Bad Banks

Economic Summaries

Here is a page describing the total and utter incompetence of Wachovia Bank, which is owned by Wells Fargo. If you are transferring an Inherited IRA account away from Wachovia, be VERY CAREFUL. Wachovia is incompetent, and by association, their parent as well. Wells Fargo simply rubber-stamps the previous errors of Wachovia employees.

1. Wachovia Bank Inherited IRA Transferor Failure

2. Union Bank Inherited IRA Transferee Failure

3. IRA Disaster Timeline

4. The Bottom Line - 5. IRS Law - 6. Conclusion

7. Graphic of My Wells Fargo IRA Disaster

8. Graphic of my letter to Wells Fargo

9. Graphic of Wells Fargo's Legal Department's Response

10. Wells Fargo's Response with My Annotation

11. Fiduciary Accountability

12. Filing A Complaint with the Federal Reserve

13. Inherited IRA Info on Each Bank's Website

For an exhaustive expert discussion of this case, please visit
Ed Slott's Excellent IRA Help Website

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1. Wachovia Bank (the failed transferor)
Ever since my World Savings account got consumed by Wachovia, there have been issues, such as the RMD. Each conversation resulted in a telephone call to headquarters by my 22-year-old account representative, one Adam W. The answers provided were nebulous, vague, inconclusive. Because of this, and because of the ubiquitous negative buzz on Wells Fargo, I decided to transfer my Inherited IRA to locally-owned Union Bank of Capitola, CA, on April 13, 2010.

The new Wachovia bank IRA guy (Rob Gutowsky) told me I could transfer my account to my Union bank with NO PENALTY - all I had to do was complete the transfer in a single day. Since Wachovia's computers were "down", he suggested that I hand-carry a Cashier's check over to Union Bank right away, that day. I did precisely that, on April 13, 2010.

It is hard to believe that a "Financial Specialist", whose job is to administer IRA transactions, can be totally unaware of just what an "Inherited IRA" is, and the special rules associated with it.
- - - - - - -
In a 13-minute phone call on Feb. 25, 2011, Wells Fargo employee Rob Gutowsky essentially washed his hands of the situation, because I was "scaring him", and told me that I must deal with their corporate IRA Department exclusively, by calling 1-800-WACHOVIA. When Wells Fargo screws you, you are not allowed to get upset, apparently. "Hand washing" doesn't cut it for me - if an officer of the bank, who was responsible for this transaction, is unable to contact the proper corporate personnel, how can I be expected to contact (find) them?

So Rob thinks that I am going to subject myself to phone tree Hell? Not likely. I have a bad heart (permanent atrial fibrillation, CHF, RIS). Fuming on a phone line with make me apoplectic, and I might have a heart attack, or lose my mind.

ROB is the one that screwed up. HE knows far better than I whom to contact. I hold HIM SOLELY responsible for contacting the Wells Fargo brass, who can fix this transaction error.

He also informed me that any such transfers MUST BE INITIATED by the receiving bank. He did NOT TELL ME THIS on April 13, 2010, because he was obviously unaware of it at that time. During this conversation, Rob Gutowsky threatened me with a defamation action. Rob was not aware that TRUTH is an absolute defense to "defamation."

On Jan. 25, 2011, I received a 1099-R from Wells Fargo, which listed the ENTIRE AMOUNT of my Inherited IRA as a "Gross Distribution" in box 1. THIS IS BULLSPIT! According to the 1099, I must pay AN EXTRA $29,000 in tax on April 15, 2011. No matter what, THAT is NOT going to fly, without Superior Court action on my part.

Attn.: IRS
My RMD (Required Minimum Distribution)
In 2008, I took my RMD (Required Minimum Distribution).
In 2009, the RMD was waived for everyone.
In 2010, I was denied ANY distribution by Union Bank. - How can I be penalized for not taking an RMD, when I was NOT ALLOWED TO?

