I spent last weekend in Portland, OR speaking to students about the importance of high credit scores. Although, my personal finances will result in my score going down. (I’m canceling all of my credit scores, for good reason, contact me if you are interested in knowing more). Most of the students believe that they are a high risk investment. They have high debt and no experience in the optometric field. I was amazed by Wells Fargo’s (formerly Matsco) approach to this. They love the idea of investing in optometry and other medical practices. In discussions with their experts, they claimed a 1% default rate. What was most impressive was their commitment of ensuring that the optometrist is successful. I have no financial interest in Wells Fargo, and have heard many horror stories about WF, however, their practice finance expertise is something to consider. Nice people too. Anyway, consider Wells Fargo practice financing branch when you are looking to purchase a practice.
I have been a Wells Fargo Customer for over 25 years. After my experience with Wells Fargo Practice Finance, I am taking all my banking to another bank. My business banker from Wells Fargo said they had acquired this new company, and now had a financial product to offer through them. The sales person was good. Wells Fargo Practice Finance failed to provide me with final loan settlement papers and an amortization schedule. Additionally, although they had agreed to send statements, they did not. When I contacted them for the information, they passed it from one person to another, and became progressively more rude. All I was requesting was a statement or schedule of amortization for the loan so my book keeper could appropriately account for it. To this, they flat out stated that nothing they could do would make me happy. I said they could make my “happy” by sending the statements and/or amortization schedule. They refused. Insulted me. Spoke over me. Then said they could not get a word in edgewise. And this was a VP who was the third person in line that called me back after the first two people had been similarly unhelpful and rude. Bottom line: I wanted a statement or amortization schedule. This had been requested in an email and on the phone and at the time the original paperwork was signed. They failed to provide this. Instead they felt it was in their business interests to berate and belittle. Why? What business practices lay behind this? I don’t know. But it wasn’t Matsco I was doing business with, it was Wells Fargo. If they are going to acquire a company and put their name on it, then steer their customers to that company, they have to take some responsibility. They did not. I am taking all my banking business elsewhere. After 25 years, I am taking my banking business elsewhere.
DE
Based on your explanation it sounds like you have a very legitimate concern. It is unfortunate that this occurred but I do understand your frustration. Many times I feel the frustration on the other side when a patient has been wronged. I want to know exactly what happened so I can attempt to make it right. It’s tough knowing there are cases at the practice that could be just like yours. This is a great example of why all those under our leadership need to communicate these situations. As noted in the post, I have not worked with WF Practice Finance directly but have seen their products, which appear attractive. Based on my experience and the people of WF Practice Finance that I have worked with, I can tell you there are WF individuals that care a lot about the respective practice owner and would not let this happen. Unfortunately, it did happen to you. I keep your thoughts in mind and I will pass your concerns on. Have a good one.