Posted on 02/03/2018 5:52:28 PM PST by Leaning Right
Well you were probably a pretty good customer with several hundred accounts with them. Whether you knew it or not.
I found the customer service to be uneven. Sometimes great, sometimes inexplicable (at the time - may have been related to the fake accounts).
“At one time I mailed off slam dunk evidence of financial fraud”
You must’ve spent hours if not days doing this for NO PAY. The regulators WHO ARE PAID MIGHTILY did nothing.
And they wonder why the populace is PISSED TO THE HILL.
Same thing happens with utility regulators. Crickets make THEIR job so easy.
My stuff was nuclear, it was fraudulent research. Shortly before spritzer nailed Merrill lynch
I sent it anonymously, figured otherwise I’d be a dead man. All the facts and details were abc 123.
The last institution I was at was one of the “fails”
The scams being pulled leading up to 2008 were ludicrous
Wells Fargo and US Bank were the only two banks of size I could stand investing in at the bottom. They were the two cleanest in my opinion
Wfc made waves with regulators and politicians at the bottom.
That is why they became a scapegoat for this account bs
Fokk, really, so what if someone has 5 checking accounts. It’s juvenile stupid and misleading but the world wasn’t going to end. And every big bank was doing that stupid childish crap.
They might only demand $25 be deposited in that savings account, but most credit unions also do NOT charge all the fees that normal banks charge."
I stand corrected, but I was told years ago that when they made the law that authorized the creation of credit unions, it was crafted in a manner that requires a savings account and a checking account was optional. Please remember, when the law was passed (Federal Credit Union Act of 1934), the purpose of the credit union was to encourage to save money and many people used only cash. Only rich people used checks.
Who’s going to jail over this consumer abuse?
{crickets}
I thought they already had the Clinton, Rodham Clinton, Obama, Holder, Lynch, Jarret, Sharpton, Jackson, Dodd-Frank, Congressional Black Caucus shakedown....Did I leave anyone out?
Yea, again, no jail for fraud. Rule of law? A broken windows theory toward financial crimes would be a start. Throw in a few no knock raids, dog shootings, and cavity searches to get some attention.
God bless you, sir.
I know all the banks were doing some variety of this.
I thought I was the only one that knew.
Sleazy bank ping
This is not the first occurrence by Well’s Fargo, yo - they need to be shut down and a lot of their upper tier management sent to prison!
Under the ideology of economism, the hammer is always down on those who work, and we/they are all legal positivists, hungry materialists, and men without chests. So of course things like this will happen.
No. Not every bank did or does what Wells Fargo did. And if any others did, they should also be prosecuted for it.
When I open a checking account with a bank, while I may expect to get a sales pitch, even a hard sell for their other services like a saving account, a credit card or a line of credit, I most definitely do not expect an employee of said bank, under pressure from their managers and under threat of said employee being fired for not meeting their sales quotas, to open additional accounts in my name, without my permission and as Wells Fargo did, and to boot, with fraudulent signatures and taking control of my pin number to perform money movement transactions.
Fokk, really, so what if someone has 5 checking accounts. It’s juvenile stupid and misleading but the world wasn’t going to end. And every big bank was doing that stupid childish crap.
So a bank opening additional accounts including credit cards or lines of credit in my name and without my knowledge or my permission has a zero effect on my credit rating? And you claim to be some sort of “financial expert”?
And what about those clients who were charged fees for accounts they never knew they had opened for these fraudulent checking and savings accounts, “a process that sometimes involved the movement of money out of legitimate accounts” that sometimes resulted in overdrafts and additional bank fees?
So you think that a bank can open an account for me without telling me and move money from the account I legitimately opened to an account I had no knowledge of opening and opened without my permission? That’s OK with you?
“The creation of these additional products was made possible in part through a process known as "pinning. By setting the client's pin to "0000", bankers were able to control client accounts and were able to enroll them in programs such as online banking.”
https://en.wikipedia.org/wiki/Wells_Fargo_account_fraud_scandal
As to credit unions, when I opened a credit union account through a former employer I was told upfront that the terms of having a checking account with them was that I had to maintain a savings account with at least a $10 minimum balance at all times. And I agreed to those terms. But the credit union didn’t open a line of credit or a credit card account or any additional accounts for me without my permission or knowledge.
Last year I opened an account with Santandar bank because the local bank I had been with, Metro, who I loved was sold to a bank who I didn’t - they had lousy customer service, inconvenient banking hours, a really bad on-line banking site and many increased fees.
When I opened the new account at Santander, of course they tried to sell me on opening a savings account and getting a credit card and on their other services. I did open a savings account because I had had one with Metro but I declined the credit card offer. No one, at least so far at Santander Bank has opened a credit card or line of credit or any additional checking or savings accounts in my name. And if they every do, they will feel my rath and a legal action.
FWIW, my brother and his wife fell on hard times, declared bankruptcy and moved from NJ to PA. My nephew helped them opened a PA bank account for them here in PA with him being a secondary signatory on the account as my brother and SIL are now elderly and not in the best of health, just in case anything should happen to them and he has to take control of their finances.
When my SIL went to make a deposit the bank (I think it was Bank Of America) they asked about opening a credit card and my SIL said “sure”, because that sort of thing on her part is exactly what got them in trouble in the first place.
But the bank didn’t open the credit card in either my brother or SIL’s name but in the name of their son. But he didn’t know anything about it nor had he signed anything, he only found out when he got the credit card in the mail. And boy was he royally pissed at both his mother and at the bank. And he made a big stink about it and the bank cancelled the card and he forced under a threat of a lawsuit to remove it from his credit reporting.
FWIW my nephew has a good paying job and has excellent credit and typically pays off his balances in full every moth, but was really pissed that a bank could and would open a credit card account in his name and without his permission or knowledge. It was especially important to him as he was in the process of listing his house and purchasing a new home, so a new and recently credit card account showing up on his credit report could affect the rate he might get on a new mortgage.
It is a very big deal when a bank opens accounts, credit cards or lines of credit without the customer’s knowledge or permission. To say otherwise is lunacy.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.