They Do Not Really Value Their Customers

 

Ugh!  The process of buying (and selling) real estate is so annoying!  The underwriter for my loan wanted me to provide a letter explaining where the money deposited into my (Wells Fargo) checking account (for a down payment for a house) came from, so I had to hunt up documentation from a few months ago showing that the money had come from me liquidating my Wells Fargo managed mutual fund, since my Wells Fargo mortgage loan officer could not figure that out for themselves without me taking half a day off from work to hunt up a Wells Fargo bank statement and fax it back to my Wells Fargo mortgage loan officer about where the extra money in my Wells Fargo checking account came from. Do you understand why I am a bit frustrated at Wells Fargo right now? I am a “customer”, not a criminal, so shouldn’t they be kissing my shoes, trying to get me to take a loan, instead of going out of their way to try to annoy me? Every time that I turn around, someone else wants just another letter of explanation, another letter of reassurance, another document, another bank statement … enough already! Just because I am helping the economy by buying a house doesn’t automatically mean that I am some shady character simply because I actually have some “savings” even in the middle of a recession, on a government salary, and can afford to buy something.  

I realize that the mortgage bankers are skittish after the real estate bust in 2008 (which every decent economist predicted years ago), but this is ridiculous! And this is typical of how they treat former customers of Wachovia Bank (whom they acquired) and whom that I have had accounts for several years. Wells Fargo has a worse website (counter initiative and hard to read), more paperwork requirements, and tends to be less helpful and less responsive to customer requests than Wachovia ever was.