Has anyone encountered any weirdness with closing and opening accounts at WF? I had wanted to take advantage of a checking promo and I forgot to close the old account ahead of time so I couldn't do it with the account I opened today.

If I close these accounts in the next month or two, will it be weird or awkward to open another checking? I'm kind of kicking myself here but I did grab a bonused shop pretty far out so it worked out alright for now.

Thanks in advance for sharing any thoughts or experiences.

Sorry, I haven't done these type of shops, and this may not be helpful. But I used to churn WF accounts some years go. Back then, I remember they had a pretty generous grace period from when you closed an account, to when you could next earn the intro bonus again. Their bonuses at the time were larger than other banks, with sometimes even easier requirements.

Edited 1 time(s). Last edit at 09/24/2024 12:02AM by Okie.

I’m not sure what the requirements are to get the bonus. If you check the fine print on the offer, it’ll probably be buried somewhere in there.

As for shops, you’re allowed to have up to four accounts open with Wells Fargo. If you’ve got an account opening shop coming up that won’t put you over the threshold, I’d probably wait until after the shop to close an account. No sense inviting suspicion when you don’t have to.

I closed a checking acct about 2 weeks ago so altho i would like to get the end of quarter higher fee I decided not to open a new checking acct so soon. I did not want to have to come up with a plausible reason. But if fees get high this week i might open a savings acct.

Are you talking about the $300 bonus?

"You are not eligible for this offer if:
You are a current primary owner of a Wells Fargo consumer checking account. The primary account owner is the owner whose Taxpayer Identification Number, such as a Social Security Number, is assigned to the account and has tax responsibility.
You have received a bonus for opening a Wells Fargo consumer checking account within the past 12 months.
You are a Wells Fargo employee."

I have had a WF banker comment/question about my account history during an account-opening shop or when I go to close an account. That's natural, IMO; it's part of the banker's job. I have prepared backstories ready.

I have three active WF accounts: one savings, one "Main Checking," and one "Christmas 2024" checking. Each account has periodic activities. For the Main Checking account, I got a free box of checks and a bonused shop fee. For the Christmas account (which I won't close until November or December) and the savings account, I got two more bonused fees. While I would love another $300, I am satisfied with what I got and don't want to risk future shop opportunities by closing my 2 checking accounts now.

I probably won't do another account-opening shop until December or January -- at least several weeks after I close my Christmas checking account.

@olympia tennenbaum wrote:

Has anyone encountered any weirdness with closing and opening accounts at WF? I had wanted to take advantage of a checking promo and I forgot to close the old account ahead of time so I couldn't do it with the account I opened today.

If I close these accounts in the next month or two, will it be weird or awkward to open another checking? I'm kind of kicking myself here but I did grab a bonused shop pretty far out so it worked out alright for now.

Thanks in advance for sharing any thoughts or experiences.

@BusyBeeBuzzBuzzBuzz wrote:

Are you talking about the $300 bonus?

"You are not eligible for this offer if:
You are a current primary owner of a Wells Fargo consumer checking account. The primary account owner is the owner whose Taxpayer Identification Number, such as a Social Security Number, is assigned to the account and has tax responsibility.
You have received a bonus for opening a Wells Fargo consumer checking account within the past 12 months.
You are a Wells Fargo employee."

I have had a WF banker comment/question about my account history during an account-opening shop or when I go to close an account. That's natural, IMO; it's part of the banker's job. I have prepared backstories ready.

I have three active WF accounts: one savings, one "Main Checking," and one "Christmas 2024" checking. Each account has periodic activities. For the Main Checking account, I got a free box of checks and a bonused shop fee. For the Christmas account (which I won't close until November or December) and the savings account, I got two more bonused fees. While I would love another $300, I am satisfied with what I got and don't want to risk future shop opportunities by closing my 2 checking accounts now.

I probably won't do another account-opening shop until December or January -- at least several weeks after I close my Christmas checking account.

