banking info questions?
#1
banking info questions?
Today I had a chat with "my" guy at Wells Fargo about new arrivals and banking procedures and possible issues.
This man has been with us since we arrived and has been a great source of help and advice to my family - a lot of his customers are new immigrants like us and he knows the issues we face and how to get around some of them.
Any questions? happy to share my knowledge and also to go back for more info if needed.
ID requirements
2 forms of id. 1 official photo id like a passport or drivers license second one can be a credit/debit card.
Address
Federal law requires a real address which can be a foreign one that you can prove is yours (utility/tax bill) but you can set up a PO Box locally to get stuff sent to.
Social Security number is NOT required unless you are asking for a credit product (like a loan or credit card number)
He also told me about how to get free banking with Wells Fargo by choosing the wells fargo to work checking account and having a direct deposit of at least $1k a month paid into it.
I asked him what he wished his customers knew - what has caused him the most grief and he said "international wires". He says it doesn't matter how often he says it but people don't hear him when he says that Wells Fargo will decide what exchange rate you will get if you wire in a currency not in dollars. It's not in his power to influence this and the last time it happened the customer got 4% below market rate and was a bit peeved (!))
He asked me what we did since we never transferred euros or sterling and so I told him about worldfirst and how it worked. He said more people should set it up before they leave their own country so that they are ready.
Any other questions?
This man has been with us since we arrived and has been a great source of help and advice to my family - a lot of his customers are new immigrants like us and he knows the issues we face and how to get around some of them.
Any questions? happy to share my knowledge and also to go back for more info if needed.
ID requirements
2 forms of id. 1 official photo id like a passport or drivers license second one can be a credit/debit card.
Address
Federal law requires a real address which can be a foreign one that you can prove is yours (utility/tax bill) but you can set up a PO Box locally to get stuff sent to.
Social Security number is NOT required unless you are asking for a credit product (like a loan or credit card number)
He also told me about how to get free banking with Wells Fargo by choosing the wells fargo to work checking account and having a direct deposit of at least $1k a month paid into it.
I asked him what he wished his customers knew - what has caused him the most grief and he said "international wires". He says it doesn't matter how often he says it but people don't hear him when he says that Wells Fargo will decide what exchange rate you will get if you wire in a currency not in dollars. It's not in his power to influence this and the last time it happened the customer got 4% below market rate and was a bit peeved (!))
He asked me what we did since we never transferred euros or sterling and so I told him about worldfirst and how it worked. He said more people should set it up before they leave their own country so that they are ready.
Any other questions?
#2
Re: banking info questions?
That is all excellent advice. Seems to be 100% spot-on, and it's good to know that at least Wells Fargo gets it. And Wells Fargo has branches coast to coast and north to south, almost anywhere of any consequence, ..... apart, apparently, from New England other than CT. I think they're a bit thin on the ground in Ohio and Michigan too.
Unfortunately the problems than many people seem to face with banks is that the bank employees themselves are often not familiar with what the regulations say about ID requirements and opening accounts, or some banks are unduly cautious and set their own more stringent requirements for new accounts.
Unfortunately the problems than many people seem to face with banks is that the bank employees themselves are often not familiar with what the regulations say about ID requirements and opening accounts, or some banks are unduly cautious and set their own more stringent requirements for new accounts.
#3
BE Enthusiast
Joined: Dec 2002
Location: texas
Posts: 910
Re: banking info questions?
Yes, it you are unfortunate enough to get the 21 yr old who worked at Macdonalds as a manager and doesn't know how to count. Too many like that basically because they are treated as cashiers and not someone who is holding someone's precious income.
#4
BE Forum Addict
Joined: Apr 2010
Posts: 1,157
Re: banking info questions?
Apparently, y'all haven't been doing a good enough job of whining that banking is 20 years behind here! Oh, for proper EFT between accounts :sigh:
#5
Re: banking info questions?
If anything improving the funds transfer into the US would make the specific problem PF's Wells Fargo buddy highlighted even worse. People need to learn that you must only send US dollars to a US bank, otherwise you'll get shafted on the exchange rate.
#6
Re: banking info questions?
An interest-bearing account? Do you mean a checking account? Since he showed me around the wellsfargo.com website, I found this
https://www.wellsfargo.com/checking/preferred/
But to avoid the $30 monthly fee you've got to keep a minimum balance of $10k in it. I can't imagine the interest is enough to justify a balance of that.
One other point he made about banking which I didn't include above because I didn't think it directly relevant to people just moving here was that you must be LPR for Wells fargo to do any investments for you (stock markets etc).
https://www.wellsfargo.com/checking/preferred/
But to avoid the $30 monthly fee you've got to keep a minimum balance of $10k in it. I can't imagine the interest is enough to justify a balance of that.
One other point he made about banking which I didn't include above because I didn't think it directly relevant to people just moving here was that you must be LPR for Wells fargo to do any investments for you (stock markets etc).
#7
Re: banking info questions?
