Bigger is always better

I think could write daily on a section of “why are people so stupid” and today would be no different. I mean do people not think?

So I use bill pay. To be honest I think its great. I have had nothing but good things to say about it. But I didn’t understand one thing about it. It actually mails a paper check, I guess I assumed since in the bill pay process it collects account information it was electronically sending funds. Nope! So one day someone mentioned you can transfer funds to other banks now from wells accounts. I thought this would be a good way to save a bunch of time from everyone handling these paper checks.

I set it up, I was able to get the routing number online by a google search. I find it odd that I have to enter information that is pubicly available, but no big deal got it setup now I wait three days for the process to actually send the test deposits to the accounts. I got them I verified them! Now all thats left is to setup is the automatic transfers.

Setting them up is super easy! I have it all typed in and I am looking at it and I see this little waiver at the bottom “Fees may apply when transferring funds to your non-Wells Fargo account” hold up…. I decided that I wasn’t just going to set it up, I was going to call and ask the criteria at which these fees “may” apply.

The first person I talked to was clueless, beyond clueless. She actually told me the only way to know what if any fees will apply is to do the transfer and see what happens. I was dumbfounded so she was going to explain better. She says “you see Nick the text reads fees may apply, that doesn’t mean you are going to be charged, it just means you could be charged.” Oddly enough I’m still a bit uneasy… She goes on to reassure me that it just means “May apply” I won’t for sure be billed but I just have to “try it and see what happens” She seemed shocked when I wanted a better answer.

The next person was a lot more clear though I’m not sure she knew, she said transfers to other banks cost 3.00 per transaction. Ok at least I now know the criteria at which I am going to be charged – every single time. So I asked what I felt was a good question; “So I have to pay for electronic transfers but Bill Pay where you mail a physical check is free?” Yes Sir! I followed it up with a simple one “Well why is that?” Well thats an easy answer she tells me “transfers have to go through the federal transfer service and Bill Pay is Free” … … … So the process that requires people to actually touch a check, where it has to be mailed paying for postage and on the other end you have to receive it and process it is “free” The process that uses the already verified and setup electronic transfer of funds that require computers to talk, well thats 3.00 per transaction.

To be fair there could be things I don’t understand of the process. Some hidden fees that are applied or something. But that would fall right back into how stupid THAT process is. I mean if thats the case who worked that deal? Someone who gets paid per transaction? Right now two banks process two checks per week one for savings one for checking and then I have a transfer to my wells accounts…. wow.

Notice: This work is licensed under a BY-NC-SA. Permalink: Bigger is always better

3 Comments

  1. Murder says:

    See personally, I hate bill pay for that reason, sending checks is dumb, and processing them costs money. BUT that is a fee that is not passed on to the consumer because this process is as old as dirt. The reason why your EFT transaction costs you money? because it’s new, and there is no precedent that they can’t charge you, or havent charged you in the past…so they do. Is it dumb? Yes. Does processing EFT’s cost money? Yes. However not all transactions have fee’s associated to them (so they were kind of right, yet not defending them, because an answer that you can’t back up is worthless) In my experience, I have had the best success setting up automatic payments through the vendors and not the bank. for instance, go to verizon and set up auto pay and just enter your bank information. Their systems work very well, and there are no fees associated with them.

    Just my 2 cents for free…(additional fees may apply)

    – Murder

  2. Nick says:

    Thanks Murder!

    I guess the point whole point is how stupid something that costs MORE money to do is Free and something that is better and cost everyone LESS money cost 3.00 per transaction. Its just poor design by a big company thats taking advantage of people. I relate it similar to Ticket Master on how they can mail you tickets for free but if you want to print them they charge you. Explain that? They have to print em handle them mail them etc. But if I print them on my own printer it cost me money.

  3. Murder says:

    I agree with you first sentence, it is ridiculous to pay for the more efficient delivery, and not pay for the less efficient means. Your second sentence though shows a great misunderstanding of business in general (i’m going to attribute it to frustration and not lack of knowledge) “…poor design by a big company that’s taking advantage of people” if you want to avoid fees…mail a check. they are offering a service to make your life more convenient. if you don’t like it, go somewhere that doesn’t charge a fee. don’t like paying ATM fees? a lot of small bank’s reimburse you, or don’t charge at all. don’t support wal-mart? (tangent I know) then shop at a mom and pop store. Don’t want to pay ticketmaster’s fees? drive to the venue and pick up your tickets (this also bothers me, i hate buying a $14 ticket, and paying $30) But people don’t do these things because they enjoy the convenience that large companies offer. Free market economies thrive on choice, and in this sense you absolutely have one. It’s hard because idealistically, I agree with you, but you can’t take it out on the company. As much as we think their existence is to make our lives easier, they exist to make money.

    “This message brought to you by MurderCo, where your happiness is our only goal.”
    (reading this message debited your account $3.00)

    – Murder

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