Wells Fargo Unscrupulous Business Practices (1 Viewer)

coldseat

Super Forum Fanatic
VIP Contributor
Joined
Jan 10, 2007
Messages
9,117
Reaction score
15,247
Age
45
Offline
They've built a case for one of the most corrupt, aggressive, illegal and soulless business currently in existence. First they had the illegal foreclosure scandal back in 2012 and now the current scandal of illegally opening accounts. Their CEO and leadership are a bunch of crooks. I hope they're prosecuted and serve time. Nice to see them get grilled in front of the Senate. The beat down Senator Warren put on the CEO was epic.

<script src='http://i.cdn.turner.com/money/.element/script/7.0/players/embed.js?videoid=/video/news/2016/09/20/wells-fargo-ceo-warren.cnnmoney'></script>

"You should resign...You should be criminally investigated," Warren told Stumpf during a fiery one-sided exchange at the Senate Banking Committee's Wells Fargo hearing.

Warren, a vocal critic of big banks like Wells Fargo, demanded both the Department of Justice and SEC criminally investigate Stumpf for his "gutless leadership." Last week, a U.S. official told CNN that the DOJ has issued subpoenas to Wells Fargo.

Warren's diatribe was the most forceful condemnation yet of Wells Fargo (WFC) over the millions of fake accounts that the bank created over several years and 5,300 employees that were fired over several years.
Elizabeth Warren's epic takedown of Wells Fargo CEO over fake accounts - Sep. 20, 2016

5,300 Wells Fargo employees fired over 2 million phony accounts - Sep. 8, 2016
 
OP
coldseat

coldseat

Super Forum Fanatic
VIP Contributor
Joined
Jan 10, 2007
Messages
9,117
Reaction score
15,247
Age
45
Offline
The CEO and executives knew this was going on as the directives came down from them for these business practices. And they ignored and retaliated against employees who spoke out. Anybody get caught up in this? Either as a customer or employee?

Now CNNMoney is hearing from former Wells Fargo (WFC) workers around the country who tried to put a stop to these illegal tactics. Almost half a dozen workers who spoke with us say they paid dearly for trying to do the right thing: they were fired.

"They ruined my life," Bill Bado, a former Wells Fargo banker in Pennsylvania, told CNNMoney.

Bado not only refused orders to open phony bank and credit accounts. The New Jersey man called an ethics hotline and sent an email to human resources in September 2013, flagging unethical sales activities he was being instructed to do.

Eight days after that email, a copy of which CNNMoney obtained, Bado was terminated. The stated reason? Tardiness.
Wells Fargo workers: I called the ethics line and was fired - Sep. 21, 2016
 

staphory

Subscribing Member
Staff member
Super Moderator
VIP Subscribing Member
Gold VIP Contributor
Joined
Aug 21, 1998
Messages
11,404
Reaction score
3,644
Location
Stonewall , MS
Offline
Do you honestly think the crooks in Congress will do anything to the crooks that own them?
 

bclemms

More than 15K posts served!
Joined
Jul 16, 2005
Messages
33,623
Reaction score
44,158
Age
13
Location
Jackson, ms
Offline
Do you honestly think the crooks in Congress will do anything to the crooks that own them?
Yes, they will likely investigate them. Half the SEC will be working for Wells Fargo by the end of the month and there will be a huge fine levied. Something like 10% of the profit made from the scam.
 

El Caliente

More than 15K posts served!
VIP Contributor
Joined
Aug 6, 2011
Messages
32,287
Reaction score
45,784
Age
35
Location
70002 via 92243 via 48109 via 92122 via 70119
Offline
Do you honestly think the crooks in Congress will do anything to the crooks that own them?
Not as long as money is flowing their way.

Great OpEd piece on the financial community and governments tallons being all up in that business.

The Wells Fargo Standard - WSJ

Democrats are waging a non-stop campaign to punish bank executives for misconduct, both real and imagined. After revelations that Wells Fargo fired thousands of employees for setting up accounts without customer permission, Massachusetts Sen. Elizabeth Warren and her colleagues were howling this week for Wells to claw back bonuses that had been paid to senior executives. Awkwardly for Ms. Warren and her colleagues, Rep. Scott Garrett (R., N.J.) decided to pursue this line of argument a little too vigorously for Democratic tastes.