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2. Union Bank (the failed transferee)
On 12-20-10 (8 months after the funds transfer), I went into Union Bank, and I asked Employee B (K.F.) what my RMD would be for the year. She said, "Huh"? "You have an individual IRA." Because the check issued by Wachovia DID NOT SPECIFY "Inherited IRA" and "BENE of ROBERT Sxxxxxxx", it was NOT transferred properly as an Inherited IRA.

When I transferred the money to Union Bank, I clearly specified the necessity of maintaining an "Inherited IRA" status. "This is the way we do it", I was told by Employee A (Esther St. Ores). Apparently, I was incorrectly informed. I now realize that there was NO PROVISION WHATSOEVER for an Inherited IRA, on the form that the IRA administrator used. The lady who helped me, Employee A, had no concept of what was going on, or what I was trying to do. Every question I asked was met with "pooh-poohed" responses. I was uncomfortable about it at the time, but the reassurances given were very strong.

At Union Bank, new Employee B (K.F.) NOW informs me that the ONLY WAY to transfer an Inherited IRA is through a direct "trustee-to-trustee" transfer (interpretation - no checks may be used - apparently, Wachovia did NOT know this). In addition, Union Bank Employee B informed me that I will receive a 1099-R form in January (she was correct), specifying my ENTIRE Inherited IRA as "Ordinary Income" for 2010, AND that I will be required to pay income tax on the full amount.

Employee B REFUSED to let me take a distribution in December. There was NO REASON to bar me from taking a discretionary distribution, whether it be an RMD, or not.

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Date

Occurrence

April 13, 2010

Performed erroneous transfer, based upon bad advice from Rob Gutowsky at Wachovia Bank, 1830 41st Avenue, Capitola, CA 95010
who is now with Wells Fargo Bank, 1700 41st Avenue, Capitola, CA 95010

Dec. 20, 2010

Became aware of failed transfer, when advised by Union Bank that my IRA account was not "Inherited"

Dec. 20, 2010

Retained attorney to address the issue

Jan. 25, 2011

Received a 1099-R from Wells Fargo Bank, N.A., 2801 Market Street, St., Louis, MO 63103
which said that I had a "GROSS DISTRIBUTION" of the entire amount of my Inherited IRA

Feb. 20, 2011

Retrieved my documents - attorney did nothing at all, except deprive me of my documents.

Feb. 22, 2011

Sent a registered letter to Rob Gutowsky at Wells Fargo Bank, 1700 41st Avenue, Capitola, CA 95010
I requested that a corrected 1099-R be issued to me.
This has still not been done, as of April 3, 2011

Feb. 25, 2011

Received email from Rob Gutowsky - requested my account number

Feb. 25, 2011

Answered email - provided my account number

Feb. 25, 2011

Received 13-minute telephone call from Rob Gutowsky at Wells Fargo - it did not go well.
Rob Gutowsky was very concerned that he would be subject to "defamation" by me.

Feb. 26, 2011

Received email from Rob G. - SS# did not match - "What was my stepfather's physical address?"

Feb. 26, 2011

Answered email - Provided my stepfather's physical address and SS#.

Feb. 27, 2011

Answered email - Provided name, address, death date, mother's maiden name

Feb. 28, 2011

Answered email - provided copy of 1099-R sent to me by Wells Fargo (Rob Gutowsky could not find records)

Mar. 1, 2011

Sent email - directed Rob Gutowsky to this web page - explained that TRUTH was a defense against defamation.

Mar. 1, 2011

Received email from Rob- "We have an escalation team working on your transaction as we speak."

Mar. 1, 2011

Received email from Rob - "Can you verify the date that you had an Inherited IRA account opened at Union Bank, prior to requesting the transfer from Wachovia?"

Mar. 2, 2011

Sent email - I told Rob Gutowski that I had opened the account on the same day as the transfer - April 13, 2011

Mar. 12, 2011

I guess the 'Escalation Team" is hard at work, 10 days later, since they have yet to contact me.

