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Old 08-10-2018, 12:26 PM
 
Location: Washington State
15,367 posts, read 8,036,047 times
Reputation: 13172

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Quote:
Originally Posted by Grizzly Addams View Post
Hey ya'll,

I currently have around 35k sitting in a Wells Fargo savings account which I am growing for a down payment.

In your opinion, would it be more beneficial to put that in a Fidelity account and invest it, or leave it in Wells Fargo?

I meant to put this in Investing, so if a moderator would like to move it there I have no qualms.
I would invest it. Your odds are better but there is the risk you lose some of it but the odds favor investing.

I hold a portion of my available in cash to cover at least 6-12 months but if I find a good investment, I'll invest.
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Old 10-18-2018, 01:34 AM
 
1 posts, read 164 times
Reputation: 10
I am in the same situation as you and I spoke to a financial advisor and he told me about Intus. I foud it very interesting because they offer deposit accounts with a good return and a risk not particularly high. This is how I differentiate my investments.
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Old 10-18-2018, 11:18 AM
 
4,202 posts, read 4,554,193 times
Reputation: 3591
Fidelity has a cash management account if you don't want to trade. It includes a debit card with ATM fees reimbursement, checks, no monthly fees, no min balance, mobile check deposit, and bill pay. I've had one for a long time. I use it as a checking account. No problems.
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Old 10-22-2018, 08:23 PM
 
4,329 posts, read 5,274,403 times
Reputation: 4246
Quote:
Originally Posted by semispherical View Post
Yup, I wouldn't give Wells Fargo the time of day let alone any of my money.
I still have my corporate account and my general main spending account with Wells Fargo but I agree screw them. I just didnít want to deal with the hassle of moving to another bank so I leave just enough to operate there but any real money is elsewhere.
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Old 10-24-2018, 11:44 AM
 
336 posts, read 191,532 times
Reputation: 858
Who trusts Well Fargo?
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Old 10-24-2018, 11:31 PM
 
4,329 posts, read 5,274,403 times
Reputation: 4246
Quote:
Originally Posted by slowdude222 View Post
Who trusts Well Fargo?
Nobody. Their whole advertising campaign is such a joke, "Oh we're re-established in 2018," oh ok, yeah, only because you got caught! There are enough banking options that I don't think many people would CHOOSE Wells Fargo, they just have a lot of customers like me where I have checks incoming and outgoing constantly, I have autopays linked to my account both personal and corporate, and I'm just too busy with other things to bother switching. If I ever shut down my company, which who knows, that may happen down the road (I hope not), it's slightly easier to switch then for me with just the personal account so I'd probably go for it.

I may also have to see which is the nearest bank when I move to a new city. I'm highly tempted to pick a local Nevada bank with no operations in California, if I can find something like that, because I don't trust the state of California whatsoever and a national bank has to comply with all state laws, whereas a Nevada bank has no obligation legally to comply with a California order. About 3-4 years ago, California levied my corporate account, I guess that's what you'd call it, but they flat out STOLE money from my account, that's the definition of the word or verb "to steal," to the tune of about $400. They then told me after the fact that they stole the money from me, and it was because of some payroll tax issue, so I asked my payroll company about it, they told me it was completely wrong, they'd submit the documents on my behalf to clear the error, and CA put the $400 back in my account about 2 months later. Meanwhile, Wells Fargo charged me a $60 fee or something for having that happen in the first place. I don't blame Wells Fargo, it's not their fault that CA is the worst state in the U.S., but it still made me realize it's a mistake to have my account in CA at all since I don't live there and I don't want my bank to have any presence there if possible. They'd never have been able to do that to a NV bank, they'd have had to send me first and try to get me to pay, which I would have refused to do, and we would have cleared it up like civilized parties.

There is no "presumption of innocence" when a government can steal your money mistakenly. Of course, they wouldn't refund the $60 they cost me, on top of the $800 per year just for the "pleasure" of doing business in their broken, horrible excuse of a state. Let them secede, they can become a little socialist republic and tax everyone to death, leave the rest of us alone.
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Old 10-26-2018, 02:48 PM
 
4,202 posts, read 4,554,193 times
Reputation: 3591
Quote:
Originally Posted by slowdude222 View Post
Who trusts Well Fargo?
It seems like there are many builders in the Charlotte area are pushing Wells Fargo for home financing. I've talked to 9 builders in the Charlotte area. They are offering incentives for choosing WF. I thought to myself, no way. They have scandal after scandal in a short amount of time. I feel for the employees.
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Old 10-27-2018, 03:11 AM
 
4,735 posts, read 2,263,083 times
Reputation: 8806
Quote:
Originally Posted by Tall Traveler View Post
I would invest it. Your odds are better but there is the risk you lose some of it but the odds favor investing.
He'll need the money in two years, so a risk of loss isn't really acceptable since he might not have time to recover.
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Old 10-27-2018, 06:29 AM
 
Location: The Triad (NC)
26,864 posts, read 57,900,981 times
Reputation: 29286
Quote:
Originally Posted by lieqiang View Post
He'll need the money in two years, so a risk of loss isn't really acceptable...
Correct. And which FDIC protected institution or instrument it's held by until then? Doesn't really matter.
Don't like Wells? Fine. Choose one of the others.
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Old 10-27-2018, 12:22 PM
 
Location: Clyde Hill, WA
402 posts, read 56,967 times
Reputation: 127
I will say I've had accounts at Wells Fargo for many years. Generally I've been happy with them, but right now I have a bad tasted in my mouth. I had a credit card with them that I rarely used. 99% of the time it had zero balance, zero activity. They sent me a letter saying use it, or it will be canceled, so I used it for a purchase. Then it went back into dormant mode.

Long story short, at some point they cancelled my card even though when I did use it, I paid faithfully. They never notified me that they had cancelled it. I found out by accident when I tried to use it. That to me is outrageous, to cancel an account without notification. I went in to talk to a banker, and he said that it was listed as 'cancelled by user.' He called a specialist, who told him they had a program called 'use it or lose it.'

I'd be interested if anyone else has thoughts on this. I'm still steamed.
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