Posted on 09/20/2016 11:07:57 AM PDT by um1990
My friend was a manager for them for a long time. About three years ago she quit due to the pressure to open new accounts or be penalized. Hit in the old paycheck. I suppose that’s why people were slamming these phony accounts onto their customers. I used to work in a well known marine retailer and someone got the bright idea of ramming these extended warranties down people’s throats...same thing. The salespeople would get penalized if x amount of these weren’t sold so some of the folks would add this to their orders and hope the customer didn’t notice. If they did they’d say whoops here’s your money back.
Those fees had to come out of accounts that actually had money. Depending on the type of account, a minimum amount was required to open the account.
We notice unusual charges immediately. Doesn't anyone reconcile accounts anymore?
Don't get me wrong — I'm not blaming the customers for this theft. But, I'm surprised at how far it spread before it was exposed.
I've been a Wells Fargo customer for decades. I've never noticed anything shady like this. But, maybe they noticed that I log in to the bank website on a regular basis.
I can see how this could happen if they consolidated all of the small (the fake ones) account fees into a single line item on the “good” account. It would just look like a small fee increase.
I wonder if that was what they did?
The irony is that Wells Fargo is the actual target of the scam. Yes, they’re responsible, and yes, it’s good they’re being forced to pay reparations and penalties, but the intent of the scamming employees was to inflate their sales numbers so they’d look good according to poorly devised metrics. The customers they ripped off for $2 here and $5 or maybe even $20 there, were caught in the crossfire.
I don’t have fees other than safe deposit and an IRA. The IRA balance eliminates everything else.
But, I still find it difficult to believe that a monthly amount just increases. Fees for ANOTHER another account would be itemized separately.
I think a lot of people just deposit their paycheck, pay their bills and spend until the bank says it is all gone.
The largest investor in Wells Fargo just increase his stock holdings ... and is a Clinton supporter and donor. Warren Buffet.
Elizabeth Warren is a toothless tiger.
She’s ranted and raved for years about the malfeasance in these upper echelons of finance, yet, the party she is in does nothing ... except say they are “too big to prosecute”.
Why is lois Lerner still working or not fired.
And how many of these banker/Wall St. fraudmeisters give most or all of their political contributions to the democrapic party? (crickets)
I almost like her. But I just can’t as long as Freddy and Fanny Exist. If she really cared, they wouldn’t.
Agree wth you. Having said that, our largest financial companies are thinly veiled criminal enterprises. Warren ripping Stumpf just illustrates that there really is no honor among thieves. BTW, I would bet real money that Stumpf is supporting Hillary.
Maybe he could be brave enough to claim Indian heritage (pun intended).
Three observations.
Why should employees in the private sector go to jail but government employees never do?
I assume most of the fired 5,300 employees were young. I wonder why there isn’t some discussion about the failure of the education bureaucracy to teach morality for helping cause this failure. I can’t imagine it being this widespread and happening 30 years ago.
The banks fine will go into a fund to fund liberal groups pushing big government and the decline in morality.
According to opensecrets.org, John Stumpf donates to Republicans and a fair number of Democrats too (mainly Max Baucus, Pelosi and Feinstein).
My thought exactly. Why cankles wasn’t questioned in the relentless manner we observed from this house committee, baffles.
I appreciate Trump, more each day, for the way he has exposed the underbelly of the corruption of Washington.
Well, WF makes a billion, every other day....so, in no time, they’d be off the hook.
Democraps never pay a price..... Shrillary says “I take full responsibility” for Benghazi, her email scandals, etc. etc., and that means taking no real responsibility and no consequences at all.
Excellent point, Trump is the master of taking on entrenched corrupt interests in our political and business classes, but he is not a Demonrat so he gets no credit from the chattering classes. Instead, he is demonized.
Elizabeth Warren is just a trivial lightweight fake Indian squaw being overpaid by Harvard to issue her occasional denunciations against easy targets.
- How many Americans will be massacred by muslims because these Congress critters failed to stop their entry into the country? (would a class-action suit be possible?)
Can’t find a side to root for in this one.
This is when all the “Wall Street Hates Trump” really plays in his favor. Between the two candidates, Cankles is the darling of Wall Street and gets the vast majority of the campaign support.
I know Elizabeth Warren knows this too and I think this performance of hers was an FU to HRC.
Warren Buffet owns 500 million shares of Wells Fargo stock.
Indict him for fraud.
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