@olympia tennenbaum wrote:

Has anyone encountered any weirdness with closing and opening accounts at WF? I had wanted to take advantage of a checking promo and I forgot to close the old account ahead of time so I couldn't do it with the account I opened today.

If I close these accounts in the next month or two, will it be weird or awkward to open another checking? I'm kind of kicking myself here but I did grab a bonused shop pretty far out so it worked out alright for now.

Thanks in advance for sharing any thoughts or experiences.

No, there's one that's $325. I don't usually do bank shops because the bonuses are more lucrative. When it lines up that I can do both, I'll pounce. That's why I'm kicking myself on spacing about the current account.

I'm aware of the bonus terms, I'm just wondering about the awkwardness of opening and closing from those who do these monthly.

Edited 1 time(s). Last edit at 09/24/2024 12:37PM by olympia tennenbaum.

@sandyf wrote:

I closed a checking acct about 2 weeks ago so altho i would like to get the end of quarter higher fee I decided not to open a new checking acct so soon. I did not want to have to come up with a plausible reason. But if fees get high this week i might open a savings acct.

I'f you're willing to drive a bit, the bonuses are definitely good.

@Okie wrote:

Sorry, I haven't done these type of shops, and this may not be helpful. But I used to churn WF accounts some years go. Back then, I remember they had a pretty generous grace period from when you closed an account, to when you could next earn the intro bonus again. Their bonuses at the time were larger than other banks, with sometimes even easier requirements.

Using the term churn, are you active on Reddit?

You can literally close an account one day and open a new one the day after it's closed. They aren't picky at all online. However, that's when you're opening one a year. I have no idea once you starting opening and closing more than one if things start to get weird.

Maybe I'll just forgo doing another job where I open in the branch and just open online.

Sigh. I hate making myself mad at myself.

@olympia tennenbaum wrote:

Using the term churn, are you active on Reddit?

You can literally close an account one day and open a new one the day after it's closed. They aren't picky at all online. However, that's when you're opening one a year. I have no idea once you starting opening and closing more than one if things start to get weird.

Maybe I'll just forgo doing another job where I open in the branch and just open online.

Sigh. I hate making myself mad at myself.

For Reddit, I'm not as active. I was for a bit during that meme stock period, to follow. There's some in-depth topics and communities, but can get addicting, for me.

Now, I follow websites like Doctor Of Credit, The Points Guy, Flyer Talk and YouTube. I don't sign-up for bank accounts and credit cards as often now.

Thanks to all, I was surprised to learn about the multiple accounts.

I'm not sure about these shops, but I think another round will come around, and some branches stay on the board where the pay will increase.

The only ones I've gone into branch to open an account were Chase and business accounts. Not related to shops, but in the past, Chase had elevated in-branch offers for certain credit cards. The business accounts, it's easier to provide business formation documents and answer all of their questions in-person.

Sorry to omit details - yes, there's a bonus for $325 right now. You can google for terms but essentially you can not currently have a consumer checking account and can not have received a bonus withing the last 12 months.

If possible, I try to stack these offers. The bonuses pay more than the account opening. Different banks have different requirements like direct deposit, a minimum balance, bill pays, etc.

I had a problem with a complaint shop I did just last week. I went in and did a complaint shop with Banker 2 at one location, but the person did not register a complaint about me not understanding the terms of the account and feeling pressured to open it and wanting a complaint about that. Then the head Banker - Banker 1 (who opened the account - not the dude I spoke with that day) telephoned me and asked if I wanted to make a complaint. I said no. I filled out my report accordingly bc Banker 2 didn't make the complaint.

So then, when I went to make a new complaint shop about an unauthorized account with Banker 3, who was extremely polite and frighteningly thorough. She even printed out my prior forms and said to look at them and see if it looked right. My signatures were thankfully different looking. I just said, well, they look really close, but I just don't recall authorizing this account. She said that accounts can't be opened without ID, I just smiled and doubled down that I don't recall authorizing this account. Banker 3 looked again at the account and then told me that Banker 1 filed a complaint. (oops!) My original report stated correctly that no complaint was filed, it was sort of a surprise that there was a complaint on the shop after all!! And I was there on the spot!!!! I said yeah, that's really weird, I don't recall authorizing this account. So then Banker 3 said, I'll just fill out a complaint and they will investigate and get back to you.

