Bailey Building and Loan?According to my ATM log in screen, I have been a customer for 60 years, since I was 7. Too late for bonuses I guess! Actually, the Savings and Loan the account was opened at was sold to a bank, and that bank was sold to Wells Fargo. But Wells Fargo considers me as having been with them from the start.
I am very happy with Wells Fargo. I did not expect to be happy when they bought my old bank in 1996 but they have really done well for me too. And my Financial Planner moved to their Brokerage side, so it was on stop shopping for the most part. He still uses the Wells Fargo Advisors system, but Wells Fargo......like a lot of businesses......last year started spinning off may employees to become independent contractors. Wells Fargo saves money by not having to pay benefits, but my advisor says it allows him to offer clients good products that Wells Fargo staff advisors are not allowed to use.I talk about issues I had with my financial planner. Our regular bank is Wells Fargo.
I wouldn't bank with Wells Fargo due to their illegal dealings at the expense of customers. I believe they are still under sanctions with the US govt because of it.
I did the WF $525 savings account bonus last year. You had to open the account and within 30 days deposit $25,000 of new to WF money into the account. Could not transfer that much electronically (their rules), so I had to take in a paper check. Even though the money was taken from our Chase checking account the same day, they sent me letters telling me the large deposit was unusual activity and they suspected fraud, etc. So weird since it was their rules that I had to deposit a large sum right after opening the account. I closed it six months after I opened it and got the bonus. I was able to electronically transfer the money out in 2 transactions. Not a WF fan, but I will gladly take advantage of them.Wells Fargo has a couple promos going for new customers if you open a savings or checking account. I dont have any problems meeting the requirements to earn the promo bonuses. Just wondering if anyone has any opinions. Thanks
That is my biggest problem. I was so happy putting my side-hustle biz account there I decided to keep it- but now I can't churn their biz accounts for new bonuses every couple years since I've already got one lol.I bank with Wells Fargo and have been very pleased....
If you look on www.doctorofcredit.com there are many, many banks that offer bonuses. I was very active in doing these before my dad started getting dementia and I had more free time to complete the requirements. For a few years, around 2018-2019, between dh and I we were making $5000/year in bank bonuses. Of course, it has to be declared as income so it would cause us to owe more on our tax return but who would turn down a $5k raise because they have to pay taxes on that income?i'm of the same mindset-we had some dealings with them years back that caused us to leave them. this was before the feds came down on them.
i wonder if they are offering these promos b/c the feds just last month eased up on their oversite-
(from an article dated 2/15/24)
The Office of the Comptroller of the Currency, the regulator of big national banks like Wells, on Thursday terminated a consent order that had been in place since September 2016. The order required Wells to overhaul how it sold financial products to customers and provide additional consumer protections, as well as employee protections for whistleblowers.
That consent order was put into place after a series of newspaper and government investigations in 2016 found Wells to have a poisonous sales culture that pressured employees into selling multiple products to customers though such products were not needed. Employees — who worked at "stores" not bank branches — were forced to open millions of unauthorized accounts. Customers had their identities stolen and their credit scores impacted. Of the millions of customers effected, a disproportionate number were non English-speaking Americans.
These are fairly normal promos they’ve been offering for many yearsi wonder if they are offering these promos b/c the feds just last month eased up on their oversite-
This thread is about bonuses for opening checking and savings accounts, not credit cards. You open a savings account, deposit X amount of dollars for X months, and get a cash bonus. Yes you need to read the fine print to see how to avoid any fees (usually keep a certain balance or have a direct deposit), but it is pretty easy to do that. Your post is the first to bring up credit cards. That's a completely different topic!Also good to read the fine print on any supposed promos. I would consider the annual fee when deciding on any new credit card. Those supposed 'perks' are partly paid from the fees they collect, so it isn't the great bargain it would at first appear. Credit card companies are in the business of making a profit, not giving things away for free. Two examples I saw glancing at that website.
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