No. of Recommendations: 2
Wells Fargo... usw....
I've been with Wells for decades, never had any problems with them, including not a hint of the bogus accounts fiasco. Always good customer service, too, on those rare occasions I've needed it (in any event, what's the value of top drawer customer service if you have to use it frequently?). I do get "attractive offers" brochures from the local branch's loan officer congratulating me on the progress I've made paying down my mortgage, and offering me a "truly marvelous" rate on a home equity loan, or a line of credit, or a.... "Call me for details." It's mildly useful to see the rates he's offering, and then the offer goes into our recycling bin.
I also don't go chasing yield, so I don't go chasing after high interest rates--if they're too high, it's a sign the company offering them is in trouble. In an environment where interest rates are spiking (and will fall just as sharply on the back end), anything higher than what I get from my preferred stock coupon rates is getting too high, and anything less than that isn't worth my time.
Why wait 'til my mortgage is paid off? I think banks are a terrible place to keep cash in any event beyond enough to cover....
Since I don't keep much cash in the bank, I don't have enough to be worth the effort of diversifying. Nor is there enough cash to be worth going after the chump change even reliable CU rates would produce.
Eric Hines
