What Was Wells Fargo Thinkin'?

Glenn, I couldn't say what's going on there. On the Wells Fargo business banking side, I've always found them to be extremely friendly and understanding toward small businesses, even home-based businesses. In fact, we have several business bank accounts with them. After reading your post, I hurried over to my web access panel and opened my Wells Fargo account expecting to see this ludicrous notice. But no such notice appeared. So perhaps that that was a regional lapse in good judgment on the part of WF or perhaps they backpedaled on it?

I agree with your "either or" supposition. I hope they're both true and they realized their mistake.

Damn the establishment did it again, can't say much more than that. It is amazing the arrogance that a bunch of bankers can muster to take control of someone else?s money. Of course this has been an age old practice. Some thirty plus years ago Wells Fargo tried something else of similar proportion and had to back down because of the uproar. What would happen if the populace finally realizes the power they have to back these desk managers down? Big business better beware of the coming customer power revolution. Good post Glenn ...

Hi Glenn. Great story! Perfect example of how decision makers get too far removed from customers. They forget their customers are people, not machines. You know if the exec who created this little fiasco had to deal directly with angry customers they would have done things differently.

You raise a good point, Kevin. I'm reminded that, when I used to work for Harris-Lanier selling dictation equipment, every senior exec, including the president, was required to get out in the field once a month. Remarkable how that can change your perspective, energize you, and help you spot trends and problems.

It is no wonder Wells Fargo is an industry leader, it takes money. Wells Fargo is the best at maneuvering money from the little guy. My step daughter has consistantly overdrafted her account, what particular brainwave is malfunctioning so as not to let her figure the math I don`t know. The point is that WF has no problem loaning her money against her direct deposit average amount in order to cause her to overspend more so they can collect more overdraft and NSF fees. Not until WF fears she has completely overextended herself and cannot recover do they let me know directly and within 24 hours take a considerable amount of cash from my account to cover hers. I understand WF`s right to take from my account as we sign each others` accounts, I don`t understand how WF encourages her to overdraft for months on end so they can collect fees and do not notify me or touch my account until WF is sure they`ve gotten all they can. Note: There`s more to the story but this is the gist and the more is just details.

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