Posted on 09/08/2016 1:14:35 PM PDT by Red Badger
Edited on 09/08/2016 1:41:02 PM PDT by Admin Moderator. [history]
Everyone hates paying bank fees. But imagine paying fees on a ghost account you didn't even sign up for.
That's exactly what happened to Wells Fargo customers nationwide.
On Thursday, federal regulators said Wells Fargo employees secretly created millions of unauthorized bank and credit card accounts -- without their customers knowing it -- since 2011.
(Excerpt) Read more at money.cnn.com ...
This is criminal behavior on a corporate scale...
Are they saying the employees did it for benefit the companies bottom line?
I don't think your getting the full story. 700 is OK, but if he has a bunch of other debt and is seeking a big car loan, I could see being denied....
I notice that they fired a bunch of underlings, which I’m not opposed to, but management and their internal regulators should burn, too. If they didn’t see this problem and report it, they were in on it. It’s really telling that WF didn’t self-report this, it was found on a government audit.
Dear Congress and the States,
It appears Obvious that Wells Fargo is a CRIMINAL ENTERPRISE. I expect their CORPORATE CHARTER TO BE REVOKED IMMEDIATELY
They probably scan the obituaries and start up accounts in the names of the recently deceased so that they can start hitting the estates on fees and penalties.
I sure do not want to sound like I’m advertising; but, any military or ex-military or military brats who do not sign up with USAA are clueless.
No, they did it FOR THEIR OWN bottom line, bonuses, promotions, etc.................
Absolutely. 190M fine is a slap on the hand. Prosecute the guilty and force the banks to foot the bill to cover damages with interest for their own criminality. Treat them like the average American gets treated for failure to remit.
When Wells Fargo took over Wachovia here, WF fired, transferred or early-retired most of the long-time tellers and advisors and replaced them with young, clueless kids. Oh, and there was an aggressive “diversity” initiative as well. There were so many complaints at the branch nearest us, people from regional HQ were brought in to clean up the mess. It’s much better now.
They don't want the customer who is going to pay his balance on time, not run up frivolous charges, and won't be a sucker for the latest scam they are selling.
Instead, they'd rather lend their money to a "good" customer.
Although we do our routine banking with Wells Fargo, we have our auto and house insurance policies and a savings account with USAA. They are terrific.
So roughly an average of 2 per location were in on the scam.
Exactly, this is embezzlement, identity theft, credit card and banking fraud, and Racketeering (throw the last one in just for fun). Not only should there be class action lawsuits, there should be arrests on a large scale.
5 is rogue employees, 5300 is a business practice
Someday Comcast will be in for similar scrutiny. Firing will be the least of their problems.
L
Nothing new there. It has been going on for a long time and probably one of the reasons for the financial crisis. Local bank X gets bought out by a big regional bank or national bank. They fire or retire all the people with local knowledge.
Welllll...They’re the ones who caught it and they can’t be everywhere at once. Not that I’m going to start singing the praises of the government here.
One thing’s for sure: WF fired 5300 underlings like they just thought it up and did this in a vacuum. If WF regulators didn’t catch this, they were in on it. Things will get interesting when executive heads start rolling. What frosts my shorts is that the CEO will hit the bricks citing his “mistakes”, he’ll take a couple years’ salary with him, he’ll vacation in The Bahamas for 6 months, and then surface in a new CEO job. For him this time next year, it’ll be like it never happened.
Absolutely. Systematic Criminality.
Dish Network, Direct TV, Warner Cable, they all do it.............
I fear that happening to my bank. My local bank that my family has banked at for over 100 years recently got bought out by a larger state bank and there have been issues, but not enough to get me to leave. However, if they fire the local tellers (many who have known me my whole life and even came to my mother’s funeral) then I am gone as well. They are the main reason I stay.
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