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View Diary: Breaking up the Banks: I did it! (128 comments)

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  •  IRAs (13+ / 0-)

    All my retirement was with Wells Fargo's brokerage firm.  The money was originally invested with AG Edwards, which was bought by Wachovia, which was bought by WF.  In January I moved those three accounts (fewer dollars than 10 years ago!) to a different institution.  

    I was stunned to learn, after the fact, that WF had deducted $95 PER account. I asked for an explanation. The local broker dismissively told me this was a long-standing policy practiced by all brokerage firms.  

    I reminded him that I was not charged by the previous brokerage when I moved the money to him 15 years ago.  I also reminded him that were it not for my tax dollars through TARP in 2008-9, his bank may not be in existence today.  Finally, I told him what I thought of a bank that would expect me to pay them for what was already mine.

    They ended up refunding the $285, but I suspect many people either don't notice or don't try to object to this policy.

    I already did my regular banking with our locally-owned community bank, and I'm glad to be free of WF.

    •  What most people still don't (1+ / 0-)
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      liz dexic

      realize, because most people are not tenacious by nature -- a fact big biz counts on (it's probably even a budget line item) -- is that many acts of predation can and will be reversed, if the customer calls up and raises hell...  I've had countless overdraft charges reversed, even ones that were agreed to by me as to the checking plan's terms and conditions...   They always said "we'll do it just this once..."

      You have to keep at it.  And, sometimes it takes significant resources to survive in the meantime, another fact of life business counts on...  as do insurance defense attorneys.

      Business COUNTS on customers giving up and walking away.  Whateve customer bad will results from that is more than offset by effective mass advertising.

      Kick apart the structures - Seth

      by ceebee7 on Tue Mar 22, 2011 at 12:54:22 PM PDT

      [ Parent ]

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