• Page :
  • 1
  • Text Only
Voting History
rated:
I've had a Wells Fargo PMA account for the last couple of years, and I think it's been a good deal for me. It only requires keeping $25K in deposit and investment accounts with WF. The other large banks have a "premier banking" level which usually requires keeping $100K in deposit and investment accounts. (Wells Fargo doesn't have an account for those with $100K+. Their next level is Private Banking, which requires $1M.)

Just reading the info on their websites, it looks like the WF PMA account offers the same benefits as the "premier" accounts with the other banks.

Has anyone had experience with a Wells Fargo PMA account and compared it to their experience with a premier account from B of A, Citibank, HSBC, or any of the other large banks?

Member Summary
Most Recent Posts
I've only skimmed through, so please forgive any redundancy... frankly the minutiae in these threads makes my head spin ... (more)

madscribe (Apr. 12, 2007 @ 12:08p) |

Are the Mr. Potato Head checks free? How neat!

Because our checking/savings needs are under 20K, I prefer Wells Fargo ov... (more)

tooshy (Apr. 12, 2007 @ 1:21p) |

Everyone cribbing about WF interest rates here .. this should make you happy



You can set up overdraft on your PMA linked ... (more)

happy108 (Apr. 27, 2007 @ 2:21a) |

Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.

If you want to know how they compare to other banks, you could at least list the benefits for your WF account (or a link from WF site).

IAmStingRay said: If you want to know how they compare to other banks, you could at least list the benefits for your WF account (or a link from WF site).

I was seeking opinions from those who are already familiar with Wells Fargo PMA accounts, but here ya go:

https://www.wellsfargo.com/checking/pma/

MisterMark said: IAmStingRay said: If you want to know how they compare to other banks, you could at least list the benefits for your WF account (or a link from WF site).

I was seeking opinions from those who are already familiar with Wells Fargo PMA accounts, but here ya go:

https://www.wellsfargo.com/checking/pma/


Fine, if that is all you are going to share, here ya go:

http://www.citibank.com/us/cbna/citigold/
http://www.chase.com/ccp/index.jsp?pg_name=ccpmapp/platinum/home/page/pfs_home

It is funny how selfish people on here are. You've had Wells Fargo PMA for years. You start a brand new thread asking for help yet you aren't willing to share the very information you seek other than to prove a generic link.

It was just a simple question, really:

Has anyone had experience with a Wells Fargo PMA account and compared it to their experience with a premier account from B of A, Citibank, HSBC, or any of the other large banks?

If you haven't had a chance to make real-life comparisons, then there's no need to respond.

MisterMark said: It was just a simple question, really:

Has anyone had experience with a Wells Fargo PMA account and compared it to their experience with a premier account from B of A, Citibank, HSBC, or any of the other large banks?

If you haven't had a chance to make real-life comparisons, then there's no need to respond.

With a little attitude adjustment, I think you would be much more likely to get answers to your question.

MisterMark said:

Just reading the info on their websites, it looks like the WF PMA account offers the same benefits as the "premier" accounts with the other banks.

Yes, But did Wells Fargo send you a Holiday card? HSBC did.

scott1961 said: MisterMark said:

Just reading the info on their websites, it looks like the WF PMA account offers the same benefits as the "premier" accounts with the other banks.

Yes, But did Wells Fargo send you a Holiday card? HSBC did.


LOL. Yes, I'm convinced. I've been a fool to stick with Wells Fargo.

I think PMA "premier relationships" "private banking" is crap. I would never use any of these so called "benefits". I would never invest my money with these banks. Today banks are nothing more then retail outlets.

Go with a free checking account that has the features you use most. Why leave anything near 20k sitting in a crap checking, savings or money market account at these low interest rates.


Edit: I got a holiday card from US Bank with my free checking account and a FREE HAT!!! From Emigrant Direct for my savings. Beat that!

WhiteGuy said: Go with a free checking account that has the features you use most. Why leave anything near 20k sitting in a crap checking, savings or money market account at these low interest rates.

Well, WF does pay 3% interest on checking account with at least a $5000 balance. 3% on a checking balance is unheard of, as far as I know.

WhiteGuy said:

Edit: I got a holiday card from US Bank with my free checking account and a FREE HAT!!! From Emigrant Direct for my savings. Beat that!

