Checking, savings, money market, lines, loans, credit cards -- let's all move our accounts to other banks and show them it's not okay to take our money but then treat us as if we're inferior.
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I can vouch for synchrony bank. Their iOS app makes it very easy to transfer money back-and-forth. Takes about four business days. Right now the APY is 2.75% for savings.
I would keep checking with WF, because it’s easy to transfer money to brokerage, when needed No fees for team member checking.
Though, keep in mind, the company is monitoring your transaction history. I know this for an absolute fact. For example, if you make more than 90 brokerage trades in a calendar year, your manager gets notified.
Regulated employees may choose Fidelity for brokerage.
Yep. Sell off your stock, too. Tell all your friends!
Post ID: @tpy+1jo1lSMv
Re: employees looking up employee accounts without a business need. In theory - you would be correct. But no one is monitoring the logs to verify if there is a business need. They would only go back to review if there is a specific problem. Just like no one is listening to your recorded calls unless a customer complains or there is an error WFC might catch an employee looking up Charlie Scharf’s account if done repeatedly, but other than that, they don’t have the technology or people in place to catch you.
All my accounts are with other banks.
Why in the FVCK would you have ever had ANY financial account held with your employer? And I mean any employer, not just WF.
I have already started the process of moving my accounts to local banks and US based brokerages.....next up, moving the 401k.
@cer+1jo1lSMv WFA so sketch and greedy. No major broker dealer would ever require their employees to do this. Even within WF the other BDs allow a decent amount of flexibility.
Agreed. Keep checking WF. Savings is best, at one of those Internet banks with a high-yield APY. Besides, we have lots of ATMs throughout the country, But not every state.
Moved all my accounts, other than my discount rate CC, to Schwab a few years ago. Sure it pays less on interest, but it also makes transfers to brokerage accounts in real-time (during business hours). I don't really care about the interest rate on the checking as there are other selling points (reimbursement for non-network ATM fees).
Employees looking up other employees in core banking are logged. Go ahead and look people up without a business need and find a quick kick in the rear.
Regulated employees can also use Fidelity for brokerage..
Regulated employees can move brokerage to Fidelity.
The sad truth is that your money is better off almost anywhere other than Wells Fargo.
WFC Standard Savings Rate = .01%.
Ally = 2.35%
Wells Fargo takes advantage of their customers and hopes they either don’t know any better or are too busy to pay attention.
Also - in case you didn’t already know this: any WFC employee with account access can check your accounts and see your net paycheck and how much money you have and where your money is going. I don’t have anything to hide, but I also like my private life to remain private.
"brokerage accounts must stay with WF", that applies only to regulated employees I believe, and there is an exception process...if you can find it.
Been here almost 20 years. Never had an account here. I think it's not a good thing to do personal business like banking with your employer. They already know too much about us as it is.
Unfortunately, brokerage accounts must stay with WF. Very lackluster trading platform compared to TD Ameritrade.
Things that won’t happen
Why not all employees. I did this a long time ago.
Synchrony bank, savings, now, 2.75 APY. Keep checking at WF, but savings at synchrony.
Synchrony Bank. 2.45 APY savings account. Easy iOS app to transfer money back-and-forth. Takes about four days to transfer back-and-forth. Can’t beat that yield…