Mar. 15, 2011

"Our IRA escalation team is still working toward a resolution for you on this matter. I should have some more news for you by the weeks end." ... Rob Gutowsky

Mar. 29, 2011

"Weeks end" would have been Mar. 18, 2011.
It is now 2 weeks after "weeks end". I have heard nothing.
Therefore, it is time for me to "escalate" this case, since it is apparent that Wells Fargo intends to do nothing.
I have waited long enough.

April 18, 2011

Received a letter (transcribed below) dated April 5, 2011 from the Wells Fargo Legal Department, located here -
Law Department
MAC N9305-172
1700 Wells Fargo Center
Sixth and Marquette Avenue
Minneapolis, MN  55479

THE LETTER IS NOTHING BUT DENIAL, LIES AND STONEWALLING.
ALL THE ACCUSATIONS AGAINST WELLS FARGO ARE TRUE.
THEY ARE CRIMINALLY NEGLIGENT, AND MUST BE REGULATED.

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4. The Bottom Line
NEITHER BANK'S "CORPORATE DEPARTMENT" EXHIBITED ANY INCLINATION TO TALK TO ME. THEY BOTH SLAMMED SHUT LIKE A CLAM.
The bottom line is simply this - the people at banks responsible for your large IRA deposits, are ill-equipped to perform transfers, because they have NO IDEA what they are doing. Their lack of knowledge can cost you many thousands of dollars with the IRS.

Here is my Wachovia IRA Withdrawal Confirmation. I had strong reservations at the time, but I was assured that all was well.

Apparently, Union Bank does not even have a proper form.
Here is my Union Bank IRS transfer form, which clearly makes NO PROVISION for an Inherited IRA. There is but ONE MENTION, on page 3, section 3, as if it were an afterthought. I filled in my beneficiaries there, where it says "Inherited IRA." That appeared to be correct, since that is what it said. And therefore, I swallowed the bill-of-goods thrust upon me, due to the insistence of the administrator. Big mistake. The Union Bank form is a joke.

Four examples of PROPER Inherited IRA Transfer Forms -
Proper Inherited IRA transfer form - from Nicholas Funds.
Proper Inherited IRA transfer form - from Yachtman Funds.
Proper Inherited IRA transfer form - from State Farm.
Proper Inherited IRA transfer form - from Sunwest Trust.
Please note that ALL 4 examples above DO have a PROVISION for an Inherited IRA. Union Bank does NOT.

In addition, the downloadable PDF document
from Union Bank, found at -
https://www.unionbank.com/Images/transfer_account_investments3_tcm9-2024.pdf
entitled - "Transfer of Assets Instructions", makes NO PROVISION WHATSOEVER for the transfer of an "Inherited IRA" account, and only uses the word "inherited" once at the bottom, as an afterthought. This form is actually from "National Financial Services", and "Union Bank" occurs NOWHERE on the form. UNION BANK HAS NO CLUE.

MANY IRA custodians have NO CLUE. I believe that the IRS should create a form that MUST be used to transfer Inherited IRAs. Such a form would prevent the many fiascoes that are created due to the lack of such a form. Right now, it is "the wild west", with incompetent trustees botching transfers helter-skelter. THIS NEEDS TO STOP. People rely upon their retirement accounts, and the IRS needs to provide the means for glitchless transfers.

You screw me, I fight back. I know BS when I see it.
The fact that I must spend hours and hours on this fiasco, fills me with rage. One must fight back with all resources available, in order to correct incompetence, avoid gross negligence, protect your money, and secure fiduciary accountability.

IT IS YOUR MONEY!!!

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IRS Publication 17

Page 124 (126)
Inherited from someone other than spouse.
If you inherit a traditional IRA from anyone other
than your deceased spouse, you cannot treat
the inherited IRA as your own. This means that
you cannot make any contributions to the IRA. It
also means you cannot roll over any amounts
into or out of the inherited IRA. However, you
can make a trustee-to-trustee transfer as long
as the IRA into which amounts are being moved
is set up and maintained in the name of the
deceased IRA owner for the benefit of you as
beneficiary.
For more information, see the discussion of
inherited IRAs under Rollover From One IRA
Into Another, later.

