05-25-2019, 11:41 AM
(05-25-2019, 11:30 AM)divmenow Wrote: I'm not a huge fan of WFC as well. When a bank has to give away free money to bring in new costumers that's never a good sign. And when a bank cant be trusted, Wall Street will always see them as crooked. There are just too many other banks I would own over this one like BAC, TD, MTB, JPM and PNC to name a few. The WFC yield isn't worth the hassle. But that's just me.Giving away money comes down to new customer cquisition cost for a $500k annual account for the bank. If the cost is $1000 and giving away $500 bonus brings them a $500k annual account with direct deposit for next few years that might not be as bad.
I am okay holding them for next 10-15 years as long as they don't cut the div. If they have another issue come up(not too serious issue) and price fall, I might buy more.