Got the hat and a piggy bank from Emigrant and raise you a box of chocolates from Corus

MisterMark said: WhiteGuy said: Go with a free checking account that has the features you use most. Why leave anything near 20k sitting in a crap checking, savings or money market account at these low interest rates.

Well, WF does pay 3% interest on checking account with at least a $5000 balance. 3% on a checking balance is unheard of, as far as I know.


Yes, 3% is unheard of - I won't settle for less than 4.5%

MisterMark said:

Well, WF does pay 3% interest on checking account with at least a $5000 balance. 3% on a checking balance is unheard of, as far as I know.

Not that unheard of, I am getting 5.44% from a local bank and 5.30% from ING

MisterMark said: WhiteGuy said: Go with a free checking account that has the features you use most. Why leave anything near 20k sitting in a crap checking, savings or money market account at these low interest rates.

Well, WF does pay 3% interest on checking account with at least a $5000 balance. 3% on a checking balance is unheard of, as far as I know.


BOA offer sweep checking accounts that pays 4.47% in T-Bill sweep or 4.78% in fully taxable sweep. Tho they are not FDIC insured.

I used to bank with Wells Fargo and in my option Wells is junk compared to Citibank, BOA and Chase because if you do maintain over $100K with them as you can buy brokerage products that pay about the same as highest online savings account while still getting some free benfits.

I had a private bank account with WF. I currently have Private bank accounts with Citibank and BOA. WF is not nor do they own any investment bank. So that means you cant buy ARS, VRDN, or any other short term cash management products for that matter except Pars which is debt sold on closed end mutual bond funds. Wells Fargo has no Hi-Yeild savings option either. They charge for everything. Quicken fee waiver is not a standard benfit like it is with all other big banks with as little as $10K min checking account. Only nice thing about WF is every fee can be waived by the local branch manager.

Wells Fargo PMA is better than all $10K min accounts but does not compared to $100K accounts which gives some benfits like free currency exchange, free cashier checks, free travelers checks, free computer checks. free Quicken direct connect, free incoming wires, free safty deposit boxes, etc. While your local Manger might waive some of the above fees he is under no obligation while all of the above are stated benfits of Citigold and Premire banking from BOA.

Thanks, dolmar. I hate to admit it, but I've also had that feeling that WF is "junk" compared to the others. I'm just reaching a point where I can qualify for Citigold or any other account requiring $100K - that's why I'm considering the alternatives.

I have been dismayed by Citibank's customer service over the phone. It's impossible to know when you're going to get an American rep versus someone in India. I've hardly had any experience with Citibank, but I can already say that it's better to open an account inside a branch, if possible. The folks in India are nice enough, but there does seem to be at least a cultural disconnect, which can lead to misunderstandings, etc. It's something I've never experienced with Wells Fargo, who seems to have all of their customer service reps here in the U.S.

Years ago, I was with B of A. I would have stuck with them, but then I started using Microsoft Money, and B of A (California) doesn't allow Money users to connect directly to their accounts. You have to manually download your transaction info, which sucks, and was reason enough for me to leave them.



Yes, 3% is unheard of - I won't settle for less than 4.5%


Well, I was only considering banks with physical branches in my area (Southern California).

MisterMark said: Years ago, I was with B of A. I would have stuck with them, but then I started using Microsoft Money, and B of A (California) doesn't allow Money users to connect directly to their accounts. You have to manually download your transaction info, which sucks, and was reason enough for me to leave them.

LMAO I am in CA... Southern CA. BOA has always allowed MS Money Direct connect for the last 8 years or so. At one point BOA had a deal with Money for free Direct Connect access while they charge for Quicken. Now they charge for it unless you have a Prima Account but that is another story. BOA only support direct connect investent downloads with MS Money and not Quicken. BTW I am not stupid I know what what "Direct Connect" means ie 2 way service which BOA support bill pay inside of both Money and Quicken for both Banking and investment side using a MRA account with MS Money only tho.

Citibank only support Quicken as they have an exclusive with Quicken.

dolmar said: Citibank only support Quicken as they have an exclusive with Quicken.

I'm connecting with Citibank every day through Microsoft Money and automatically retrieving my transactions. It hasn't cost me a penny.

MisterMark said: dolmar said: Citibank only support Quicken as they have an exclusive with Quicken.

I'm connecting with Citibank every day through Microsoft Money and automatically retrieving my transactions. It hasn't cost me a penny.


