Wells Fargo

[the dude abides]

Fined $185M; 5300 employees terminated for fraud.

Quite the culture they have over there.

http://money.cnn.com/2016/09/08/investing/wells-fargo-created-phony-accounts-bank-fees/index.html?adkey=bn

http://www.nytimes.com/2016/09/09/business/dealbook/wells-fargo-fined-for-years-of-harm-to-customers.html?_r=0

 

[Ray McKigney]

This isn't surprising. Sucks that they're only paying $5 million to customers. Seems like it should be more.

[the dude abides]

This is nice.  From Bloomberg:

‘Not Material’

The bank hadn’t disclosed the investigation in recent regulatory filings.

“Each quarter we consider all available relevant and appropriate facts and circumstances in determining whether a litigation matter is material and disclosed in our public filings,” Mary Eshet, a Wells Fargo spokeswoman, said in an e-mail. “Based upon that review, we determined that the matter was not material.”

[Tom P.]

My wife was a Well's Financial Advisor, which is separate from the bank. She had similar pressure from the corporate giant to get loans for her clients to reach bonuses. Fortunately my wife has enough integrity to only do what is in her client's best interest and gave up those bonuses. She is now independent and much, much happier.

[mtangelsfan]

Wow.  

[Taylor]

Credit unions > the lack of In-N-Out in Colorado > banks.

[nate]

Absolutely insane that this happened...

[JAHV76]

Always 

Be

Closing

Coffee is for closers

[Homebrewer]

20 hours ago, Ray McKigney said:

This isn't surprising. Sucks that they're only paying $5 million to customers. Seems like it should be more.

The State prosecutors will split up the rest of the money in bonuses, and some will go into the state slush funds, and not one banker will go to jail.

It's a sweet deal for everyone involved except the lied to, ripped off, consumer.

 

[ten ocho recon scout]

Damn...shady as hell

[Gavin]

Worked as a personal banker from 2012-2013. Everything the Wells and that twat Eshet say that didn't happen is a bold faced lie. I worked in sales for three years after and never felt more sales pressure than when I was there. All for 35k in salary and a max of about 10-15k in commissions. 

The shady bankers would call some of the stuff that's being released in these stories as the "gray area"; where the white is legal and black area is totally illegal (I know that sounds racist... Don't shoot the messenger). In order to be successful, bankers had to live in the gray area. I only hit commission once in my time at Wells because I didn't believe in the practices they were preaching. "Open vacation accounts" or "your customer has a credit card offer, call him/her day or night and make sure you close. If he/she says no, then call in two weeks and ask again." 

I'm part of the class action lawsuit for Personal Bankers against Wells that was filed a while back. For those who haven't heard about that, the suit claims that Wells forced bankers to stay after hours on Saturdays (branches close at 4) to make sales calls without pay for those hours. So if our schedule included working on Saturday, we would only be allowed to post a 38 hour work week on out time card. All of which is absolutely true and absolutely bull shit. 

[mrwicked]

another reason why it's best to keep your wealth in a single, safe, wildly growing asset: POGs.

[CaliAngel]

^Yup. Or something similar, like Garbage Pail Kids.

My personal favorites: Loogie Leia, Dairy Barry, and the 'ol classic, Heavin' Steven.

[Amazing Larry]

LOL at $185 million. That's the equivalent of one of us being fined 10 cents. 

[HaloNArizona]

Pretty much any of the "Big" banks, Wells, BofA, Chase have the same procedures....I used to work at BofA, one of the lower points in my life, and we had an employee who was a 'graduate' of one of the local re-hab houses.  The branch manager would make him drive to the re-hab house, bring in a few clients so we could open new accounts for these people.  Other times, I would be dealing with a death of a spouse, and when the customer left, I was hammered over why I didn't open a new account, or ensure they had a new credit card....Banks are pretty much the devil.  Worse than used car salesmen.

[Ray McKigney]

[Tank]

the head of wells fargo just retired and received a payout of $124 million as part of her compensation.

only in america.

[Ray McKigney]

38 minutes ago, Tank said:

the head of wells fargo just retired and received a payout of $124 million as part of her compensation.

only in america.

That is so depressing.

[Amazing Larry]

She earned it man. Committing white collar fraud is back breaking work.

[CaliAngel]

A major reason I was not in favor of bailing out the banks during the mortgage crisis is because to me it seemed like if they could get away with that, they would feel invincible and feel like they could get away with anything. It's a dangerous thing for banks to have no accountability at all.

And here we are.

I would expect this type of stuff to continue for a very long time. They know what they're doing.

[Schildog]

This type of shit is always in the bank's favor. Get fined $150m while taking in much more. Feels like the department of justice, or whomever, should do more. 

[Angel Oracle]

I fired BofA, and opened a credit union checking/savings over 20 years ago.   So many fees no longer paid!

Also reducing credit cards

Banks can kiss their own candy arses.

[Mark68]

On 9/18/2016 at 8:56 PM, Schildog said:

This type of shit is always in the bank's favor. Get fined $150m while taking in much more. Feels like the department of justice, or whomever, should do more. 

Yeah, we'd never see this in real life:

[nate]

The amazing thing about banks is they can overtly do stuff that makes their customer service/experience worse.  I got a letter from Chase last week about my car loan saying that members using autopay that make a partial payment during the month will no longer have an auto pay transaction of the prorated remaining amount due, instead it will still take out the full amount.  It wont effect me, the whole reason I am on autopay is so I don't have to deal with making payments to them, but that is just a strange decision to make.

[arch stanton]

Remember in Office Space when they were talking about tenth of pennies adding up? Banks are nickel and diming us into oblivion.