Thread regarding Wells Fargo & Co. layoffs

Deposit accounts exist so the bank can lend that money at higher rates. They are a liability on the ledger. Why would WF try to attract more deposits when the asset cap keeps us from lending more.

Feel better OP?

Nobody has to keep their money at Wells. I have a checking account there for the convenience if the ATM network, but that’s it. No money stays in that account for over 30 days. Savings and investments are where they will do me the most good, and that is NOT WF.

That said, WF counts on customer inertia and financial illiteracy to keep accounts open. There’s no secret there. In marketing it’s openly discussed.

Post ID: @1jzl+1kIFIqpq

You might want to learn to read whole posts and comments, and understand the context before your respond. Your comments reveal that you barely skimmed the highlights and came to mostly ill-conceived conclusions. In other words, you wasted your time.

Similar to someone who, while in a conversation, doesn’t listen because they are already thinking about what they want to say before the first person completes their sentence.
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Could you imagine if you got so stoned that you forgot to go to work? And then you forgot to pay your taxes and bills? But then miraculously, no one ever comes after you? You can just live for free while stoned all the time?

Sounds like an Elizabeth Warren comment. Listen Liz, we know you’re frustrated by an industry you don’t really understand. The fact that you’ve latched onto Wells Fargo as the great evil instead of some other firms is proof. Let’s be real here, it is very easy to park cash in a Capital One money market account instead of a savings account at Wells Fargo. Nobody is preventing people from doing that. Also, did you really just reference Madoff in relation to savings account rates? WF is a business and they aren’t obligated to just pay more interest arbitrarily (although they could probably avoid d-mb criticism from the masses if they paid more for savings than the other big 3).

That said, Wells Fargo does have a problem supporting employees at the moment. Much of that is from a failure to separate the non-performers (bottom 15% or so) from the performers. Also think alot of the new blood they’ve prioritized in the hiring process ($$$$) is a bit lost.

OP here:

Post ID: @rxy+1kIFIqpq

Just because “you don’t feel cheated” doesn’t mean you are not being cheated. It means you don’t know the all ways you are being cheated.

I don’t need to list every bank to prove that Wells Fargo is gouging their savings account customers. I didn’t say they are the only bank. And I think you should be able to conclude that Bernie Madoff was ripping off his customers without listing the results of every other money manager.

You can run a profitable business without taking advantage of your customers. Other banks have figured out that you can make money by paying your customers a fair rate of 3-4% and lending that money back out at 7%.

I don't feel cheated and I'm a client also. In your list, you should lait every bank l. Not just the top payers. Also, it's still a capitalist country. I have Wells accounts, Capital One, Amex, etc. Nobody says you can only be at one bank.

no news, they stated in 4th qtr call that they lost savings deposits as customers moved to higher paying options

And this all happens easily when you have a corporate risk team that exists in name only and does nothing to mitigate risk on the company.