » Fri, Apr 20, 2018, 9:48 PM UTC

henrikschroder wrote: post #260

Klathmon wrote: post #238

Earlier quoted context omitted.

You don't even get to choose your mortgage company. A few years ago a friend of mine bought a house and actually turned down a house who's sellers had a bank of America mortgage as he had bad experiences in the past. He went out of his way to choose not to deal with them, but to his suprise 30 days after he closed he got a letter in the mail telling him that his mortgage was sold to Bank of America! And not suprising…

I have never purchased property in the US, but I keep reading horrible anecdote after horrible anecdote, so I have to ask: As a buyer, why would I even care who the seller has their mortgage with? Why would that matter? Where I'm from, the real estate agent deals with that shit. When you close the deal, the agent calls up the new bank or faxes them or whatever so that they open a mortgage for X amount for the piece o…

It really shouldn't be relevant. Your title company will usually handle closing (apparently where you are form the agent does this? Here, the agent usually helps you so you don't have to deal with the title company, but the title company is responsible), and they will deal with the previous mortgage company. Usually you should have title insurance in case a problem does crop up (required for most lenders)- and your title company can deal with it. So the real nightmare is when your title company handling the transaction is a problem. (Usually the seller chooses the title company, but this can be negotiated between buyer and seller, and many sellers are more than happy to use the title company of your choice- if you pay for it).

Re: Wells Fargo Hit with $1B in Fines

#283

Post by ensignavenger » Fri, Apr 20, 2018, 9:49 PM UTC

Klathmon wrote: post #270

henrikschroder wrote: post #260

Earlier quoted context omitted.

I have never purchased property in the US, but I keep reading horrible anecdote after horrible anecdote, so I have to ask: As a buyer, why would I even care who the seller has their mortgage with? Why would that matter? Where I'm from, the real estate agent deals with that shit. When you close the deal, the agent calls up the new bank or faxes them or whatever so that they open a mortgage for X amount for the piece o…

In his case Bank of America attempted to forclose on a house he bought after he bought it.

I presume your friend had title insurance, and the title company dealt with it?

Re: Wells Fargo Hit with $1B in Fines

#284

Post by alanfalcon » Fri, Apr 20, 2018, 9:51 PM UTC

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…

Read "The Used Car Salesman Defense" section in this issue of Matt Levine's "Money Stuff": https://www.bloomberg.com/view/articles/2018-03-20/explainin...

It boils down to this: "Banks are always trying to get customers to think of them as trusted agents, while reserving the right to act as rapacious counterparties."

I like Matt Levine because his "I was on the inside" voice is pragmatic and straightforward, and often makes me stop and say, "Huh."

Re: Wells Fargo Hit with $1B in Fines

#285

Post by dragonwriter » Fri, Apr 20, 2018, 9:52 PM UTC

eldavido wrote: post #279

rmk wrote: post #247

Earlier quoted context omitted.

You just compared Apples and Oranges. First Republic is typically for the higher-earning, higher net-worth individual, whereas Wells Fargo caters to a much broader set. Not to say that Wells Fargo should not provide better service, but I just want to point out that these are two different types of banks. I had a similar experience with Bank of America. The person who was supposed to help me was rude, untrained, and a…

First Republic really isn't any different than Wells Fargo. They talk a big game about personal service but it's the same bullshit. (Speaking from firsthand experience of moving from WF to FRB.) You'll talk to a different person every time you go in, their website isn't great (though the recent upgrade has helped), and their mortgage products require absurdly high down payments (20-30%) to be rate competitive with WF…

> I really want to believe there's something better. But I think the real choice is between "local bank" -- shitty website, hard-to-use ATMs that require putting checks in envelopes, bad hours OR a big national bank, where you're a number, but the software is good, there are branches everywhere, they have a good mobile app/good ATMs, etc.

My relatively large regional credit union has all the advantages you list for a big bank except branches everywhere when traveling, especially good ATMs and mobile app. And doesn't have the “your just a number” problem.

Re: Wells Fargo Hit with $1B in Fines

#286

Post by ensignavenger » Fri, Apr 20, 2018, 9:53 PM UTC

Klathmon wrote: post #238

narag wrote: post #225

Earlier quoted context omitted.

It's definitely an industry ripe for rebirth. Or simply for death. Not my idea, I first thought it was a joke when they told me, but it makes perfect sense. I get exactly zero interest for my savings, not even to compensate inflation. It's stock options or bs funds. Only useful service I get is cards and avoiding keeping cash in a physical safe. Credit comes from cards or specialized loan companies. There are two ser…

You don't even get to choose your mortgage company. A few years ago a friend of mine bought a house and actually turned down a house who's sellers had a bank of America mortgage as he had bad experiences in the past. He went out of his way to choose not to deal with them, but to his suprise 30 days after he closed he got a letter in the mail telling him that his mortgage was sold to Bank of America! And not suprising…

As part of your disclosures, lenders that plan to sell your loan will usually be required to disclose this fact, so you can deal with a lender that keeps their loans in house. The last house I bought the company disclosed that they might sell the loan, but they remain the servicer on the loan, so I don't even know who owns it.

Re: Wells Fargo Hit with $1B in Fines

#287

Post by Klathmon » Fri, Apr 20, 2018, 9:56 PM UTC

ensignavenger wrote: post #283

Klathmon wrote: post #270

Earlier quoted context omitted.

In his case Bank of America attempted to forclose on a house he bought after he bought it.

I presume your friend had title insurance, and the title company dealt with it?

Oh I'm sure, I didn't follow it all that closely but I remember it being resolved within a few weeks, but the headache was apparently enough for him to want to avoid sellers with BofA in the future.

Re: Wells Fargo Hit with $1B in Fines

#288

Post by golergka » Fri, Apr 20, 2018, 9:56 PM UTC

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…

Is that a US thing? Here, all the customer-having banks have all their services available through the app, with very quick and helpful support through chat. I didn't even had to come to their office to open an account – they delivered the card together with the documents I had to sign. This industry has been radically transformed in the last few years, just as taxis. I thought it happened everywhere, especially in US.

Re: Wells Fargo Hit with $1B in Fines

#289

Post by [deleted] » Fri, Apr 20, 2018, 9:58 PM UTC

adventurer wrote: post #246

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 have a feeling First Republic tends to care about consumer banking at this point because it's just not a big bank yet. But how much customer service do you need, anyway? I step foot in an actual bank maybe once a year, if that.

[deleted]

Re: Wells Fargo Hit with $1B in Fines

#290

Post by Klathmon » Fri, Apr 20, 2018, 9:59 PM UTC

ensignavenger wrote: post #286

Klathmon wrote: post #238

Earlier quoted context omitted.

You don't even get to choose your mortgage company. A few years ago a friend of mine bought a house and actually turned down a house who's sellers had a bank of America mortgage as he had bad experiences in the past. He went out of his way to choose not to deal with them, but to his suprise 30 days after he closed he got a letter in the mail telling him that his mortgage was sold to Bank of America! And not suprising…

As part of your disclosures, lenders that plan to sell your loan will usually be required to disclose this fact, so you can deal with a lender that keeps their loans in house. The last house I bought the company disclosed that they might sell the loan, but they remain the servicer on the loan, so I don't even know who owns it.

Since then I've bought 2 houses, and both mortgage companies I've worked with had that clause.

Is it actually possible to find someone who won't? Or is it just a false sense of choice like the ability to "choose an ISP that says they won't sell your information"?