This was precisely my intent.
The employees of BOTH BANKS
were unable to conduct this transaction properly,
and maintain the account in the name of my stepfather.

IRS Publication 590

Page 18 (18)
Inherited from someone other than spouse. If you in-
herit a traditional IRA from anyone other than your de-
ceased spouse, you cannot treat the inherited IRA as your
own. This means that you cannot make any contributions
to the IRA. It also means you cannot roll over any amounts
into or out of the inherited IRA. However, you can make a
trustee-to-trustee transfer as long as the IRA into which
amounts are being moved is set up and maintained in the
name of the deceased IRA owner for the benefit of you as
beneficiary.
Like the original owner, you generally will not owe tax on
the assets in the IRA until you receive distributions from it.
You must begin receiving distributions from the IRA under
the rules for distributions that apply to beneficiaries.

IRS Publication 1099/ 5498 Instructions

Page 15 (15)
Inherited IRAs. In the year an IRA participant dies, you, as
an IRA trustee or issuer, generally must file a Form 5498
and furnish an annual statement for the decedent and a
Form 5498 and an annual statement for each nonspouse
beneficiary. An IRA holder must be able to identify the
source of each IRA he or she holds for purposes of figuring
the taxation of a distribution from an IRA, including exclusion
from current year gross income as an eligible rollover
distribution under section 402(c). Thus, the decedent's
name must be shown on the beneficiary's Form 5498 and
annual statement. For example, you may enter "Brian Willow
as beneficiary of Joan Maple" or something similar that
signifies that the IRA was once owned by Joan Maple. You
may abbreviate the word "beneficiary" as, for example,
"bene."

For a spouse beneficiary, unless the spouse makes the
IRA his or her own, treat the spouse as a nonspouse
beneficiary for reporting purposes. If the spouse makes the
IRA his or her own, do not report the beneficiary designation
on Form 5498 and the annual statement.
An IRA set up to receive a direct rollover for a nonspouse
designated beneficiary is treated as an inherited IRA.
(NOTE - IN SPITE OF THE FACT THAT THE IRS SAYS THAT "YOU CANNOT ROLLOVER ANY AMOUNTS", IN BOTH PUBLICATION 17, AND PUBLICATION 590, THEY USE THE TERM "ROLLOVER" HERE - even the IRS cannot get it right! How are we supposed to get it right?)

Page 16 (16)
Corrected Form 5498. If you file a Form 5498 with the IRS
and later discover that there is an error on it, you must
correct it as soon as possible. See part H in the 2010
General Instructions for Certain Information Returns or Pub.
1220, if filing electronically. For example, if you reported
contributions as rollover contributions in box 2, and you later
discover that part of the contribution was not eligible to be
rolled over and was, therefore, a regular contribution that
should have been reported in box 1 (even if the amount
exceeds the regular contribution limit), you must file a
corrected Form 5498.

Statements to participants. If you are required to file
Form 5498, you must provide a statement to the participant.

By January 31, 2011, you must provide participants with a
statement of the December 31, 2010, value of the
participant's account and RMD, if applicable. Trustees of
SIMPLE IRAs also must provide a statement of the account
activity by January 31. Contribution information for all other
types of IRAs must be provided by May 31, 2011. You are
not required to provide information to the IRS or to
participants as to whether a contribution is deductible or
nondeductible. In addition, the participant is not required to
tell you whether a contribution is deductible or
nondeductible.

If you furnished a statement of the FMV of the account,
and RMD if applicable, to the participant by January 31,
2011, and no reportable contributions, including rollovers,
recharacterizations, or Roth IRA conversions, were made for
2010, you need not furnish another statement (or Form
5498) to the participant to report zero contributions.

However, you must file Form 5498 with the IRS by May 31,
2011, to report the December 31, 2010, FMV of the account.
This rule also applies to beneficiary accounts under the
inherited IRA rules on page 15.

