Hmmmm customers must be leaving the bank in droves. Wells Fargo has to pay $125 to bring in new banking customers? I’ve seen where Charlie has to pay upfront bonuses to su---r our customers in to using our credit cards, but I haven’t yet seen Wells Fargo have to literally pay customers to bank with us. That is a little embarrassing.
https://unionrayo.com/en/wells-fargo-bank-bonus-new-clients-requirements/
You lost out on a lot of free money the last few years if you never noticed other banks did this. When interest rates started going up, plenty of banks offered incentives to put your money with them.
Seriously, almost all banks do this. Where have you been?
You clearly don't follow banking at all. WFC used to offer $200 for a new account for the last 4-5 years. Still low.
I just received $900 from Chase for opening new accounts. I have seen similar offers from PNC, US Bank and Commerce Bank, but closer to $500.
That’s a low-ball acquisition bounty compared to competitors. So it’s an act of desperation only in terms of the qual of customer they’re trying to get. You cannot run a bank on this kind of downmarket customerbase.