Wells Fargo Bank Business Accounts

[Fizzle1979]

Does anyone have a business account with Wells Fargo? I’m going to keep this short as I can, if anyone wants, details let me know.

I found out today from a local WF Branch Manager that if a company has a WF business account and the company issues their employees a WF payroll check from that WF business account. Then the employee takes the WF payroll check to the WF branch to be cashed and the employee does not have an account with WF, they are charge a fee.

The Branch Manager said all they have to do to avoid the fee is open an account. Well not all people can have a checking out. She said most banks around town are now doing this. I called two banks, neither charge a fee.

Am I the only person that thinks this is unfair?

[DHK]

Let's see... a NON-BANKING customer is standing in their line and making it MORE inconvenient for their DEPOSITING customers.

Hmmm... if I were a customer, wouldn't I want to be rewarded by shorter lines in the institution that I bank with?

If I were a bank, whose loyalty would I be more concerned about?

Hey, if they're going to get complaints about it, they might as well get paid for it. And if they're going to be a frequent check casher, WF has a built-in reason for all tellers to offer deposit accounts to those who don't have accounts.

It's win-win-win... for WF. Shorter lines, more sales opportunities and more revenue for them.

Ask the Wells Fargo manager about their payroll services. They'll charge you more to do it (obviously), but your employees would be issued WF CASHIER'S CHECKS for their payroll checks.

Shouldn't have a fee to cash those (if I remember correctly), but it's been a long time since I was a Wells Fargo manager. Also, you'd be able to offer direct deposit to all your employees (and make your tax guy much happier).

Remember, you as a business owner will have a VENDOR relationship with your bank, NOT a "friendly customer" relationship. You don't get to deposit cash for free. You don't get to deposit your CHECKS for free. You will be charged for each and every service depending on the type of account you have and fee structure that goes with it.

If you don't like it, you'll have to find another place to do your banking (and that's what they'll tell you).

Just another point of view.

[Fizzle1979]

Let's see... a NON-BANKING customer is standing in their line and making it MORE inconvenient for their DEPOSITING customers.

Hmmm... if I were a customer, wouldn't I want to be rewarded by shorter lines in the institution that I bank with?

If I were a bank, whose loyalty would I be more concerned about?

Hey, if they're going to get complaints about it, they might as well get paid for it. And if they're going to be a frequent check casher, WF has a built-in reason for all tellers to offer deposit accounts to those who don't have accounts.

It's win-win-win... for WF. Shorter lines, more sales opportunities and more revenue for them.

Ask the Wells Fargo manager about their payroll services. They'll charge you more to do it (obviously), but your employees would be issued WF CASHIER'S CHECKS for their payroll checks.

Shouldn't have a fee to cash those (if I remember correctly), but it's been a long time since I was a Wells Fargo manager. Also, you'd be able to offer direct deposit to all your employees (and make your tax guy much happier).

Remember, you as a business owner will have a VENDOR relationship with your bank, NOT a "friendly customer" relationship. You don't get to deposit cash for free. You don't get to deposit your CHECKS for free. You will be charged for each and every service depending on the type of account you have and fee structure that goes with it.

If you don't like it, you'll have to find another place to do your banking (and that's what they'll tell you).

Just another point of view.

First I'm not a business owner. I work for a company who has over 10,000 employees and that's who I am talking about.

I wouldn't think that it takes more time for them to cash a non banking customer's check than a banking customer's check. If so, they need to improve their efficiency.

If you were bank, I would think that your loyalty would be with the company's who chooses to bank with you. And if you were going to make it difficult or charge a fee for my employees to cash their check, I will take my business else where.

Again if the employee could open a checking account, I'm sure they would have. But there's usually a reason why they don't have a bank acount.

Thanks for your point of view.

[DHK]

Sounds like you need an account (somewhere else).

At the risk of sounding too presumptuous, have you checked with a credit union to open a SAVINGS account?

Even if you have a chex record, they'll usually open a savings account so you can deposit or cash your checks in person.

Something to think about.

(BTW, I don't "defend" WF. I just understand them and their viewpoint. That's all.)

[Fizzle1979]

Just to add...Wachovia also charges a $5 fee if you do not have an account with them. I can not believe this is happening.

[willingtocope]

Gee, those poor banks that are losing all that money from giving loans to people thay shouldn't have done in the first place and all us deadbeats defaulting on our credit cards have to make profits somewhere, don't they?

Yeah, right.

I'm thinking this is one of those times where all you can do is vote with your business. In other words, don't do business with these idiots. I understand if you actually don't have an account of your own...I had the same problem for awhile. My solution was to form a DBA business (selling stuff on eBay) and then open a "business account" with a local bank. Local banks tend not to have these kind of profit gouges. I then deposited my paycheck into my business account. The connection between me and the business account was there, but it would have been difficult for someone to trace.