Report: #821858

Complaint Review: Wells Fargo Advisors

Submitted: Thu, January 12, 2012
Posted: Thu, January 12, 2012

Reported By: Shirlb — Dekalb Illinois United States of America

Wells Fargo Advisors

One North Jefferson Ave St.Louis, Missouri United States of America

Phone: 800-603-1584
Web:
Category: Brokerage Companies

Wells Fargo Advisors Excessive Fees and ripoff of the little guy. St.Louis, Missouri

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I have only a small account of stocks with Wells Fargo. The balance is $747. They are now charging me $85 a year to manage this huge amount of money. Apparently the fee is usually only $60 but since I have LESS than $10,000 they can charge me an extra $25 for a total of $85 a year. So any dividends I might earn they take, and if I want to sell the stock now they will be taking 33% of my investment due to fees. Do not do business with them. I called and spoke with the complaint department and they said there is nothing they can do. The fees can not be removed and will continue to be applied each year. Although this is not a huge amount of money, the principle is the same. They are taking peoples money unfairly. Where I work we use what is called service recovery to resolve the issue and retain the customer. One unhappy customer tells 11 people about the bad service and those eleven people tell 5 more people. I guess they don't care because they are big business and they have all the money. PLEASE DO NOT DO BUSINESS WITH THEM.

This report was posted on Ripoff Report on 01/12/2012 02:59 PM and is a permanent record located here: http://www.ripoffreport.com/r/Wells-Fargo-Advisors/StLouis-Missouri-63103/Wells-Fargo-Advisors-Excessive-Fees-and-ripoff-of-the-little-guy-StLouis-Missouri-821858. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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