I approached Wells Fargo Private banking based on our CPA’s recommendation.
Financed multiple new and remodeled homes with other banks but never felt this ripped off by a lender. This is why we will never bank with Wells Fargo:
1). The original loan amount was given a $200k haircut as the PA appraisers sent out by Wells reported a $1.4 value ($1.6M target) compared to the home directly across the street from us that just listed at $1.7M with multiple offers well over $1.7M while the smallest rundown home on the block closed at $1.55M.
Jerome explained it as a simple mistake and that we should have a realtor provide a written challenge.
The realtor documented several examples that placed our value well over $1.6M but Zero benefit to do this work.
2). Our rate is .3-.5% higher than current market and before we can even make our first payment we get a “here’s how to avoid checking fees, monthly service fees, wells fargo atm fees and overdraft fees after we were forced to open a llillWells checking account to receive a lower loan rate!
While we recognized hard work, we have made a huge mistake doing business with Wells Fargo.
Not only are the rates for 30, 15 or 10/1 not competitive but several escalations along with a mandatory checking acct with Wells got us .375 closer to a competitive rate. Again zero benefit
3). We received over 45 automated emails from Wells most of which we couldn’t open or required multiple clarification calls or visits.
Communications were initially misleading and turned to “bait-and-switch” style of brokering.
A lot of unreturned calls, escalations and being passed off to another office member.
Zero benefit and a real failed customer service approach.
The banking and mortgage loan business is based on referrals and good business practices.
Without a competitive or other compelling reasons to use Wells Fargo, they have lost our business and everyone who considers Wells Fargo Private banking should simply shop their rates across the multiple other lenders.
You will quickly learn and hopefully not make the same mistake i did by banking with Wells Fargo Private bank. I found zero advantage and multiple disadvantages.
If you would like copies of the numerous emails and dialog between me and Wells Fargo then let me know. I have a folder of docs!