Dear Wells Fargo, Please Stop Poaching!

We refinanced our house recently and it was done through Wells Fargo and they did a terrific job, While the process took a while, there was very little paperwork involved (discounting the 146 pages we had to sign at the closing) and our mortgage guy was very, very good. We were happy with the results.

Not long after the process was finished, I got a cold call from Wells Fargo. They noticed that I had an auto loan with another bank. They could do better, they said, and it would be convenient to have the mortgage and car loan in one place. So I told them to run the numbers, make a proposal and get back to me. A day later, they came back and told me that, in fact, they could not match the deal that I currently had on the loan. Fine. No big deal.

A few days after that, I got another cold call from Wells Fargo. I am eligible for free checking with them. How would I like to switch my account over? No thanks, I explained. I was very happy with my current bank and besides, it would cost me a pretty penny in my own time to get everything transferred over. There was nothing in it for me.

And then yesterday, I got another cold call from Wells Fargo. They noticed that I was in good standing with the mortgage and they would like to offer me the opportunity to transfer my other banking to them. Well, this time I lost my patience a little. Mind you, I was very polite on the phone. I explained that I’d received several calls already. I explained that Wells Fargo offered to get me a better rate on my car loan–and then failed to do so. I explained that they offered me free checking, but it wasn’t worth my time. So I said, “I’ll tell you what. We can make it worth my time if you can give me a good interest rate on the savings account, say 5%?” Of course, they weren’t able to do that.

Wells Fargo, I appreciate the great job you did on my mortgage. Nice work, kudos, etc., etc. But please stop poaching me for other services, especially when I come to find you can’t even match the deals I am already getting. This is an obnoxious way of annoying customers, which I’m sure is not your intention, but which, at least in this case, is the result.

Now, who wants odds on me getting yet another cold call from Wells Fargo in the near future?

4 thoughts on “Dear Wells Fargo, Please Stop Poaching!

  1. Unfortunately the odds are very good because they won’t take no for an answer even with a 2×4 cluebat.

    Our peace of mind came when we got caller ID. Now I ignore all cold calls, especially from firms run by clueless marketing departments.

  2. I do this dance every few months with the cable company. They don’t believe it’s possible that a person exists who doesn’t own a TV and ONLY wants internet service. Apparently my life isn’t complete without a full digital cable package and digital phone service.

  3. I had this same issue with 2 different cable providers – only needed Internet but they thought I needed cable and phone. I know you can ask to be put on their No Call list (CPNI is what it is in the telecom world). I’m not sure if there is something similar in the financial world but something worth looking into to prevent and opt out all the cold calling.

  4. I won’t take those odds. We used to get a cluster of calls like that from Wells Fargo roughly every three months. We’ve banked with them for years, and they now have our mortgage (we’ve always picked other mortgage providers because they gave us better rates, and this last time, Wells Fargo bought our mortgage from our chosen provider as soon as the ink was dry!), but we go elsewhere for our other financial services.

    You might be able to get it down to a single “We’d like you to talk with you about our services” call once every three months if you let the calls go to voice mail.

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