Posted on 12/20/2022 2:04:49 PM PST by EBH
The Consumer Financial Protection Bureau said Tuesday that Wells Fargo & Co. had harmed millions of people through wrongful car repossessions, improper denials of mortgage-loan modifications, and surprise overdraft fees that were lobbed at consumers who had enough funds at the time of their transactions.
Thousands of customers lost their cars and homes due to the alleged mistreatment, the consumer watchdog agency said in its new findings. Now the CFPB is ordering that Wells Fargo pay $3.7 billion — including more than $2 billion in direct redress to affected consumers and a record fine of $1.7 billion — as a result of the alleged conduct.
(Excerpt) Read more at msn.com ...
Wells Fargo will go right back to doing this again assuming they bother to stop at all.
A friend of mine used to work for Bank America and told me they had a sign up in their office that was posted for fun but management never took it down:
“We’re so big we don’t have to care!”
Fraud within. Tried to say we bought a bed when we already paid off 2 twins.
We won.
I had a WF account 40 years ago. They were already pulling improper stunts in my small checking/savings account. I moved my funds to another bank. I have noticed that they have, over the years, continued to get fines for illegal conduct. How do they stay in business? Why do people continue to do business with a company which they know are criminal?
Wells Fargo / Earning Back Your Trust:
https://www.youtube.com/watch?v=qxExqOiCkPU
When Bay Bank merged with Bank of America, about 35 years ago, I got sick and tired of them changing the terms on my accounts every three months and moved to a local S&L and have been with them ever since.
I’ve been with them for just over 5yrs, and am seriously thinking about moving my checking/saving/brokerage accounts back to PNC Bank. I’m getting real sick of WF pulling stunts like this, though I’m a very large account holder and haven’t been affected. Yet.
And the people who were actually harmed by Wells Fargo’s actions will probably see very little, if any, of the settlement funds. Attorneys will get a lot of it, the government their slice, and some will be directed to democrat’s favored activist groups. Then WF will continue to screw over their customers.
I am dealing with a screw up by WF today. As bad as they are, they seem better than B of A.
I had an account at Wells Fargo. Had.
WF MAY be better than B of A-—But local state banks have done a great job for me-—NO problems....including sales of 2 properties.
Time for a new PR campaign!
Wells Fargo / Earning Back Your Trust:
https://www.youtube.com/watch?v=qxExqOiCkPU
—
OMG. At first I thought it was a parody.
“Yeah, we screwed you over, but we promise we won’t do that again!”
Correct me if I’m wrong but isn’t the Consumer Financial Protection Bureau the unconstitutional entity created by Liz Warren? I would guess the billions they get in settlements go to leftist organizations exclusively.
Not that WF never did anything wrong — they did. BUT... The left has learned a lesson. Look at stats. When an overwhelming majority of black people get turned down for loans they couldn’t afford in the first place, sue. Then when there are an overwhelming majority of black people GETTING loans they can’t afford, sue on the grounds of predatory lending. Rinse and repeat.
Having said that, WF as an organization is more concerned with Diversity, Equity and Inclusion than simply doing a good jobt that their focus is in the wrong spot. Observe and you’ll see lots of POC in prominent places and yet failure continues. Imagine that.
I’ve been with my local credit union for over 40 years and have never had any issues.
Fines are not enough. Time for some serious jail time for the upper management types who condone this.
They tried to take our home several years ago.
They misapplied some payment to a “holding” account, which made me appear late. They kept this up for months. Each time I called they apologized profusely, but kept doing it.
After a while, they started foreclosing, saying they had months of late payments.
They kept moving me from one claims manager to another every few weeks, so I had to keep starting over, sending in inch-thick faxes and the like.
Finally had to hire lawyer in court the bank’s representative lied and said I never responded to their requests.
When we produced the stacks of paper proving otherwise, they said, “oh, ok, never mind” and the judge dismissed.
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