Wells Fargo needs The Duke

Damn, they got the women AND the cash!

Cooling my heels waiting for Wells Fargo to fund a closing – this was supposed to be done on Friday but once again, the bank too big not to fail has screwed up. I never recommend the bank to clients because they take forever to approve loans (6 weeks is not at all unusual) and seem to operate on a business model that wrings as much float time as possible.

Or the indians attacked their stagecoach and made off with the loot but either way, they’re a difficult bank to deal with. Buyers tend to go for the lowest rate and often choose Fargo but if you consider that your loan will probably last just a couple of years, the teeny fraction of a point is insignificant, and the hassles of dealing with these people is huge.

I’m sure their lawyers would be pleased if I emphasized that my experience may differ from yours, so go ahead and grab that rate. Just don’t say I didn’t warn you.

7 Comments

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7 responses to “Wells Fargo needs The Duke

  1. anonanon

    hear hear. any you particularly like?

  2. Anon

    Ditto to the criticism of Wells. Have had many issues with them as a customer. Am closing my account with them ASAP!

  3. Anonymous

    Gotta tell you Chris, we went from application to clear-to-close with Wells Fargo in under 15 business days. So quickly, in fact, that the sellers were not ready for the closing to happen, despite the fact that they wanted to close asap – we had to delay closing until Aug. 9th.

    • I’d suggest that you had your Wells Fargo broker to thanks for making you the exception but in fact, there are some excellent people there, so it’s central headquarters that seems to be dropping the ball. Still, I’m glad you had such a positive experience.

  4. anon&anon

    It has not gone unnoticed that you are selling dirt these days. When the money is funded for this closing, care to do a little bragging? We like to share in your successes. And when can we expect you to buy a Fisker Karma so when you and Gideon drag race on Old Post Road, you can leave Gid’s funny little Jag in the dust?

    http://www.caranddriver.com/reviews/2012-fisker-karma-review

  5. The Word

    Worth noting that this is Buffett’s (Warren’s, not Jimmy’s) favorite bank, and has little to no exposure to the slow-motion train wreck in Europe. None of which means a thing when you’re waiting for funds to clear 🙂

  6. Carol

    Chris, I highly recommend The First Bank of Greenwich located in Cos Cob – they are a local bank and it brings me back to long ago when the banks really took an interest in who you were and not just looked at the numbers. We just re-financed with them when everyone else said no!