Close Wells Fargo accounts?

pnq2012 · Post by **pnq2012** » Sun May 06, 2018 7:14 pm

I'm R2I-ed and have accounts in Wells Fargo Bank. Been hearing about the Wells Fargo scandal. They have been slapped a $1 Billion fine & bunch of lawsuits. I read an opinion column where some financial analyst basically wrote that customers should close their accounts in Wells Fargo. Is it that bad?

Would love some opinion from financial experts on this forum.

Dwija123 · Post by **Dwija123** » Sun May 06, 2018 9:33 pm

+1 for question and bumping the thread. I have some money in TCS 401K in Wells Fargo should I move it out ?. If one has to move that money what is good option other than Vanguard which one can open with Indian Address ?

Dwija123 · Post by **Dwija123** » Sun May 06, 2018 9:59 pm

Though Buffet and Munger thinks it should be ok http://money.cnn.com/2018/05/05/investing/wells-fargo-warren-buffett-berkshire-meeting/index.html

VS007 · Post by **VS007** » Mon May 07, 2018 3:13 am

You can keep it open if you are ok with your bank opening fake accounts and taking customers money.

Dwija123 · Post by **Dwija123** » Mon May 07, 2018 12:00 pm

Got it VS007, Thanks. Now to the second part, what would be a good IRA account other than Vanguard which allow brokerage and does not restrict on funds and stocks selection ?

VS007 · Post by **VS007** » Mon May 07, 2018 4:44 pm

Fidelity for mutual funds , not sure if they allow stocks

pnq2012 · Post by **pnq2012** » Mon May 07, 2018 8:08 pm

VS007;674135You can keep it open if you are ok with your bank opening fake accounts and taking customers money.

Yeah, see - it is unfortunate that customers suffer because of bad business ethics, which is becoming more common nowadays. These are not easy quick decisions where you can just close accounts and open with other banks. But thanks for your opinion.

Being out of US for quite some time, any thoughts on which are the good banks that also offer some good interest on CDs (FDs). Has anyone tried opening bank accounts from India? I'm a USC, so I believe, it should be possible. But would be good to get some insight before I start calling customer service of banks.

cf_r2i · Post by **cf_r2i** » Tue May 08, 2018 4:44 pm

pnq2012;674152Being out of US for quite some time, any thoughts on which are the good banks that also offer some good interest on CDs (FDs). Has anyone tried opening bank accounts from India? I'm a USC, so I believe, it should be possible. But would be good to get some insight before I start calling customer service of banks.

Bank accounts for cash more than 10K you can earn up to 2% . Discover Bank and Capital one savings accounts, Would you keep that much cash in a savings accounts is different discussion.

layman · Post by **layman** » Thu May 17, 2018 10:16 pm

More issues

"The incident happened in 2017 and early 2018 as Wells Fargo was trying to meet a deadline to comply with a regulatory consent order related to the bank's anti-money-laundering controls, the report said."
https://finance.yahoo.com/news/wells-fargo-employees-altered-business-134929118.html