Wells Fargo has been in the news for one fiasco or another for 20 years. How are they still in business? Their reputation is terrible. I guess people don’t talk about their banks that much.
The good news is that all the good banks have already been strip-mined so that there won't be a second wave of this.
The bad news is that all that's left in the US is shitty banks. I use a credit union for my personal money, but for my companies SVB is about the best I can find. At least they don't engage in shenanigans like this.
I totally agree about credit unions vs. banks; at this point I am leery about dealing with any financial institution that doesn't have "Federal Credit Union" in its name.
I think most credit unions will work with you to open a business account if you are already known to them as a personal member.
True, but they are really set up for small businesses, not startups.
Hm, yes, fair point.
Previously, they got a trillion dollars or so in bailouts, some billions in fines, little control of how they spent the bailouts, and criminal immunity for what led to it. Then, banks like Wells Fargo kept pulling every scam they could on the taxpayer with basically no response from the government. Yeah, they all own the government exploiting it to their benefit. Expect them to do more since it's their country. You always know by looking at who pays [massively] and who gets paid [massively] in unjust ways.
In what ways? If you close your account they need to give you all of your money at the time of closure.
Having worked at a bank, I can tell you that they are scared by how mobile millennials are with their money. They will literally follow the interest rates. With most millennials using credit and not debit/ach, it becomes even easier to move to a new banking provider.
if i have $50K in a checking account they're obligated to write me a check (?) for $50K if i tell them i want to close my account?
if that's correct, does the amount matter? when do AML/KYC laws kick in? will these online focused banks accept new accounts funded with checks over $10K?
You don't need to worry about AML/KYC laws, those are the bank's problem. In fact, using smaller transfers to avoid hitting the $10k threshold is illegal.
If you'll think billing problems will occur, break the transfer into two chunks and keep both accounts open for two months or so until satisfied.