At a hearing this week in the House Financial Services Committee, Mr. Garrett asked Treasury Secretary Jack Lew, who helped preside over a titanic financial disaster at Citigroup in 2008, whether the bank had clawed back any of his compensation.
 

InTheFade82

Pro-Bowler
Joined
Oct 6, 2012
Messages
642
Reaction score
453
Location
Midway City, CA
Offline
I woke up this morning and found my account was overdrawn due to a Monthly Service fee. They charged me $14 because I didn't have the minimum amount in my checking account. I didn't have the minimum amount because I used MY money to pay bills and buy food. I went back through my history and realized they have charged me a total of $100 in Monthly Fees over the course of the year.

I called them to find out if they would reverse the fee since I am now overdrawn but the representative declined the reversal and told me how to avoid service fees. Ill withdrawing my money and closing the account tomorrow.
 

saintmdterps

If we give ya the boogie, can ya handle it?
VIP Subscribing Member
Gold VIP Contributor
Joined
Jan 15, 2007
Messages
16,705
Reaction score
18,871
Age
60
Location
Salisbury, Maryland
Offline
And as usual, the executives skate while 5300 lower-level employees get fired. Obviously, the message sent out by the financial crisis of 2007 has been heeded by Wells Fargo. "Do what you want no matter whom you harm, then pay a fine, admit no guilt, and continue to do what you want, and harm even more"

Once again, there will be no change because our legislators who would effect real change upon these criminals are bought and paid for by those same criminals.

I deal with a local bank and the Maryland State Employees Credit Union. I am on a first-name basis with the branch manager at the bank and a customer service rep at SECU. I have never had any complaints, service is terrific, and loan rates are excellent. I would advise anyone with a Wells Fargo account to close the account(s) and move to a bank not administered by criminals.
 

GrayMatter78

aka Klenzade
Staff member
Administrator
Tech-Admin
Joined
Jan 24, 1999
Messages
8,128
Reaction score
2,127
Age
42
Location
Gray, LA
Offline
I have my mortgage with WF, I'm seriously considering how to get away from them.
 

KCWhoDat

Formerly known as Saints4ever
VIP Contributor
Joined
Apr 18, 2005
Messages
8,156
Reaction score
2,606
Location
Kansas City, MO and anywhere my company sends me.
Offline
I used to bank with them up until last year...I received so many phone calls, constantly declined credit and debit cards for no reason. It actually got embarrassing, I moved on to USAA. WF would call me all the time about refi and opening up new accounts when I already had 4. Needless to say I was sick of them. I don't know how many times my cards were declined when my wife and I were out to eat, embarrassment 10 fold. I remember trying to buy an IPad at Circuit City, it was so bad I called them ahead of time on big purchases, 500 or more in which I called them right before I went into Circuit City. They declined it anyways when there was more than enough money in the account that was to be used. I had finally lost my cool with them and just lost it on them in the store on the phone and had to go outside. Hell they declined a 200 dollar purchase at Big Lots from my wife and I had to drive down there with cash. I hope they go under, I hate that banking franchise.
 
OP
coldseat

coldseat

Super Forum Fanatic
VIP Contributor
Joined
Jan 10, 2007
Messages
9,117
Reaction score
15,247
Age
45
Offline
And as usual, the executives skate while 5300 lower-level employees get fired. Obviously, the message sent out by the financial crisis of 2007 has been heeded by Wells Fargo. "Do what you want no matter whom you harm, then pay a fine, admit no guilt, and continue to do what you want, and harm even more"

Once again, there will be no change because our legislators who would effect real change upon these criminals are bought and paid for by those same criminals.