That is not direct connect. MS Money offers downloads via yoddle for non supporting banks. All MS is doing is going to Citibank web page via yoddle and downloading OFX file form Citibank and importing it for you.

Direct connect includes the following features that are not support by Citibank with MS Money.

Enter Bill Payments inside of software. Show current and running balanced based on future bill payments. Show cleared and pending payments inside of software. Transfer money between accounts from inside of software. Show how payment was made and date the payment was recieved/cleared if check was mailed out. Send secure email to bank via software and recieve email from bank via software.

Citibank in addition allows you transfer money from Checking accounts to Linked Citibank credit cards and mortgages. BOA does the same.

BOA support all the above features on both MS Money and Quicken.

I had WF PMA for awhile now primarily for the 50 free trades annually in the brokerage account. For 100K+ you get 50 $2.95 per trade and for 250K+, you get 50 free trades per year. Since it's my investment and not trading account, it serves my purpose. I likeit better than BoA premier brokerage account since the free trades apply to both stocks and NTF mutual funds. For BoA, 30 free trades/month for stocks/ETFs but still $75 (I think) per NTF fund trade.
This thread has alot of information already discussed about WF PMA:

WF PMA

Alright, well, thanks for the clarifications. I just know that when I had a B of A account, I wasn't even able to import transactions via Yodlee. And I still have a B of A credit card, but again, Money can't retrieve those transactions via Yodlee. I have to manually export the transactions from B of A's website.

The various features are hard to keep up with. HSBC transactions used to be accessible via Yodlee, but recently, they stopped allowing that. You can't even pay to have transactions imported into Money. HSBC now only supports Quicken.

MisterMark said: Alright, well, thanks for the clarifications. I just know that when I had a B of A account, I wasn't even able to import transactions via Yodlee. And I still have a B of A credit card, but again, Money can't retrieve those transactions via Yodlee. I have to manually export the transactions from B of A's website.

The various features are hard to keep up with. HSBC transactions used to be accessible via Yodlee, but recently, they stopped allowing that. You can't even pay to have transactions imported into Money. HSBC now only supports Quicken.


And again HSBC does not suppot direct connect either. They support "express web connect" only. Which is 1 way. It will only download cleared transactions. Express Web connect logons to web page and downloads web connect file for you. Basically same idea as Yoddle except it using Quicken server.

Most banks charge for the direct connect.

Enough of arguing here is a link click on BOA CA and you will see Money says support "Direct Download" via Yoddle for free or you can sign up for 2 way "Direct Connect" service from BOA. I also enclosed the link for BOA so you see BOA supports Direct Connect services for MS Money. The fact you either dont want to pay or maintain an account that will waive the fee is another question.

http://www.microsoft.com/money/bankonline.aspx?FirstLetter=B&FinananceOrganisationType=BanksOnly#20
http://www.bankofamerica.com/onlinebanking/index.cfm?template=ms_money


And once and for all so you maybe can understand the difference.

Quicken "Express Web Connect" or MS Money "Direct Download" services only download cleared transactions and Nothing more. You still need to goto webpage from bank to make transfers, set up bill payments, check on status of bill payments or send secure email to bank.

Direct Connect is 2 ways transfers and includes ability to transfer funds, set up online bill pay, Send email to bank, check the status of online bill payments ie to see when check was mailed, ETF transfer was done, Check cleared, Etc without having to goto web page at all.

Mistermark,

Have you tried to talk to your banker about setting you up with a Wells PMA Money Market checking? It it basically a non-FDIC insured product that pays you a double-tax free rate on the upward of 3.50%, and this is on any balance. If you are in a high tax bracket, this may be very beneficial to you. The requirements of the relationship are the same, but you are getting the benefit of getting the higher tax-free yield on any balance down to zero. You might want to try that out since it sounds like you've established yourself pretty well.

JohnYeWest said: Mistermark,

Have you tried to talk to your banker about setting you up with a Wells PMA Money Market checking? It it basically a non-FDIC insured product that pays you a double-tax free rate on the upward of 3.50%, and this is on any balance. If you are in a high tax bracket, this may be very beneficial to you. The requirements of the relationship are the same, but you are getting the benefit of getting the higher tax-free yield on any balance down to zero. You might want to try that out since it sounds like you've established yourself pretty well.


Please let me know how to get 3.5%+ from Wells Fargo. I loged into one of my bussiness account then went to investing then MMF here are yeilds listed on Wells Fargo web page.

