Wells Fargo - upset about being charged fees for online bill pay services

# 16 for August 15, 2003

Complaints.com received the following consumer message on August 14, 2003:

From:

RE: Wells Fargo - upset about being charged fees for online bill pay services I'm writing to express my disappointment with Wells Fargo's policy on online Bill Pay service fees. I've been a loyal customer of Wells Fargo (previously Norwest Bank) for more than ten years and this is the first time I've felt truly let down. I've been using the Bill Pay service for many months now, enjoying the convenience of electronic transactions instead of writing out checks every month. I've had no fee on this service as I've been saving money for a down payment on a new home. Because of my positive experiences with Wells Fargo, I naturally chose them and was also pleased with the mortgage experience. This week we closed on the transaction and are moving into our new home tomorrow. However, I was shocked to find out that, because I removed much of the money from my savings account to go into this investment, I would be charged nearly $7 per month ($84 per year!) to make a few, perhaps 4 or 5, electronic transactions each month. I discussed the issue with my mortgage contact and a couple of thier "1-800" customer service people. Despite their sympathy and understanding, they informed me that there was nothing they could do. As such I've cancelled the Bill Pay service. What I find most perplexing this policy is the cost of doing manual versus electronic business. The administrative and labor costs associated with processing hard copy checks or forms are well known in any industry to far exceed the ease and accuracy of electronic transactions. I would think Wells Fargo would encourage your customers to help you reduce costs rather than alienate us with excessive fees. At my company, we very much promote the use of online business and EDI with our customers. Knowing that it can save our company millions of dollars, I seriously question why the marketing strategists at Wells Fargo do not encourage the same approach to cost-saving business sense. That a mortgage doesn't count as a "qualifying account" to waive fees while a few thousand in savings does is completely irrational to me. I highly suggest that Wells Fargo gets the consumer banking and mortgage departments together for a meeting on the concept of customer focused products that are win-win concepts. Online banking is a classic example of win-win and they're clearly not leveraging it.