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Customers of Wells Fargo are reporting an outage affecting the big bank's ATMs as well as online and mobile banking. A customer service representative said it is a nationwide outage. KULR-TV in Montana is reporting that a bank employee said the outage is a result of a fire at a server farm located in Shoreview, Minnesota

Wells Fargo has agreed to pay $575 million to resolve investigations by all 50 states and Washington, D.C., into a range of practices, the latest chapter in the bank’s long-running legal problems. The deal ends investigations that began after federal regulators revealed in September 2016 that Wells Fargo employees had for years opened millions of unauthorized bank accounts in customers’ names. The employees said they had done so because they feared losing their jobs if they could not meet the bank’s aggressive sales goals. The agreement comes after New York reached a separate, $65 million settlement with Wells Fargo in...

Democrats are gloating over the sentencing of former Rep. Steve Stockman (R-Texas) last week. He was ordered to serve 10 years in prison for the vague charges of mail fraud, wire fraud and money laundering. Whenever prosecutors want to get someone who hasn’t actually committed a crime, they use those vague but scary sounding charges. He was also ordered to pay $1,014,718.51 in restitution, to be divided between him and two other co-defendants.What did Stockman actually do to warrant this? He facilitated four donations from two donors totaling $915,000 to two nonprofits he was associated with. One of the nonprofits...

A Wells Fargo executive who reportedly referred to women bank employees as "girls" or told them to put their "big girl panties on" will step down next year. Without addressing claims made against him, Wells Fargo confirmed that private bank head Jay Welker would retire effective March 31. His coming retirement was first reported by the Wall Street Journal, which cited an internal memo. A complaint against Welker was part of a larger internal investigation into allegations of discrimination by female executives in Wells Fargo's wealth management unit, the newspaper said. The bank spent months interviewing dozens of women after...

Wells Fargo & Co. acknowledged Tuesday that it failed to offer mortgage modifications to hundreds more borrowers than were due them and that many ultimately lost their homes because of the error. *snip* Now, in a regulatory filing released Tuesday, the bank said it improperly denied modifications to 870 borrowers — nearly 40% more than first thought — and that 545 of those borrowers later lost their homes.

Wells Fargo executives know that everyone hates them. In the last two years, the bank has launched three separate marketing campaigns hoping to clean up its public image, only to see each effort thwarted by fresh, catastrophic scandals ― like wrongly repossessing 27,000 cars and foreclosing on 400 families for no reason. The bank’s latest quarterly filing with the Securities and Exchange Commission dedicates more than 2,000 words to “Additional Efforts To Rebuild Trust,” listing “automobile lending,” “mortgage interest rate lock extensions,” “consumer deposit account freezing/closing,” “certain activities within wealth and investment management,” “foreign exchange business,” “fiduciary and custody account...

Facebook is asking banks to share customer’s financial information in a climate where corporate America is blacklisting gun manufacturers and businesses or groups that support the Second Amendment. On March 23, 2018, Breitbart News reported Citibank’s new corporate gun controls which bar gun store customers from selling “high-capacity” magazines and require those same stores to refuse long gun sales to 18 to 20-year-old Americans, even though it is legal to sell long guns to 18 to 20-year-olds. On March 30, 2018, Breitbart News reported that Interfaith Center on Corporate Responsibility (ICCR), which has $634 billion in assets, joined the gun...

The social media giant has asked large U.S. banks to share detailed financial information about their customers, including card transactions and checking account balances, as part of an effort to offer new services to users. Facebook increasingly wants to be a platform where people buy and sell goods and services, besides connecting with friends. The company over the past year asked JPMorgan Chase JPM +0.25% & Co., Wells Fargo & Co., Citigroup Inc. C +0.20% and U.S. Bancorp USB +0.40% to discuss potential offerings it could host for bank customers on Facebook Messenger, said people familiar with the matter. Facebook...

Wells Fargo & Co. is refunding hundreds of thousands of customers tens of millions of dollars for account add-on products such as legal services or insurance, Dow Jones reported, citing people familiar with the matter. Wells Fargo shares were lower by 0.3 percent in early trading Thursday. The Consumer Financial Protection Bureau is looking into the matter, the report said. Wells Fargo first disclosed issues with add-on products in its second quarter regulatory filing last year. In its most recent filing in May it said practices related to consumer add-on products like identity theft and debt protection were the subject...