I deal with a local bank and the Maryland State Employees Credit Union. I am on a first-name basis with the branch manager at the bank and a customer service rep at SECU. I have never had any complaints, service is terrific, and loan rates are excellent. I would advise anyone with a Wells Fargo account to close the account(s) and move to a bank not administered by criminals.
:plus-un2: This right here. One of the biggest disappointments of Obama's presidency to me was the unwillingness of him and the Justice department to go after and prosecute those who where largely responsible for the banking crisis. Outside of fines, there was absolutely no accountability. No wonder these business practices continue. :rant:
 

superchuck500

guarding the potatoes
VIP Subscribing Member
VIP Contributor
Diamond VIP Contributor
Joined
Aug 9, 2004
Messages
58,598
Reaction score
90,242
Location
Mt. Pleasant, SC
Online
I used to bank with them up until last year...I received so many phone calls, constantly declined credit and debit cards for no reason. It actually got embarrassing, I moved on to USAA. WF would call me all the time about refi and opening up new accounts when I already had 4. Needless to say I was sick of them. I don't know how many times my cards were declined when my wife and I were out to eat, embarrassment 10 fold. I remember trying to buy an IPad at Circuit City, it was so bad I called them ahead of time on big purchases, 500 or more in which I called them right before I went into Circuit City. They declined it anyways when there was more than enough money in the account that was to be used. I had finally lost my cool with them and just lost it on them in the store on the phone and had to go outside. Hell they declined a 200 dollar purchase at Big Lots from my wife and I had to drive down there with cash. I hope they go under, I hate that banking franchise.

We banked with Wells Fargo for a little while. After we moved to Charleston, my wife was downtown with our 8-month old baby walking around with the stroller. She had to pee and it started raining really hard. She saw the Wells Fargo branch and went inside. They didn't have a public restroom but she's standing here wet from the rain and with a baby in the stroller. She tells the lady at the desk that we bank there (and actually at the time, we had a very large transaction in process and there was a very large amount of money in our account - though that shouldn't matter).

They refused to let her use the bathroom - something about the proximity to the vault. She had to walk back out into the rain to find a bathroom.

About a week later I got a call from one of their bankers who had seen our large transaction and whether we could do more business with them. In a very calm voice, I told the banker about how while all that money was sitting in their bank, my wife was refused the bathroom with a baby in a stroller in the rain. I told him that I was going to be closing my accounts and that I never wanted to ever hear from Wells Fargo again, ever. He didn't try to change my mind, he said "well, I understand."

A few days later I walked into that same branch and closed the accounts. I was very clear that it was because they refused to let one of their own customers use the bathroom and sent her back out into the rain with a baby in the stroller.
 

mc4saints

Subscribing Member
VIP Subscribing Member
VIP Contributor
Joined
Sep 9, 2001
Messages
6,883
Reaction score
9,906
Offline
We banked with Wells Fargo for a little while. After we moved to Charleston, my wife was downtown with our 8-month old baby walking around with the stroller. She had to pee and it started raining really hard. She saw the Wells Fargo branch and went inside. They didn't have a public restroom but she's standing here wet from the rain and with a baby in the stroller. She tells the lady at the desk that we bank there (and actually at the time, we had a very large transaction in process and there was a very large amount of money in our account - though that shouldn't matter).

They refused to let her use the bathroom - something about the proximity to the vault. She had to walk back out into the rain to find a bathroom.

About a week later I got a call from one of their bankers who had seen our large transaction and whether we could do more business with them. In a very calm voice, I told the banker about how while all that money was sitting in their bank, my wife was refused the bathroom with a baby in a stroller in the rain. I told him that I was going to be closing my accounts and that I never wanted to ever hear from Wells Fargo again, ever. He didn't try to change my mind, he said "well, I understand."

A few days later I walked into that same branch and closed the accounts. I was very clear that it was because they refused to let one of their own customers use the bathroom and sent her back out into the rain with a baby in the stroller.
Obviously, your Wife and 8-month-old were just trying to get access to the vault. Geez.

On a side note, if anyone tries to refinance to leave Wells Fargo, make sure it is directly with another large bank. if you go through a lending company, which usually gets the best rates, they will most likely just sell your loan back to Wells Fargo if possible.
 

Create an account or login to comment

You must be a member in order to leave a comment

Create account

Create an account on our community. It's easy!

Log in

Already have an account? Log in here.

Users Who Are Viewing This Thread (Users: 0, Guests: 1)

 

New Orleans Saints Twitter Feed

 

Headlines

Top Bottom