So now I need to contact the MSC and ask if they can remove both complaints.

Oh my, I don't know how you guys do these complaint shops. I think I would botch these shops.

I haven't done a WF complaint shop in a while and I don't think I will do an in-person one ever again. Even the phone ones are iffy because I suspect they will longer remove the complaints from my file.

I'm not a good enough actor to do complaint shops. Plus, I value the bonuses way too much to screw up my relationship with WF.

The bankers usually know, as soon as you present the scenario, so I don’t mind. Sometimes, like Cherubino said, you've got to keep repeating the phrase until they get it or consult another banker who does. It's really more like a training exercise for them.

They report the $325 as taxable income - ugh. That makes me less inclined to drain and close my current account (that I actually use) and open a new one.

I still do the complaint shops, but only the scenarios with out of service ATMs and online appointment scheduling. The unauthorized account and sales pressure tactics aren't believable when your account has been open for an extended period of time.

@BusyBeeBuzzBuzzBuzz wrote:

I haven't done a WF complaint shop in a while and I don't think I will do an in-person one ever again. Even the phone ones are iffy because I suspect they will longer remove the complaints from my file.

I used to do them, but Wells Fargo is now my main bank. There is a procedure they are supposed to follow for complaints, and if they don't follow it, the complaint won't be purged from your file before someone tries to investigate the situation/scenario you presented. Your everyday accounts could get flagged, even closed. Imagine that happening while you're trying to make a mortgage payment.

When interest rates were low, I parked a good portion into a Chase checking account for payments. I recently discovered those inquiry shops which aren't too bad or time consuming. But I could see if WF was your main bank, this especially wouldn't be ideal.

I would rather do $120-$200 account opening shops 6 times per year (every other month), than to wait for 1 bonus of $300 and 1 shop of $120-300.

If i have the account open, i can count on $50 per month in the 2 phone call complaints as well.

@olympia tennenbaum wrote:

@sandyf wrote:

I closed a checking acct about 2 weeks ago so altho i would like to get the end of quarter higher fee I decided not to open a new checking acct so soon. I did not want to have to come up with a plausible reason. But if fees get high this week i might open a savings acct.

I'f you're willing to drive a bit, the bonuses are definitely good.

I looked the other day and within 20 miles there were only 3 shops left, two checking amd 1 savings all at the same location.a drive away but the bonuses here were 150.for checking this month. How high do they go for a long drive away?. Not so sure it would be worth the drive unless I picked up.some other highly bonused shops.

@hbbigdaddy wrote:

I would rather do $120-$200 account opening shops 6 times per year (every other month), than to wait for 1 bonus of $300 and 1 shop of $120-300.

If i have the account open, i can count on $50 per month in the 2 phone call complaints as well.

That's true and would be a good stream if you're looking to maximize shops and pay. To me, I was thinking the bonus from WF is low-hanging fruit, with the least amount of effort. With the complaints, everyone seems to have a different level of comfort depending on their situation.

But I did come across one scenario. It's where you go through the CC app process, and then at the last min, you leave w/o agreeing to/signing anything. It's currently at $30 in my area. I'm not sure if this is worth the trouble. It seemed a little awkward to bail at the last minute. Just curious if anyone has done these? If so, what was your experience?

I did the CC one. Once was enough for me. It was slightly awkward but that was not the problem. For me, the pay was just not worth the time and effort.

I'm a WF bonus seeker too...so I am judicious in dealing with them....don't want to run up against the Early Warning system.
They are such a weird bank (IMO).

@Susan L. wrote:

@BusyBeeBuzzBuzzBuzz wrote:

I haven't done a WF complaint shop in a while and I don't think I will do an in-person one ever again. Even the phone ones are iffy because I suspect they will longer remove the complaints from my file.