I’m not accustomed to posting vanities so please be patient with me. I was watching the World Cup and a Wells Fargo Ad just aired. In the Ad, two white American males were walking down the street and one man was lamenting the fact that the US didn’t qualify for the World Cup. His friend then gets a notification on his phone from Wells Fargo stating that someone charged thousands of dollars on his account at the Mexican fan store. The first guy is alarmed and believes his friend’s account has been hacked. His friend then grins and opened up...

Troubles for Wells Fargo & Company (WFC - Free Report) seems to have no end. This time they come from a teacher’s union — The American Federation of Teachers (“AFT”) — demanding the bank to restrain itself from providing finance to gun dealers and the National Rifle Association (“NRA”). After the recent tragic incident at a high school that took lives of innocent students and educators, AFT’s President Randi Weingarten raised concerns over Wells Fargo’s connections with the gunmakers and NRA. In a release issued on Apr 7, the union disclosed plans to discontinue the Wells Fargo mortgage program offering...

Wells Fargo will pay two federal regulators a total of $1 billion to settle an array of investigations into its mortgage and auto-lending practices. Customers were forced to pay for extending the length of so-called interest rate locks on mortgage applications even when the bank was responsible for delays in the application process. Thousands of customers who bought cars with loans from Wells Fargo were forced to buy unnecessary insurance policies from the bank with premiums that topped a $1,000 a year. The bank said the policies could have contributed to about 27,000 customers having their cars repossessed after defaulting...

The nation's second-largest teacher's union has ended a promotional program with Wells Fargo, citing the bank's continued ties to the gun industry. The American Federation of Teachers, representing 1.7 million workers, said it removed the Wells Fargo mortgage program from its member benefits site effective Thursday. The union had attempted to discuss its issues with Wells Fargo management but didn't get a response, it said in a letter Thursday that was reviewed by CNBC.

Wells Fargo stemmed the tide of the push for new financial restrictions on gun makers and sellers by stressing that it is not a bank’s job to set U.S. gun policy. Wells Fargo believes firearm policy is a debate for Congress instead. According to Reuters, Wells Fargo CEO John Shrewsberry said, “The best way to make progress on these issues is through the political and legislative process. In the meantime, Wells Fargo is engaging our customers that legally manufacture firearms and other stakeholders on what we can do together to promote better gun safety in our communities.” Wells Fargo’s refusal...

WASHINGTON -- The Securities and Exchange Commission tapped Goldman Sachs Group Inc. executive Adam Storch on Friday to serve as the agency's first-ever chief operating officer of the enforcement division. The new hire represents the latest personnel change at the SEC in its effort to improve its operations following its failure to detect Bernard Madoff's massive Ponzi scheme. Enforcement Division Director Robert Khuzami created Mr. Storch's position of managing executive as part of the major re-structuring effort he announced earlier this year. Mr. Storch will oversee division operations that include budget, information technology and administrative services. He will also supervise...

Bank Stands up for 2nd Amendment! I support them

In a rare move, the Federal Reserve announced Friday that it is restricting Wells Fargo's growth and demanding the replacement of four board members in response to "widespread consumer abuses and compliance breakdowns" at the bank. *snip* The move to snuff its growth comes after the bank admitted in 2016 to creating potentially millions of fake bank accounts at the expense of unsuspecting customers.

Many Wells Fargo customers got a terrifying shock after finding their checking accounts drained due to a series of errors by the embattled bank. The Jan. 17 glitch reportedly emptied several customers’ accounts after processing their online bill payments twice and doubling transaction fees. According to CBS News, the banking error also triggered overdraft fees on many checking accounts as customers around the country were mistakenly informed they had a zero balance. The bank’s phone lines were reportedly jammed through the night as angry customers demanded answers for the embarrassing mistake. Wells Fargo later put out a brief statement on...

Some of America’s biggest companies are launching new initiatives to benefit employees after the GOP-led House of Representatives approved the largest tax reform bill in three decades this week. The $1.5 billion tax bill reduces the corporate tax rate from 35% to 21% and changes the way the U.S. government taxes companies that also operate internationally. The new plan, which is expected to be signed by President Donald Trump by January at the latest, is being hailed as a major victory for corporations and wealthy Americans. FOX Business breaks down how employees at some major companies are benefitting from the...

Wells Fargo & Company (NYSE: WFC) today announced an expansion of its ongoing investments in team members, communities, small businesses, and homeownership, pledging the following actions once tax reform is signed into law: Raising the minimum hourly pay rate for its team members to $15 per hour. Targeting $400 million in donations to community and nonprofit organizations in 2018. The company also announced that beginning in 2019, it will target 2 percent of its after-tax profits for corporate philanthropy. As part of this expanded philanthropy, targeting $100 million in capital and other resources over the next three years to support...