Wells Fargo Bank - RV-Dreams Community Forum

Dan and Ruth · RV-Dreams Family Member

Wells Fargo Bank

Rickl · RV-Dreams Family Member

I've been with Wells Fargo for years, even all the way back when they were Northwestern Bank with the weather ball in Mpls. (showing my age here). I am moving everything over to Schwab as it just irks me that I get charged to utilize an ATM (out of network) and have to not only pay Wells, but also the other institution. I have asked/inquired with Schwab and there is no fee to use any ATM.

Disclaimer - I don't have any investments with Wells, just a checking and savings relationship so that could affect the charges.

John U · RV-Dreams Family Member

Dan,

Agree with you most people do not like big banks and esp fees on their money! Would recommend that you use 3 banks min. to limit your liability in case of internet fraud or if someone robs Ruth's purse or your wallet. Not LOL

We use Wells Fargo for my wife's card and checks and run all our S&B bills thru her Wells Fargo account. Run all our RV expenses thru Bank of America on my card and account. Use a private Cayman bank for our main investment accounts. Compartmentalized re expenses and if someone got access to our Wells Fargo (or any account) we are not stuck and high and dry for a while till sorted out.

Wells Fargo is great to use re international travel and currency exchanges. No fee or refunded fees works for me incl on some of their credit cards! LOL! 3 yrs ago we went to China and Tibet for 19 days and when we returned the non used Chinese currency we had taken fell $318 and change in value since we left. We returned all of it and Wells Fargo refunded us 100% of our original cost. Now that is a great Bank IMHO!!

If you like the bank and are comfortable with the mgr and locations sorta got your answer don't you? BOA does the same though you have to find the correct subsidiary name like in Mexico no BOA but the wholly owned subsidiary is there and if you go in their branch mgr will get you instant no fee access to your account/s.

We use Wells Fargo (and others) and are happy with their "free" services.

John

Dan and Ruth · RV-Dreams Family Member

Rick - I see your point. There are 3 levels of accounts. The lowest charges for every non-Wells ATM withdrawal, the next up only provides one free withdrawal and the top only gives 2.

Wells Fargo has a lot of branch offices. In your experience, is it difficult to find in network ATM's?

-- Edited by Dan and Ruth on Friday 6th of May 2016 09:14:11 AM

-- Edited by Dan and Ruth on Friday 6th of May 2016 09:23:05 AM

Dan and Ruth · RV-Dreams Family Member

John U wrote:
Dan,

Agree with you most people do not like big banks and esp fees on their money! Would recommend that you use 3 banks min. to limit your liability in case of internet fraud or if someone robs Ruth's purse or your wallet. Not LOL

We use Wells Fargo for my wife's card and checks and run all our S&B bills thru her Wells Fargo account. Run all our RV expenses thru Bank of America on my card and account. Use a private Cayman bank for our main investment accounts. Compartmentalized re expenses and if someone got access to our Wells Fargo (or any account) we are not stuck and high and dry for a while till sorted out.

Wells Fargo is great to use re international travel and currency exchanges. No fee or refunded fees works for me incl on some of their credit cards! LOL! 3 yrs ago we went to China and Tibet for 19 days and when we returned the non used Chinese currency we had taken fell $318 and change in value since we left. We returned all of it and Wells Fargo refunded us 100% of our original cost. Now that is a great Bank IMHO!!

If you like the bank and are comfortable with the mgr and locations sorta got your answer don't you? BOA does the same though you have to find the correct subsidiary name like in Mexico no BOA but the wholly owned subsidiary is there and if you go in their branch mgr will get you instant no fee access to your account/s.

We use Wells Fargo (and others) and are happy with their "free" services.

John

Thanks for the information, John, that is a good suggestion. At this point my intention is keeping the bulk of our investments in our Vanguard and Schwab accounts periodically transferring what we need to the bank account(s). I don't have a lot invested in Wells Fargo. Frankly, I just haven't gotten around to transferring it to Vanguard. But now that I'm interested in Wells banking services, I may leave it there as we qualify for their top level checking services.

Multiple accounts would also allow me to use multiple in network ATM machines and evaluate different banks.

John U · RV-Dreams Family Member

Ricki,

Wells Fargo refunds us any fees out of network even 2 fees my wife got for using a mall ATM. (We do have a Corp account there also for disclosure purposes)

You might want to look at Fidelty Investments. There fees are 12.5% lower than Schwab (7.95 vs 8.95) and as a retired former day trader I found their trading tools much much better than Schwab and have closed my accounts with them when I retired.
As Ben Franklin said, "A buck saved is a buck earned!" (modern version!) LOL

I would be ticked too if I was being charged ATM fees! Not LOL!

John

Rickl · RV-Dreams Family Member

Wells has pockets, just so happens where I live, where they don't have any presence. So, I do have another banking institution I use in OKlahoma, BUT Wells charges me to transfer funds if I want to feed the OK bank.

I get and understand what John U says and for probably most folks it works. I'm just too cheap and hate the fees the larger banks charge (any banks for that matter).

Dan and Ruth · RV-Dreams Family Member

Rickl wrote:
I've been with Wells Fargo for years, even all the way back when they were Northwestern Bank with the weather ball in Mpls. (showing my age here). I am moving everything over to Schwab as it just irks me that I get charged to utilize an ATM (out of network) and have to not only pay Wells, but also the other institution. I have asked/inquired with Schwab and there is no fee to use any ATM.

Disclaimer - I don't have any investments with Wells, just a checking and savings relationship so that could affect the charges.

