This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Wells Fargo Boss Talks Bank Fees, Economy, Taxes

â¿¿ People hate bank fees. Bank of America just decided to postpone new fees on its checking accounts. Where do you see this going?

We try to be transparent in what we do. I think what really irritates customers is where they believe they got something at this price and find out there's some other language in there and they really paid this price.

What we want to provide for customers is a good, fair deal. We have 6,000 (branches), 12,218 ATM machines, 24/7 bankers, online, and all this stuff costs money. We give people (free) access if they do enough business with us. If they choose not to do business with us but for one thing, we charge them ($7) a month for the access to that nationwide distribution. That's a bargain. Our customers understand that. We've had minimal issues in that area. Our customers have higher loyalty scores with us than we've ever had.

â¿¿ You started in the business as a repo guy, so you had to show up at people's houses and take back their cars, their washing machines or whatever else they could no longer make payments on. What did you learn from that?

When you make a bad loan, a lot of people suffer. Your shareholder suffers, customers suffer. People go into a loan wanting to make it work, and they want to pay their debts.

â¿¿Any good stories?

One time I was repo-ing a chain saw out on a farm north of the Twin Cities. I heard the chain saw, so I walked around the house and some guy was cutting wood. He said, 'What do you want?' and I said, 'I'm here for the chain saw,' and he picked up the chain saw in one hand and then a shotgun in the other, and he said, 'Here, come and get it.' And I said, 'Maybe I don't need that chain saw right now.'

4 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs