We had a $350K homeowners mortgage with Wells Fargo until yesterday. Obviously requiring wind and flood insurance which we of course took out. Our insurance documentation showed the Wells Fargo as a lienholder, so all should be good. Despite this we received several prompts from Wells Fargo last year and again this year asking for proof of insurance. There is a link....mycoverage.com where insurance information can be uploaded and we did that on Jan 21. Received a noreply email on Jan 22 that there was insufficient information, so I reloaded it again in February this time receiving an email that it was in process. "In process" = all should be good, is what I was thinking.We then kept receiving letter that there was no coverage, with no explanation on any details and a phone robot leading to no human being, so we finally went down to a local branch to see if we could get human support.Needless to say that the local branch had no way of helping us. Very nice people but obviously no internal people network in WellsFargo and absolutely no ability to offer any kind of live customer support. The frustration with the letters and knowing that we were paying double on insurance a cost of $10K per year finally triggered us to just write a check and pay of the loan. Luckily we were in a financial to do that. Now the big concern is what other financial surprises we may be in for with WellsFargo and whether the insurance charges will be refunded for the balance of the period. Today after 30 minutes on the phone, going back and forth through an endless maze of option, none offering the option to talk to a live person, I finally lucked out and found some loop in the maze to talk to a live person. In fact I succeeded in getting a very helpful person on the phone who (verbally at least) ensured me that we WellsFargo would cancel the insurance they have taken out. Allegedly we will receive a settlement letter, but let's see. I have zero confidence. All this said we still have a number of smaller accounts with WellsFargo that are helpful in running our business. As a large bank the safety and internet transaction capability is decent and on par with other large bank. In the end I see it as a good bank for small amounts of money. But given the total lack of focus on the customer I would not recommend anyone to take out a mortgage with WellsFargo and certainly not place a financial portfolio of any size with this bank. Too dangerous