An interest-bearing account? Do you mean a checking account? Since he showed me around the wellsfargo.com website, I found this
https://www.wellsfargo.com/checking/preferred/
But to avoid the $30 monthly fee you've got to keep a minimum balance of $10k in it. I can't imagine the interest is enough to justify a balance of that. .....
https://www.wellsfargo.com/checking/preferred/
But to avoid the $30 monthly fee you've got to keep a minimum balance of $10k in it. I can't imagine the interest is enough to justify a balance of that. .....
I can't remember the last time I got more than 1c, I think it was several years ago.
Last edited by Pulaski; Sep 18th 2015 at 11:12 pm.
#8
Re: banking info questions?
Can "Your Guy" get me a good deal to refi my mortgage? ie no fees..better rate than 4.75?
#9
Re: banking info questions?
Assuming your credit score is decent, say 680 or better, the Wells Fargo rate today for a 30 year mortgage is 4.0%. Not sure about the fees, but they shouldn't be much.
#11
Re: banking info questions?
Yes, US mortgages are typically fixed for the life of the mortgage.
There are also 3/1, 5/1, and 7/1 "ARM" (adjusting rate) mortgages, which are fixed for 3, 5, or 7 years, then fixed annually thereafter, however after the initial fixed period, which is attractively low, the rate jumps up to something outrageously high. Given how low rates have been for the past 7 years, there are very few, if any, ARM mortgages offered these days. I was advised that they were only really for people who expected to sell or refinance before the end of the fixed period.
There are also 3/1, 5/1, and 7/1 "ARM" (adjusting rate) mortgages, which are fixed for 3, 5, or 7 years, then fixed annually thereafter, however after the initial fixed period, which is attractively low, the rate jumps up to something outrageously high. Given how low rates have been for the past 7 years, there are very few, if any, ARM mortgages offered these days. I was advised that they were only really for people who expected to sell or refinance before the end of the fixed period.
Last edited by Pulaski; Sep 19th 2015 at 11:10 am.
#12
Re: banking info questions?
Yes, US mortgages are typically fixed for the life of the mortgage.
There are also 3/1, 5/1, and 7/1 "ARM" (adjusting rate) mortgages, which are fixed for 3, 5, or 7 years, then fixed annually thereafter, however after the initial fixed period, which is attractively low, the rate jumps up to something outrageously high. Given how low rates have been for the past 7 years, there are very few, if any, ARM mortgages offered these days. I was advised that they were only really for people who expected to sell or refinance before the end of the fixed period.
There are also 3/1, 5/1, and 7/1 "ARM" (adjusting rate) mortgages, which are fixed for 3, 5, or 7 years, then fixed annually thereafter, however after the initial fixed period, which is attractively low, the rate jumps up to something outrageously high. Given how low rates have been for the past 7 years, there are very few, if any, ARM mortgages offered these days. I was advised that they were only really for people who expected to sell or refinance before the end of the fixed period.
RICH, I have an excellent contact in Wells Fargo's international team if you need a mortgage as relatively new arrivial. They will look at credit/payment/salary history from your previous country. We got a rate that was as good as any on offer at the time. I am happy to pass on the contact details via pm and have checked with the team at WF that I can do this.
I recently passed this contact on to a BE poster who got a mortgage arranged and bought a house before she left the UK I believe.
#13
BE Forum Addict
Joined: Apr 2010
Posts: 1,157
Re: banking info questions?
Yup. Both my checking accounts award interest (at a very, very low rate) - one has a $1000 minimum balance, the other maybe $100. Totally garden variety accounts (Schwab and TD). The $10 or so of interest a year still needs reporting on my tax return, though, which is what makes me wonder about the SSN. I only got these once I'd been here for a while, though, so I already had one.
#14
Re: banking info questions?
We have one of those and expect to move at the end of the term, since kids will have all gone off to college and won't need such a big house in the burbs for the school district. Or we'll refinance ahead of time.
RICH, I have an excellent contact in Wells Fargo's international team if you need a mortgage as relatively new arrivial. They will look at credit/payment/salary history from your previous country. We got a rate that was as good as any on offer at the time. I am happy to pass on the contact details via pm and have checked with the team at WF that I can do this.
I recently passed this contact on to a BE poster who got a mortgage arranged and bought a house before she left the UK I believe.
RICH, I have an excellent contact in Wells Fargo's international team if you need a mortgage as relatively new arrivial. They will look at credit/payment/salary history from your previous country. We got a rate that was as good as any on offer at the time. I am happy to pass on the contact details via pm and have checked with the team at WF that I can do this.
I recently passed this contact on to a BE poster who got a mortgage arranged and bought a house before she left the UK I believe.
I actually work for a bank, and my client gets excellent, helpful service from me,(they say), despite rules & regs that try to get in the way! (I have nothing to do with personal banking though).
#15
Re: banking info questions?
Soooo, most if not all major banks now allow money to be transferred by e-mail or text, for free. The transfer is so quick that when I receive funds by e-mail, I get an e-mail from Wells Fargo saying my account has been credited before I receive the e-mail from the person sending me the money!
Don't ask me how it works, but I know that I can get money almost instantly from someone who has my e-mail address without creating any risk of my account being fraudulently debited. The rest of the world can keep their "direct transfer to an account number".