Money Market Deposit Program Yields
Updated Weekly

Wells Fargo Advantage Money Market Funds

Current Yield Effective 7 day Yield
(as of close on 01/23/07)

Wells Fargo Advantage U.S. Goverment Money Market Fund

4.01% 4.04%

Wells Fargo Advantage Tax Free Money Market Fund

2.88% 2.92%

Wells Fargo Advantage California Tax Free Money Market Fund

2.73% 2.75%

Wells Fargo Advantage New York Tax Money Market Fund

2.81% 2.86%

Bump thread - timely topic given our discussion of 100 commission-free trades/year for Wells Fargo PMA.

Now that the Wells Fargo PMA offers up to 100 zero-commission equity trade, I'm interested in the experiences of those using Banc of America Investments $0 online equity trades program.

I'm in the same boat, I'm a bit unhappy with the rate in my PMA savings with WF - only 2.46%

my concern in leaving WF is that I've fallen into the 'service' category of having my auto-deposit, mortgage, multiple accounts fall under one bank - which is easy to monitor, track, etc...

If i'd move to a %5 account, I'd get 2x more back in interest but hesitant to leave the 'comfort zone'

someone tell me i'm nutz to stay away from free money!!!

Toadster said: I'm in the same boat, I'm a bit unhappy with the rate in my PMA savings with WF - only 2.46%

I've only skimmed through, so please forgive any redundancy... frankly the minutiae in these threads makes my head spin sometimes. About the above rate... it seems like an awfully low return for a savings account. According to my last statement, I'm getting 4.5% in my "PMA Investment account." This is on the banking side, and is different from my brokerage account. It has check-writing, and I've been using it for all my Bill Pay transactions. I only keep a small amount of money in my regular checking account, which makes diddly squat. On the brokerage side, the stuff that is not in stocks is held in something called "WF ADVANTAGE FDS TR" at 4.62% (according to my statement). I believe I get some benefits for having over 100K, but it's been such a long time since I opened these accounts that I don't remember what they are. Maybe slightly better interest rates? Finally, yeah, I know I could probably get better returns elsewhere, but it's nice to have almost everything in one place, and a branch in my neighborhood. On a related note, I just ordered new Mr. Potato Head checks for my PMA investment account, and I can't wait to get 'em! The free check thing definitely rocks.

Are the Mr. Potato Head checks free? How neat!

Because our checking/savings needs are under 20K, I prefer Wells Fargo over BOA. Banks always play a rate game, and you never know when & who's going to offer the better rate, so I decided to go with a bank like Wells Fargo that had the smallest deposit requirements for free trades with no annual fees.

I figure @ $10/trade x 400 trades (4 linked brokerage accounts)/yr + $90 savings in annual fees (3 IRAs), I can let a few bucks slide on lost interest. I also think the turf wars and rate games are only going to get better in the near future.

I think there is no cut and dry, A is better than B type answer to OPs question. Always choose what fits your situation. Being a conservative investor, I choose to lock everything other than the aforementioned 20K in CDs, which in the past offered a better rate than MMA. However, we all know that lately that's not the case, which is why some here can say BOA is better. But should the yield curve flip again and long term rates yield better, how many will still say BOA is the better choice to get free trades? Other than the smoking MMA (sorry dolmar about the inference, it is your contributions at FW that are smoking!!), BOA CD rates suck (so does WF, but I'm not keeping deposits there anyway).

And should MM rates slip and long term up, I wouldn't want to then have to find another free trade deal. Am I missing something?

Sorry for the long post...but I guess the difference is BOA requires deposits to get free trades whereas WF does not if your other business (including brokerage deposits) meets requirements. Transfer fees out will kill you (esp if you have multiple accts), so I pretty much look upon choosing the brokerage as a once in a lifetime event (not dependent on the current good rate environment, rather consider the deal's merits on the worst rate environment).

Somedays are better not to post...but had to add my two cents

Everyone cribbing about WF interest rates here .. this should make you happy



You can set up overdraft on your PMA linked to brokerage, which sweeps from your money market account in brokerage. This effectively nets you 5+% checking account. And there are no fees for the overdraft.


enjoy!!



Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.

Thanks for visiting FatWallet.com. Join for free to remove this ad.

TRUSTe online privacy certification

While FatWallet makes every effort to post correct information, offers are subject to change without notice.
Some exclusions may apply based upon merchant policies.
© 1999-2014