Wells Fargo sucks balls.
Today they announced RECORD earnings.
That is impossible. TRULY impossible.
They have gynormous losses on their books. They have not made a loan in a year. All their time the last 12 months has been spent chasing down bad loans and begging people like me to open an account…any freaking type of account.
I am not saying that they can’t be a working bank again and that the market has not fully discounted the fact …which is why the stock is running; but, color me skeptical.
My short experience with Wells Fargo in the last few months has been atrocious. Over the last 12 months I was tag teamed by various different people, from different branches within Wells Fargo for my business. It’s as if they thought I had any to give. Basically, they were cold calling like a bucket shop penny stock house of old.
I wanted to move badly because my bank of 15 years had foreclosed on a buddy of mine as all banks are doing these days.
Since I have moved to Wells Fargo, their payroll platform has been a disaster, they have nickle and f#$&^%%king dimed me with fees and dumb overdraft notes because of all the fees on unfinished accounts and cause me insane angst with freezes on my debit cards for fraud. Understand that these bankers begged me to come over for all the great services and attention I would now get. The creme de la creme in stupidity is Well’s policy of just sending credit and debit cards like they were junk mail to you with no explanation of which card I for which. A true comedy of errors, but why should they care…I have moved 6 accounts from a bank I wanted to make a statement about.
Again, color me skeptical if this is a bank making TRUE, record earnings.
Disclosure – I have no position in Wells Fargo or any bank or Financial Company at the moment.