Working as a reporter for CreditCards.com offers a lot of perks — caviar dispensers in the break room, private flights to international finance conferences and casual dress every Friday — but improved banking relationships aren’t included. My recent headaches prove that point.
My story begins several months ago: Inspired by the calendar change to 2010, I resolved to strengthen and streamline my personal finances. After all, even personal finance reporters aren’t perfect. Some of the changes included closing an old Wachovia account, which included (in my mind) underperforming IRAs — Roth and traditional — and moving that money to my existing Chase bank account, since that’s where my direct deposit goes each month. Unfortunately, my plan had costs — in both time and money — that I didn’t expect.
Some Wells Fargo credit cardholders are experiencing the consequences of the financial institution’s efforts to abate future losses.
In the latest earnings announcements from major U.S. credit card issuers, both J.P. Morgan Chase and Wells Fargo said their net income declined in the fourth quarter, even as both banks appeared to avoid the full impact of the subprime meltdown.