Gas station without pumps

2018 October 2

Dumped Wells Fargo

Filed under: Uncategorized — gasstationwithoutpumps @ 14:48
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As I mentioned five months ago in Thinking of dumping Wells Fargo, Wells Fargo has done so much wrong lately that I’m feeling I can’t really let them have access to my money any more.  I finally closed my Wells Fargo account today, after 32 years of doing business with them.  I have no beef with the local branch, but the corporate management seems to have turned evil in the past decade—if enough people and businesses stop working with them, maybe they’ll toss out the crooks at the top and return to being a responsible business.  I’m not holding my breath waiting for it.

To close the account, I first needed to set up a new checking account elsewhere, connect it to my various other financial accounts (paycheck direct deposit, Paypal, investment accounts, household checking account, … ) and make sure everything was working.  Because I already have my household account in the better of the two local credit unions (Bay Federal), I looked at local banks and on-line banks and credit unions.  The two local banks (Lighthouse and Santa Cruz County Bank) looked OK, but not great, so I decided to try the online Alliant Credit Union, which at least gives a little interest on checking and savings accounts.

Setting up the account was fairly easy, and it only took me a week to find all the accounts that  were linked with my Wells Fargo account and switch them over to using the Alliant Credit Union Account.  The final confirmation came yesterday, when my October 1 paycheck was correctly deposited in the new account.

So this morning I went to the Wells Fargo office to close my account.  They were not very surprised at my reasons for closing the account (I suspect that a lot of Santa Cruzans have been dissociating themselves from Wells Fargo).  It took a little while to get a cashier’s check for the balance of my account, but the process was fairly smooth.

I did run into a little problem with the check, though.  It turned out to be too large an amount to deposit into my Alliant Credit Union account via ATM machine!  I tried depositing into the Bay Federal Credit Union account via ATM, but the check was rejected from that also.  I ended up having to go to the BFCU office and hand the check over to a teller (who had to get a supervisor signature in order to accept the check).

It will be 2 days before the money is accessible in the BFCU account, and I’ll transfer it from there to my investment accounts.

 

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