Wells Fargo so big its suing itself

July 10, 2009

https://www.denverpost.com/2009/07/10/lewis-wells-fargo-so-b...

My normal bank was acquired by Wells Fargo in 2008 and they also owned my mortgage.

When I went to pay off my mortgage in 2012 they required a cashier's check for the final payment of around $80.

I asked if we could do it electronically like all of the previous payments and they said no.

So I walked into my local bank asking for a cashier's check of that amount and the bank teller told me that most people would accept a personal check for that little. I said yeah but YOU don't. She looked at me funny.

So she asked who to make the cashier's check out to. I said "Wells Fargo" and she looked at me funny again and said "Wells Fargo is us, the check comes FROM Wells Fargo. Who do I put on the TO line" and I said "Wells Fargo"

She again looked at me funny and I explained that I am paying off my mortgage. Wells Fargo is where I have my bank account and my mortgage. She said "Can't we just do it electronically?" to which I said "You would think but apparently your employer can't handle that and told me to get a cashier's check and FedEx overnight to them."

She rolled her eyes and then started laughing.

Actually I believe they're just actually complying with new laws to disclose their balance sheets for these types of loans. Many other banks like JP Morgan have much higher amounts of these loans on their balance sheets, but refuse to report and are exploiting certain loopholes.

The requirement to disclose has only existed for a year I believe, but many are kicking the can or claiming that it would cause them issues.