For more information about the requirement to furnish
statements to participants, see part M in the 2010 General
Instructions for Certain Information Returns.

General Instructions for Certain Information Returns
Section H. Corrected Returns on Paper Forms

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6. Conclusion
Due to the incompetence, errors and arrogance of Wachovia Bank, I will be required to pay taxes on my funds TWICE. Once, for the "Gross Distribution" from Wachovia, and then again, when I withdraw the SAME funds from Union Bank, where the account is incorrectly labeled an "IRA Rollover" account. This is NOT acceptable.

At this point, I can see no alternative, other than to file suit in Superior Court against Wells Fargo Bank, because -

-- 1. They failed to perform the Inherited IRA transfer transaction properly
-- 2. They failed to maintain the Inherited IRA Account in the name of my stepfather
-- 3. They refuse to remedy the situation, or even discuss it
-- 4. I will have to pay taxes on an "ordinary distribution" from Wachovia
-- 5. I will have to pay taxes AGAIN, when I withdraw the SAME funds from Union Bank.

How can a lay customer be expected to know the requirements of these trustee-to-trustee transfers, when in fact, the trained Financial Specialist at Wachovia had no such knowledge? It is apparent that the Financial Specialist at Wachovia had NO IDEA what an Inherited IRA is, and the special requirements involved. Call it negligence or incompetence. Take your pick.

It is also glaringly apparent, that Employee A (Ester S.) at Union Bank had NO IDEA what an Inherited IRA is, and the special requirements associated with it. She mindlessly rejected all of my voiced concerns out-of-hand, because she was so focused on just getting my money.

The IRS Tax Code is so bloated, so complex, that very few individuals know the answers to questions that are generated by the complexity. Foremost among the uninformed, are many bank employees. Unfortunately, these ILL-INFORMED, incompetent bank employees can cost you thousands of dollars, due to a lack of basic transaction knowledge. Your only recourse may be legal action. The IRS forbids the bank from giving you any investment advice, but that does NOT extend to conducting transfers of funds - the banks are EXPECTED TO KNOW HOW TO PERFORM BASIC TRANSACTIONS - transfers and rollovers. In my case, BOTH BANKS were utterly clueless, and need to be corrected, and sued for damages.

Inherited IRA Must Be Moved Very, Very Carefully
"If the original IRA custodian insists on giving the beneficiary a check for the IRA proceeds, the check should be made out to the new IRA custodian," says Slott. "Instead of being made out to Joe Smith, for example, the check should be made out to the XYZ Bank Inherited IRA for the benefit of Joe Smith. That way, Joe can't cash it; it must be deposited. That qualifies as a trustee-to-trustee transfer."
  -- Lynn Brenner's Family Finance

Financial Specialist Rob G. at Wachovia made the Cashier's Check out to ME, NOT Union Bank. This represents prima facie evidence that he was CLEARLY UNAWARE of this requirement. I experienced substantial financial harm, due to his obvious lack of knowledge.

Should a customer suffer financial loss, because Wachovia bank's Financial Specialist did NOT know what he was doing? I say no.

Should a customer suffer financial loss, because Union Bank's Financial Specialist did NOT know what she was doing? I say no.

NEITHER BANKS' OFFICERS RAISED ANY ISSUES ABOUT THE TRANSFER, BECAUSE THEY WERE BOTH UTTERLY CLUELESS. NEITHER OFFICER TOLD ME THAT I WAS DOING ANYTHING INCORRECTLY. BOTH COMPLETELY FAILED THEIR FIDUCIARY RESPONSIBILITIES TO ME. THIS CONSTITUTES ACTIONABLE MISFEASANCE.

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Should a bank customer suffer financial loss, due to the incompetence of bank employees?
I say no. We will see how a jury feels about it.
Those ponies are running roughshod over the rights of stagecoach customers,
trampling them into the dirt.

