Here is how the rewards program works. First my banker bothers me about enrolling until I do. Undoubtedly he got commission for that which ultimately I paid for in higher fees. Then I get charged $19.00 per year for the rewards program enrollment. Over time I built up points by spending money on my credit and debit cards. Then I have to go to a totally different website from the normal WellsFargo.com site, WellsFargoRewards.com, register a new account there, then log in and select cash rewards. This is hundreds of dollars that they’ve been sitting on for years.
They took my money up front and again every year automatically, just for this program. Then they make it non-automatic and non-obvious for me to reap the benefits of what I paid for. The whole process involves wasting my time (talking to my banker about it, signing up and redeeming points) just to get cash I’m entitled to. I don’t want to play this stupid, sleazy game. If they are sitting on all of this money for me why can’t they just lower my fees and interest rates with it? Because they’re hoping I’m too forgetful and/or inept to redeem, but they’ll never forget to charge me the fee!
Due to things like this (there’s more but I won’t bore you with it) and their part in the financial/mortgage crisis over the past few years I’m done doing business with Wells Fargo.