Wells Fargo Hit With $3.7B Fine & Late With My Broker CD Interest!

Blade | Dec 20, 2022 | 49 posts since 2018

I've got a brokered CD from Wells Fargo in my Schwab account that pays out on the 14th of each month unless it's a weekend or holiday. Was surprised when I didn't see my monthly interest last Wednesday but figured it'd show up soon. Still not seeing it today so I emailed Schwab. Here's their response:

"As for December, we are well past that deadline and it is a known issue with this CD. Schwab has already reached out to the bank that deposits the interest to Schwab, which we then distribute to our clients. So rest assured it is absolutely on our radar already, we're essentially just waiting for the funds to be disbursed to us at this point."

Not only does Wells pay large fines on bogus fees to their customers now they're late on brokered CD interest. Truly a horrible bank all the way around!

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Choice | Dec 20, 2022 | 937 posts since 2020

Talk to an attorney…if it was in BK the structure for the future will change or it may be liquidated

sharon907 | Dec 20, 2022 | 36 posts since 2022

Wells Fargo has broken so many laws for so many decades. In a modestly honest world, they would be bankrupted, their executives jailed, and their kids sent to public school.

Update what happens, and whether there is compensation.

darkdreamer4u | Dec 22, 2022 | 350 posts since 2010

Yup, Wells Fargo should be put out of business, split up and sold with the proceeds going to the thousands of wronged customers who fell victim to this corrupt joint that has the gall to call itself a bank.

sams1985 | Dec 20, 2022 | 781 posts since 2022

Please keep us updated, that seems highly unusual and irregular.. Some of these smaller credit unions seem safer than the bigger banks these days. Seems like nobody is safe.

As a side note, Wells Fargo is well known for all sorts of sketchy behavior. Back in the day, you could walk into a Wells Fargo and pay off your WF credit card balance with thousands in cash and they wouldn't even blink.

Rickny | Dec 21, 2022 | 1,298 posts since 2017

I took advantage of a $700 reward for opening a checking account and the $200 reward for opening a charge card. I also have a mortgage with them that was with Wachovia Bank that Wells took over.

I have to say with my experience I had no problems with the banking but a mortgage refinance was not smooth. Every part of the checking account opening was documented clearly and with signatures. Got the bonus on time and closed the account. The rep at Wells was also very helpful. I opened the charge account, did the requirements got the $200 rebate and no longer use the card.

The people that worked in the mortgage department were not knowledgeable and couldn't supply answers. They were giving me a hard time about a large stock trade that I made and I was required to document why I made such a large transaction. Things did work out in the end and I got a great rate, corporate discount on closing and a $500 cash back. I did get a check as part of a class action suit about a flood check. Got an $8 check. They had to refund the $8 mark up they made on the flood check. One time in 10 years they almost missed a tax payment out of escrow. I received a tax bill before the taxes were due. Usually I get a receipt paid. I called the town tax clerk who said several people with Wells did not have their taxes paid so they mailed bills. I contacted Wells who paid the taxes on time and mailed me a letter that they did so.

The mortgage customer service is always good and the reps always take care of things.

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