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8. My Letter to Wells Fargo

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9. Wells Fargo's Response

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(Wells Fargo logo)

Law Department
MAC N9305-172
1700 Wells Fargo Center
Sixth and Marquette Avenue
Minneapolis, MN  55479

April 5, 2011

Vaughn Aubuchon
P.O. Box 172
Soquel, CA  95073

Dear Mr. Vaughn,

"Dear Mr. Vaughn"? So, if I were George Washington, your salutation would be "Dear Mr. George"? Holy Moses. If a company is incapable of even getting a salutation correct, how the heck can they be expected to get ANYTHING ELSE correct? They can't, and don't.

I am Senior Counsel with Wells Fargo & Company, the parent of Wells Fargo, N.A., formerly Wachovia Bank, N.A.  This matter was escalated to me for review.  I have reviewed the transaction performed against the bank records on file.  The file indicates that your transaction was performed and documented as you requested at the time.

"... was performed and documented as you requested at the time." This is a bald-faced LIE! I requested an Inherited IRA Account Transfer!

Wells Fargo bankers do not hold themselves out as tax advisors and do not advise customers on how to structure their monetary transactions to achieve the tax consequences they want.  Your banker indicates that he cannot remember the transaction but would not have given you any such advice.

LIARS! I requested NO ADVICE whatsoever! I requested an Inherited IRA transfer, period.
The Wachovia employee HAD NO IDEA how to make a proper transfer.
"... but would not have given you any such advice." LIARS! AFTER CONSULTING WITH "HEADQUARTERS", he instructed me that a hand-transfer was acceptable, and ISSUED ME a Cashier's Check to effect such a transfer.

You mentioned in your letter that Wachovia treated the transaction as a :"Normal Distribution".  Although the Retirement Account Withdrawal Confirmation indicated that the Withdrawal Type was Normal, it was correctly reported as a death distribution on the 2010 Form 1099-R with a Code 4 in Box 7.  As a result, we are unable to "correct" the form 1099-R which correctly reported the distributiom.

"... the Retirement Account Withdrawal Confirmation indicated that the Withdrawal Type was Normal ..."
It was NOT a distribution OF ANY KIND. It was a transfer, which your employeee was incapable of handling correctly. He had NO IDEA what he was doing.

With respect to your concern about paying taxes twice, you may wish to consult with a tax advisor about the possibility of taking a distribution of an excess contribution or to determine alternative options under the circumstances.

To paraphrase, "Go take a hike - we did nothing wrong." Wells Fargo is staffed by incompetent, disingenuous, lying bastards, from top to bottom.

Sincerely,

WELLS FARGO & COMPANY

(signature)

Catherine A. Rudnick
Senior Counsel


By sending me this letter, Wells Fargo legal has CONFIRMED that they did not honor my request (due to incompetence). Their "bank records on file" DOCUMENT their failure to implement my request. IF I HAD INTENDED A DISTRIBUTION, I WOULD NOT HAVE FOLLOWED THEIR INSTRUCTIONS TO THE LETTER.

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11. Fiduciary Accountability
Why should I, as a customer, be required to know more about transferring funds, than the Financial Specialist at the custodial trustee bank? I should not. I believe that this is blatant incompetence. The callous disregard of due diligence by Wells Fargo is mind boggling. They don't care if their employees act improperly, or not.
They leave me no other alternative than to file suit.

Adding to this situation, is the fact that banks are hiring young, inexperienced, and very uninformed employees. They do this, so that they do not have to pay high salaries. Unfortunately, this results in many botched, actionable transactions for customers.

All the results of this case will be reported on this page. Wells Fargo needs a lot of illuminating sunshine, so that others may be forewarned. I will provide as much bright sunshine as I possibly can, over the coming months.

1. Should a bank employee be allowed to make errors that cost customers 1,000s of dollars, and not be held accountable?
NO, but Wells Fargo employees are. This must be changed.

2. Should a bank be allowed to ignore erroneous transactions, which cost customers 1,000s of dollars?
NO, but Wells Fargo does.

