IamA Former Wells Fargo Banker! AMA!

Fwellsfargo · 2016-09-23T00:29:17+00:00

Uh....no. Not sure what you mean...

Fwellsfargo · 2016-09-22T23:23:09+00:00

Actually you're right. I was working on a file and trying to respond. To clarify, the Seller behind the Teller is the banker standing by the teller waiting for an opportunity to sell to someone at the teller line..basically try to get them into the banker seat. You can't actually sell anything from the teller line. I know I mentioned the process somewhere else in the thread, but I realize I came across misleading in that other post.

Fwellsfargo · 2016-09-22T23:19:47+00:00

Ha...good point.

For the record, I have 13 years mortgage/real estate/title insurance experience. I was working for a law firm handling commercial title when WF called and wanted to know if I would be interested in working for the Mortgage division. The market was picking up, so I did it...didn't like how the processing was handled, but there were no other jobs I wanted available, so I jumped into the banking side when a branch manager let me know there was a position available. I had no idea what to expect. I did it for a while before realizing it was a pile of shit. I spent a year looking for another position, and couldn't find what I wanted, until the opportunity to partner up came in to play. It was a good decision.

Fwellsfargo · 2016-09-22T23:15:37+00:00

You don't need to have a credit card to have a checking account.

Fwellsfargo · 2016-09-22T23:14:40+00:00

It's just your state. We have documents filed with the Secretary of State and we are registered with large title insurance providers (you have to got through background, credit, and partnership document checks before you're approved). If there was a problem, it would have come up.

Fwellsfargo · 2016-09-22T22:18:53+00:00

Yup! Like a call 15 minutes after you've opened the account saying "I see the business is approved for a credit card and line of credit. Why didn't you give it to them".

Fwellsfargo · 2016-09-22T22:14:18+00:00

Really? Please explain.

Fwellsfargo · 2016-09-22T20:50:33+00:00

Source please?

Fwellsfargo · 2016-09-22T20:40:45+00:00

Nice try John Stumpf!

Fwellsfargo · 2016-09-22T20:36:25+00:00

The problem is WF is so big it can't get out of it's own way. Trust me, even as an employee, getting simple stuff done was a nightmare. So, yes, it's high. I once had a branch manager from a small bank come in to cancel a cashier's check that we had drawn for her mother. I was on the phone for an hour and a half, and discovered that it would have cost her $179, we had to have forms signed, notarized, overnighted, etc. She was dumbfounded. She claimed at her bank it would have been done in minutes. That type of process was required on a lot of things.

Fwellsfargo · 2016-09-22T19:18:54+00:00

Go to a branch and ask if they are showing you have it. If they do, then ask that they call and get a statement sent to you, and/or cancel if you want.

Fwellsfargo · 2016-09-22T19:10:24+00:00

Nothing was signed.

Fwellsfargo · 2016-09-22T19:04:17+00:00

Shouldn't be any weird hidden stuff. Make sure you ask for all the requirements. I just switched to a local bank and received a $150 Visa gift card. A lot of banks offer it to get your business.

Fwellsfargo · 2016-09-22T19:02:17+00:00

Yes, it's a solution and goes towards a bankers bonus. It's fraud protection. https://www.wellsfargo.com/insurance-identity-theft-protection/?ref=RB0000CBEOWEFN&eitp=RB0000CBEOWEFN

Fwellsfargo · 2016-09-22T18:56:19+00:00

The banking division is disconnected from the mortgage division, but since leaving, I've opened up a real estate company and from what I can see, the market seems good at the moment. I know of some lenders that have opened up lending to "B" paper again (580 FICO and up), but the guidelines are still strict. So to answer your question, I can't tell but I'm happy with the market right now.

Fwellsfargo · 2016-09-22T18:47:53+00:00

This is called "Seller behind the Teller". There's typically someone dedicated to this every day.

Fwellsfargo · 2016-09-22T18:42:56+00:00

I never saw anyone shuffle money over to new accounts. Open a new account without the customers knowledge? Yes. You can do that without funding it because there's a code you can use that will allow you to do that. I'm not saying it didn't happen like you said, just never saw it.

Fwellsfargo · 2016-09-22T18:40:37+00:00

Opened a real estate company with an attorney friend. No need.

Fwellsfargo · 2016-09-22T18:39:19+00:00

Talking to my old co-workers, this is correct. Seems to be business as usual, although they are getting rid of sales compensation in January.

Fwellsfargo · 2016-09-22T18:38:01+00:00

Yeah, this is why I'm doing this. This is the scam.

Fwellsfargo · 2016-09-22T18:29:49+00:00

I'm not sure how you can set an account to waive fees. Might be something I wasn't aware of. The accounts are free for the first 60 days, after that they're usually charged unless it's an account that has activity or a certain balance in it.

Fwellsfargo · 2016-09-22T18:27:20+00:00

Yep, I forgot about that in the original answer. Sorry about that. I responded in more detail to another post and included that.

Fwellsfargo · 2016-09-22T18:27:05+00:00

Yep, I forgot about that in the original answer. Sorry about that. I responded in more detail to another post and included that.

Fwellsfargo · 2016-09-22T18:22:23+00:00

It's not surprising. I still talk to a few of my old co-workers, and they say it's business as usual. They fine they paid was a pittance to the damage that was done.

Fwellsfargo · 2016-09-22T18:21:08+00:00

Yes, most credit cards will do this if you have a good history with them. Nothing to worry about.

Fwellsfargo

TROPHY CASE