The real question is: why do people do business with a big bank? Go with a credit union. A credit union is like a club, you become a member and they work on your behalf. A bank is a for-profit corporation, it's true they work on your behalf, but it's also true that they want to make big profits. Wells Fargo CEO Stumpf announced he's giving up $41 million dollars in stock compensation over the recent furor. What if a bank just... oh... you know... passed on $41 million as lower fees for customers?
Stumpf told lawmakers "I serve at the pleasure of the board," but keep in mind he is also Chairman of the Board. It's probably a safe assumption that he wields considerable influence on the board by being the chairman. Thus, saying he serves at the pleasure of the board is a little like saying he serves at his own pleasure, but he is smart enough to not say it that way. It's up to regular people to realize these sorts of things.
Officers and directors of WFC |
Disclaimer: I do most of my personal banking with Wells Fargo. My wife has had an account with them for a long time and we got our first mortgage through them, so we gradually started using their checking account since then. I am personally looking to move away from them. It is a bit of effort but basically it boils down to setting up bill pay arrangements with credit cards, and switching over the payroll direct deposit setup.