3. Should a bank be allowed to hire young kids with NO FINANCIAL TRANSACTION TRAINING, call them "FINANCIAL SPECIALISTS", and allow them to wreak havoc with customer's accounts?
NO. Absolutely not. But Wells Fargo does this.

4. Should a bank be able to use any form that they conjure up for these transactions?
NO - There should be a STANDARD FORM for all these types of transactions. The regulations are inadequate, and the regulators are not functional.

5. Should Wells Fargo bank be able to do whatever they want, without being held accountable for errors?
NO. They must be stopped by government regulation and legal action.

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12. Filing A Complaint with the Federal Reserve
One place to file a complaint is with the Federal Reserve.
Use the online Federal Reserve System Complaint Form

Alternatively,
you can also file a written report, using the
online Federal Reserve System PDF Complaint Form

When you are screwed over by a bank, the Federal Reserve wants to know about it. FILE A COMPLAINT, if you expect to achieve any satisfaction.

I should also file a second complaint, according to another government agency - FFIEC - the Federal Financial Institutions Examination Council- The FFIEC directs consumers with complaints and questions about their bank or financial institution to the appropriate federal bank regulatory agency that can help them. I typed in Wells Fargo, and I got the following results -

WELLS FARGO BANK NORTHWEST, NATIONAL ASSOCIATION

WELLS FARGO BANK SOUTH CENTRAL, NATIONAL ASSOCIATION

WELLS FARGO BANK, LTD.

WELLS FARGO BANK, NATIONAL ASSOCIATION

WELLS FARGO CENTRAL BANK

WELLS FARGO DELAWARE TRUST COMPANY, NATIONAL ASSOCIATION

WELLS FARGO FINANCIAL NATIONAL BANK

WELLS FARGO INTERNATIONAL BANKING CORPORATION

Office of the Comptroller of the Currency

Office of the Comptroller of the Currency

Federal Deposit Insurance Corporation

Office of the Comptroller of the Currency

Federal Deposit Insurance Corporation

Office of the Comptroller of the Currency

Office of the Comptroller of the Currency

Federal Reserve

Since my bank was Wells Fargo Bank, N.A. , at 41st Ave. in Capitola, CA - I must presume that this means "National Association". This means that I must take my second complaint to the Comptroller of the Currency.

-

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13. Search for "Inherited IRA" on EACH Bank's Website

Bank of America
Chase
Citibank
Union Bank
Wells Fargo (WFC)

Pages returned -
13
34
159
2 (no page offers any information)
9 (no page offers any information)

Google searches with results -
-
Inherited IRA Disaster -
Inherited IRA Horror -
Inherited IRA Incompetence -
Inherited IRA Nightmare -
Inherited IRA F*** Up -
Inherited IRA Screw up -
Inherited IRA Curse -
Inherited IRA Trauma -
Inherited IRA Catastrophe -
Inherited IRA Calamity -
Inherited IRA Fiasco -
Inherited IRA Misfeasance -
Inherited IRA Malfeasance -
Inherited IRA Nonfeasance

-
-
11,400 results
7,940 results
6,430 results
5,900 results
5,040 results
4,480 results
4,380 results
3,640 results
2,570 results
2,290 results
1,440 results
425 results
364 results
81 results

Wells Fargo - Stumbling Bunglers
Unconscionable Incompetence
Zero Accountability


followed by




Wells Fargo - LIARS
If you screw up, just LIE about it!
It will go away. Corporate will back you up.


Don't Be Stupid - Keep Your Money - Leave Wells Fargo NOW!

To see this page at the top of the search results -
At Google - type in wells fargo ira horror - 648,000 results
At Bing - type in wells fargo ira horror - 29,800 results
At Yahoo - type in wells fargo ira horror - (sorry I can't link to it, due to the absurdly long Yahoo URL)

The Wells Fargo Incompetence described on THIS PAGE has resulted in the generation of these three additional Vaughn's Summaries Web Pages -

Wells Fargo Sucks

Summary of Lawsuits Against Wells Fargo - US

Lawsuits Filed Against Wells Fargo in Santa Cruz, CA

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