Wednesday, September 14, 2011

My bank's giving me a headache

I finally had time to sit down today and look over the huge packet of information that came the other day regarding changes at my bank. I've banked with Wachovia since I was 16. Suffice it to say that was well over 30 years ago. Well, Wachovia is being bought out by Wells Fargo and that's what all the info was about.

Since our mortgage is with Wells Fargo and hasn't given us any problems, I wasn't too worried about the change. But then, a week or so ago, I read a news item about Wells Fargo testing the market in some states by implementing a flat fee for using a debit card. I'm talking about using one of their cards at one of their banks. So I was determined to read the fine print.

I don't like what I found. The one thing that jumped off the page was the part about using the online bill pay system. This is how I pay almost all of our bills, so I was particularly interested if it would continue as it always has or if I needed to do anything. The little asterisk noted that "at Wells Fargo, funds to pay your bills will be withdrawn from your account up to five business days earlier than they were at Wachovia." HUH?? At Wachovia, if I scheduled a payment for Sept. 14, that's the day the funds were withdrawn. Since the bank already has the money, seems reasonable to me. But FIVE DAYS ahead?? They have got to be kidding.

Aside from the insanity of this, it means I am in big trouble. I schedule plenty of payments on payday and there isn't the money for them ahead of time.


I'm off to research local banks. Changing banks sounds like a whole lot of work and not like a whole lot of fun, but it doesn't look like I have a choice.

I have a headache already.



  1. Have you looked into a Credit Union?

    I work for NFCU and was a member there before working for them. I love their Web Bill Pay (free and takes out the money the day I want them too, as long as it's electronic) free checking, no debit card fees, etc. If you're eligible, you might want to check them out :)

  2. @ Krystin - I'm looking into a credit union now! So far it looks good - fingers crossed!

  3. I personally enjoy looking for a better bank. It seems you are off to a good start with the credit union though so good luck.

  4. You know me I swear by credit unions. Our banking life has been 100 percent easier since we went to them

    Oh and I hate wells fargo


  5. Get thy butt to thy local Credit Union! Do not pass Go or collect any overdrafts with the Big Bank Piggies.

  6. I hate changing banks! I am half changed over with ING. My pay goes in there but I haven't found the time to switch over my automatic payments and bills so I have to make a big transfer twice a month to cover my bills with my original bank. Sigh, I need to get the lead out! Good luck with your hunt - sounds like a lot of people swear by credit unions!

  7. My Dad watches a lot of old western movies so when Wells Fargo telemarketing calls (from somewhere overseas likely) he tells them that their stagecoach/bank is always getting robbed and he can't bank with them because they are always loosing money to robbers. Those poor confused people on the other end!
    They ask him to clarify and he says that he "just saw it on the t.v. the other day"
    Of course it was on a black and white western movie - but they have no clue!

    I hate the hassle of changing banks but I think I will again when the mortgage is done. One with better hours and better packages for what I need. Good luck!