Minneapolis Banking?? (Wells, Welcome: sale, real estate, rent)

[Beenhere4ever]

Wells Fargo sells them off to secondary markets. I know. We had one. They said the chances were "one in four" of it being sold off. Truth was that the chances were about 100 out of 100. People who actually followed the recent panic know that was the trouble. Sell 'em off. Originate. Sell them off. That way they didn't get held back by reserve requirements. But that also meant there were ridiculously sloppy in qualifying applicants. The aim was the profit from originating. It was just a mill. All the caution of traditional banking out the window. You can thumbs up that if you want, but it was about as unprofessional as I've ever seen any banking business done.

[Beenhere4ever]

By the way, I was a USB employee. The CEO said 4 percent of their revenue came from all mortgage activities. They were about as different from Wells Fargo as a big bank can be. They were forced to take TARP money even though it was irrelevant.

[knke0204]

Originally Posted by Beenhere4ever

More Wells Fargo history: Wells Fargo Ordered to Repay $200 Million in Excessive Bank Fees

That's in California, we're in Minnesota. Fee structure is different for California.

There's also plenty of stories that document wells fargo's reluctancy in taking the TARP money

Former Wells Fargo CEO: The FED forced us to take TARP money when we didn't want or need it | Peace . Gold . Liberty

Bankers: Take your TARP money back - Mar. 27, 2009

[knke0204]

Originally Posted by Beenhere4ever

Wells Fargo sells them off to secondary markets. I know. We had one. They said the chances were "one in four" of it being sold off. Truth was that the chances were about 100 out of 100. People who actually followed the recent panic know that was the trouble. Sell 'em off. Originate. Sell them off. That way they didn't get held back by reserve requirements. But that also meant there were ridiculously sloppy in qualifying applicants. The aim was the profit from originating. It was just a mill. All the caution of traditional banking out the window. You can thumbs up that if you want, but it was about as unprofessional as I've ever seen any banking business done.

You probably also bought a home that was over-valued.

[Beenhere4ever]

Originally Posted by knke0204

That's in California, we're in Minnesota. Fee structure is different for California.

There's also plenty of stories that document wells fargo's reluctancy in taking the TARP money

Former Wells Fargo CEO: The FED forced us to take TARP money when we didn't want or need it | Peace . Gold . Liberty

Bankers: Take your TARP money back - Mar. 27, 2009

Incredible. You really know almost NOTHING about Wells Fargo, do you? Produce the cases, you split the hairs. Well, it isn't for you big bank toadies anyway, it is warning to people OUTSIDE the fold, people who may not REALIZE all the various infractions WF has been caught at. I don't expect to "convert" people who've heard all this and shrugged it off.

http://www.corp-research.org/wells-fargo

[back2M]

Originally Posted by C-Chelle

So what is a good bank here in Minneapolis? Looking for convenient locations, ATM's and free checking and no hidden fees.

Am I asking too much? Anyone have a good bank they can recommend to us?

Thanks in advance

I was reading your post too to get some ideas when I move back. Boy, people start going off subject don't they with bickering about certain banks.

It appears that maybe the non banks are the better deal but still probably need to jump on the individual websites and see all the fees and where ATM's are located and how you use your money.

So now I am going off subject......lol

I am going to find it very different banking in Minnesota because we don't have checking accounts here, basically only businesses use checking accounts. The last time I saw a check was many years ago for my tax refund. Even tax refunds are electronically deposited into a person's account now.

Banking in Australia is done via website, phone banking or direct debit from your account to the biller's account. We have the Eftpos (Electronic Funds Transfer Point of Service) to pay for grocery's, gas, etc and then can get cash out or just put on credit card. ATM's are plenty but if you don't use your own financial institution the screen will advise you of the fee charges before you take $$ to decide if you want to continue with the transaction.

So are checking accounts still the way people pay bills over there? Could you easily do without a checking account and pay bills similar to how I mentioned above?

Credit Cards here are big on reward points too. I don't see the benefit really as you tend to have to spend like 10 thousand to get a one way plane ticket that would cost about $200 and the points won't let you buy return trip so you are out of pocket even more.

C-Chelle - how's the job hunt going?

[MnMomma]

Originally Posted by back2M

So are checking accounts still the way people pay bills over there? Could you easily do without a checking account and pay bills similar to how I mentioned above?

I could almost not have a checkbook. The only time I write checks are for our church offering and other charitable donations (which all could be done electronically), school lunches or other school fees, and if I owe an individual (i.e the guitar teacher). I could do all of those using PayPal or cash, but since I have the checks, I use them. All of our bills are set up for electronic auto-pay. I bank at a credit union (Endura) and I don't need to go there since everything can be done online. I'd love to be totally paper-free.

[TimtheGuy]

Originally Posted by Beenhere4ever

Could do worse. Ironically TCF had origins in mortgage banking. Yet SOMEHOW they did not end up with a pile of troubled assets. Maybe it was they just knew what home mortgage were about?

TCF took it in the shorts on their 2nd mortgage business/portfolio (home equity & home equity lines of credit). They were doing equity loans to 100% of the appraised value pre-depression by the thousands. A big portion went bad and those that didn't are now basically unsecured loans.

[TimtheGuy]

Both US Bank and Wells Fargo are extremely healthy banks that didn't get into a lot of over aggressive, bad home loan lending. They were both forced to take TARP funds by a whack job gov't. Neither bank needed said funds to survive. They had to pay back the TARP loans with interest. The kicker that really gets me is they had to get permission from the gov't before they were allowed to pay them back.

[TimtheGuy]

Originally Posted by C-Chelle

Thanks everyone..... ended up with TCF. Very nice people and convenient locations.

TCF would definitely be the "shadiest" of the 3 (TCF/USB/WF) imo . They give checking accounts to anyone and everyone and make the majority of their money on overdraft fees! Most banks make their money on interest rate margin and more 'legit' fees, not overdraft fees.