I used to do them, but Wells Fargo is now my main bank. There is a procedure they are supposed to follow for complaints, and if they don't follow it, the complaint won't be purged from your file before someone tries to investigate the situation/scenario you presented. Your everyday accounts could get flagged, even closed. Imagine that happening while you're trying to make a mortgage payment.

Especially new shoppers get excited with large bonus and do not think of the consequences. Another example, an MS is offering a $40 bonus for an airport shop and suggests to buy a one way refundable ticket. There is a major difference between purchasing a ticket and canceling without checking in and acrually buying the ticket checking in and going in the terminal and then canceling. I ve done it once and not only took me forever to do the cancelation because it needed to be done manually by a phone agent due to checking in but I was flagged for a year with TSA.

Edited 2 time(s). Last edit at 09/25/2024 12:12PM by KateH.

@hbbigdaddy wrote:

I would rather do $120-$200 account opening shops 6 times per year (every other month), than to wait for 1 bonus of $300 and 1 shop of $120-300.

If i have the account open, i can count on $50 per month in the 2 phone call complaints as well.

There’s no reason you can’t stack. As long as you have no checking account open and also haven’t gotten a bonus in a year, you’re eligible for a bonus. You can keep opening more after that.

The bigger problem, if you want other bonuses, is EWS, as mentioned by another poster. If your report is filled with tons of new account openings it’ll get much harder to open accounts elsewhere.

Edited 1 time(s). Last edit at 09/25/2024 12:28PM by olympia tennenbaum.

yes, I think maybe it takes newer shoppers to learn that some of these shops, based on what they require, can come back and bite you in the a$$ * in other ways*....there's no human element here lol.

@BarefootBliss wrote:

yes, I think maybe it takes newer shoppers to learn that some of these shops, based on what they require, can come back and bite you in the a$$ * in other ways*....there's no human element here lol.

I completely agree. There are also some things that seem easy on paper that get more difficult in reality. Doing account openings means tying up your own money and then having to unwind the account in the future. I did an account with another MSC and it was nothing but nightmares and tons of follow up, etc. Most of the time things work out but having one negative experience will make you think twice.

My unsolicited advice to anyone who is dabbling in bank bonuses or opening multiple accounts is to have your main banking elsewhere, like a local credit union, etc. Otherwise, have more than one active account that you can draw funds from. There are plenty of scary stories on Reddit of having your accounts shut down and having no access to funds. Not to try and scare anyone but just think a couple of steps ahead in case your main bank has an issue.

Edited 1 time(s). Last edit at 09/25/2024 01:26PM by olympia tennenbaum.

@Okie wrote:

But I did come across one scenario. It's where you go through the CC app process, and then at the last min, you leave w/o agreeing to/signing anything. It's currently at $30 in my area. I'm not sure if this is worth the trouble. It seemed a little awkward to bail at the last minute. Just curious if anyone has done these? If so, what was your experience?

It's not worth $30, Okie. I did it when they first came out and eventually went to $40 in a hard-to-fill area (think Podunk squared.) I imagine it's clunky when it comes time to back out, but I didn't have to go through that because the banker told me I could only have one Wells Fargo credit card at a time, and since I already had one, I wasn't eligible to apply for another (which was incorrect information.) I had to get with the scheduler on how to handle it, and then went back and forth a couple times with editing because they weren't sure what to do with it either. I ended up being paid the full amount, but I won't do another one.

There are easier ways to make $30.

Dang, good to know. I believe I saw these CC ones start at $10 or $15, and $30 is as far as I've seen it go up in my area.

I've done a few CC ones. The first one when they were new paid $75 and I was stunned at how easy the report was for the fee. I've never seen them pay that much since then, but I just took one for $50. I don't find it too hard to back out. I just say I want to pay down my balance on other cards before I get a credit check and apply, or I want to check out the Chase CC's first. The report is easy as pie. The problem is it can take a long time in the bank if the banker is chatty about it all.