Thursday, October 16, 2008

Well, Wells.

Wells Fargo is purchasing Wachovia.

Last week, I sent the following email to Wells via the customer service email link:

I'm one of your customers and not a stockholder. In fact, I'm a mortgagee - Wells owns our house, and that's about all the business we do with Wells (we "bank" at a credit union). We took a regular mortgage without an ARM and received the interest rate we deserved for our income and our credit rating. We are also paying our mortgage every month.

I am really unhappy that Wells is making a move toward purchasing Wachovia. I imagine that WF is doing this for financial reasons, perhaps only part of which is to receive a portion of the bailout (which, incidentally, is a bad deal for the taxpayers, like myself). I don't like it. I want WF to stay as far away from this mortgage mess as possible, and not take on one of the lenders that got caught in the subprime mortgage or credit default mess.

As a customer, I feel I have the right to make my unhappiness about this known. I do not expect you to do this but I'm asking anyway: Please back out of the deal.

I got an email back, but it said nothing:

Thank you for taking the time to share your thoughts and suggestions with us. Please be assured that we take customer feedback very seriously. Your views are important and are always welcome. We forwarded your suggestion(s) to the appropriate personnel who are always interested in improving customer service and satisfaction.

At Wells Fargo Home Mortgage, we are dedicated to providing the highest quality service to our valued customers. We appreciate your business and look forward to the opportunity to exceed your servicing expectations in the future.

Thank you again for contacting Wells Fargo Home Mortgage. If you have further questions, please reply to this message or contact a loan-servicing representative by calling (866) 234-8271 Monday through Friday between 6 AM and 10 PM CT and on Saturdays between 8 AM and 2 PM CT.

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