Hmmm, not only to they never levy out of network ATM fees, they will refund up to $9/month for fees charged by ATM owners. Great info, Rick. Guess I do need multiple accounts. I'm cheap, too. LOL

-- Edited by Dan and Ruth on Friday 6th of May 2016 10:09:22 AM

Russ Ranger · RV-Dreams Family Member

Each year when we return from our Winter in Mexico we go in and have a sit-down talk with our banker. While we were out of the country several policies had changed at the bank. I was ready to change banks after being with Bank of America for decades. Once I explained my dissatisfaction with BofA the banker found a better solution to managing our money.

The lesson learned was: 1. Things change at banks. 2. You have to explain your situation to them. 3. They may have a better plan that will meet your needs. 4. You may come away with a better deal than you previously had. (ie. - more money in my pocket and less in theirs.)

The same applies to cellular phone companies. If you are not checking them out regularly, you may be wasting 100's of dollars each year.

Our situation was changing with a three month trip to Europe. The changes made a few weeks ago will save and make us several hundred dollars during that time.

Barbaraok · RV-Dreams Family Member

Why would anyone use out-of-network ATMS when they can get cash at any grocery store if they need it.

We've used BOA for over 10 years. Never pay a fee for our account, investments are with Vanguard and move funds between electronically. Cayman accounts - some of you must have done really well when you were working. 😎

Barb

SuzieQ · RV-Dreams Family Member

I agree with getting cash back at the grocery. Also, if your bank has branches in many states you can go into a branch for cash.

Dan and Ruth · RV-Dreams Family Member

I've got much to learn I guess. I'm totally clueless about the grocery store thing. Are you guys talking about cash back when making purchases or do they offer free ATM transactions?

Rickl · RV-Dreams Family Member

Dan and Ruth wrote:
I've got much to learn I guess. I'm totally clueless about the grocery store thing. Are you guys talking about cash back when making purchases or do they offer free ATM transactions?

What they are talking about is in many grocery stores or say Wally World/Target when you make a purchase you many times have the option to recieve cash back. The amout varies by store, the highest I have found is Wally World, $100 per transaction.

Here is my issue utilizing this service. in order to get cash back you need to use your cash card as a debit card, using your passcode. I guess it's a personal thing, but as a rule I try to only use my debit/cash card as a credit card only. I'm not too hop on sharing my PIN number outside of an actual ATM.

The other thing, ok I admit I'm different, I don't like going into stores per say. I'm not a shopper so the convenience of pulling up to an ATM is much nicer for me.

Barbaraok · RV-Dreams Family Member

We've traveled all over the country and I think there may be 5 or less states where we couldn't find a BOA branch for cash if we needed it. Even used our debit card at Scotia Banks in Nova Scotia for cash because of the reciprocal arrangement between BOA and Scotia banks. So if we were in a state with no BOA, then I'd get extra cash and use the debit card at Wal-Mart. But really we use so little cash that it hasn't been a problem - we use the credit cards instead, get our cash rewards on them, they are paid off each month, and off we go.

BTW - I'm not so sure that drive-up ATMs are all that safe - - especially is smaller cities, there are lots of cases where scammers have put devices on them to extract info.

Barb

Dan and Ruth · RV-Dreams Family Member

Guess it boils down to managing cash and reloading as opportunities present themselves, like when grocery shopping. Thanks, everyone, for the advice. Now I don't have to reinvent the wheel.

Howard · Host

Work with whatever bank you feel comfortable with and see if they have a program to reimburse out-of-network ATM fees - many will do that depending on your account relationship. Our bank reimburses out-of-network ATM fees immediately - they are just deposited right back into our account. There may be a limit to the number of times a year or up to a total dollar amount per year on the reimbursed fees, but you can work around that.

When we started in 2005, lots of people said to use a bank that had as many branches at your disposal as possible, but that's just not necessary. Work with whoever you're comfortable with that provides the services you need.

Bill and Linda · RV-Dreams Family Member

Well Fargo has worked well for us on the road over the past 10 years. A choice.

Dan and Ruth · RV-Dreams Family Member

Howard wrote:
Work with whatever bank you feel comfortable with and see if they have a program to reimburse out-of-network ATM fees - many will do that depending on your account relationship. Our bank reimburses out-of-network ATM fees immediately - they are just deposited right back into our account. There may be a limit to the number of times a year or up to a total dollar amount per year on the reimbursed fees, but you can work around that.
When we started in 2005, lots of people said to use a bank that had as many branches at your disposal as possible, but that's just not necessary. Work with whoever you're comfortable with that provides the services you need.

Sounds like good advice, thank you.

Terry and Jo · RV-Dreams Family Member

If you are a veteran, look into USAA. They also reimburse for any ATM fees charged when drawing out cash. We went with them a few years ago and have had no issues at all. Probably like many banks that do online banking, we deposit any checks we receive by getting an image of front and back and banking online with the jpg image for our deposits.

Terry

Glenn West · RV-Dreams Family Member

I have been bummed out on so many banks. We use Houston Federal Cu and we have nothing but praise for them. They even financed our HDT. Years ago, I was out of work due to an accident. Called BOA and asked for a loan until I could go to work. They laughed at me. No income no loan. HFCU was compassionate for my circumstances and offered me a loan to help out with no payment unit I returned to work. Alliant Credit Union is another good one.

DebbieM · RV-Dreams Family Member

We've had WF for many years including the 2 years we've been on the road. In almost every state. Never had a problem. When they suspected fraud, they contacted us immediately, froze the account and overnighted a new card to us at a local branch. No cost. We do have another card from another bank too as a backup.

WestWardHo · RV-Dreams Family Member

Maybe all major banks do it, but if you're a Chase customer and a veteran of the he e are no fees for anything, including a safe deposit box. I've heard great things recently about USAA including the best deals on auto rentals anywhere.

Sherry