Posted on 08/25/2018 2:17:54 PM PDT by Ultra Sonic 007
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 fee calculations,” “mortgage loan modifications,” and “add-on products” as areas where the company may have been improperly seizing large sums of money that belong to other people. That section is followed by over 4,250 words on major legal liabilities the bank is currently facing.
Wells Fargo is even scamming rich people now, according to recent Yahoo Finance reporting, by intentionally steering high-net-worth clients into unnecessary products with high fees.
To any reasonable person, Wells Fargo is a rolling disaster ― a ripoff, wrapped in a swindle, inside a bank. And yet to a Wall Street investor, Wells Fargo looks like a pretty good bet. The bank has reported a combined $39.1 billion in profit since the final quarter of 2016. The Federal Reserve recently approved a 10 percent increase in the quarterly dividend the bank pays to its shareholders, allowing those profits to be converted into straight cash for its owners.
Wells Fargo’s very existence, not to mention its continued profitability, is an indictment of two decades of embarrassing regulatory oversight from four separate administrations...
(Excerpt) Read more at huffingtonpost.com ...
That’s not been my experience. I’ve had personal and business a accounts at BOA for more than twenty years, along with my mortgage, and I have never received less than first class service. Wells Fargo, however, is the worst bank I have ever seen. I warn all of my clients to avoid doing business there. WF will freeze your account or seize funds for any reason that strikes them, and I am not talking about legal garnishments or attachments. With you money in WF, they consider giving you access to it a revocable privilege.
Then so are all other BIG banks....Citi BofA etc etc
I have been with WF for 30 years and have received nothing but STELLAR service and exact accuracy.
Their online banking is the best in the business too.
Sounds like an AO-C idea. Just about as nonsensical too.
I keep a little checking account with them since there is a branch within walking distance.
A credit union I send some money to is even closer.
I keep saying I will drop WF but am lazy I guess.
ping
You are correct, Jack.
Banks are not pure as the driven snow. Wells is no better, nor no worse.
I pray Wells is forgiven and they survive. They are now in charge of my pension.
People don’t know that HuffPo is a subsidiary of Oath which is owned by Verizon
Worth repeating. I am still trying to close out my account at Citi.
I only got a WF account when they purchased my mortgage.
Competent service. Nothing spectacular, good or bad. But I won’t open another account with them if I can help it.
As someone who actually works at Wells Fargo (albeit in an entirely separate line of business from consumer banking and auto lending), all of the fraud that WF has engaged in blows back on everyone.
Just earlier this week, a bunch of people at our site (and others) got laid off. Why? To cut costs. Why did they need to cut costs? Because the customer volume for our particular line of business hasn’t been where it was forecast for this year.
This wasn’t mentioned in the ‘call’, but EVERYONE knows the real reason why volume hasn’t been where it is: Wells Fargo’s reputation has taken a dumpster dive, because of all these incidents of fraud and all the fines we keep hearing about in the news. And because of that, people who had nothing to do with it get impacted.
We’re talking about people who, in many cases, have been with the company for years. Many for more than 10, quite a few for more than 20, and at least one for 30. Yet they had the gall to talk about increasing customer loyalty when employee loyalty was all but cast aside.
Did I laud Wells Fargo for not bowing to the gun-grabbers? Yes. That doesn’t excuse their fraud. (And on other social issues, they’re BIG on ‘diversity’, aka catering to the LGBT crowd.)
As far as I’m concerned, Wells Fargo’s charter should be revoked, its assets bought out by local firms, and some of the executives should see jail time. Maybe then you’ll see REAL reform in the financial industry, when the threat of actual jail time - instead of mere ‘fines’ that get passed along to the customer anyway - is actually legitimate.
And while we’re on the subject of pipe dreams, I’d like for Glass-Steagal and Riegle-Neal to be repealed as well.
Addendum to my prior post: Riegle-Neal should be repealed, but Glass-Steagall was already repealed by Bill Clinton in 1999, so THAT particular act (which separated commercial and investment banking) should come back in force.
Wachovia was a much better bank.
Sadly, they got absorbed by WF
If I could easily change my direct deposit, I would.
But my employer is rather difficult in this regard.
“Whenever Wells Fargo is mentioned, a certain song from The Music Man pops into my head.”
what about the city of Gary, Indiana?
I saw a tv commercial this week from Wells Fargo that basically said to trust them.
They told a story of how a wells Fargo stagecoach driver hid the gold in another box so when it got robbed the robbers just got rocks. (Wells Fargo is the real robbers of their customers money)
In the real world Wells Fargo created millions of fee-bearing bank accounts in clients’ names without their knowledge and foreclosed on homes that were not suppose to and they are churning the customers 401k and stock accounts since at least 2009 along with VA loan churning.
Search: “The ‘churning’ is the act of being able to take the individual’s VA mortgage, repeatedly refinance it and putting fees on top of fees”
Here they stole from a 93 year old.
http://www.investmentnews.com/article/20170214/FREE/170219957/finra-bars-former-wells-fargo-rep-for-churning-accounts-of-93-year
How they stole from 81 year old
https://www.charlotteobserver.com/news/business/banking/bank-watch-blog/article106202687.html
They threw in their lot with the gun grabbers, the homonazis and generating sub-prime mortgages to illegal aliens, among other favored groups. They were a key player in the 2008 market crash and took tons of bailout money. They were in bed with Wells Fargo on all the phony foreclosures.
In my opinion, any bank too big to fail should have Glass-Steagal reinstated and applied to them. Starting with BoA and WF.
I've been banking exclusively with WF for nearly 30 years now. In addition to checking and savings accounts, I have my home loan and one of my auto loans through WF. I've never had any trouble from them.
If the Huffington Post thinks Wells Fargo is bad, then Wells Fargo must be good.
For the record, the first transcontinental mail contract for The Overland Mail was known as the Butterfield trail. It ran from Memphis across Arkansas and Oklahoma, then 900 miles across Texas, then New Mexico and Arizona and up the Valley to San francisco and the home of Wells Fargo. The California sections followed existing Wells Fargo established stage routes. The trail ran on a southerly route to avoid snow. The mail took 21 days, guranteed.
The Contractor was a Mr Butterfield operating out of New York. His company was called American Express.
Following the Butterfield Trail is a fantastic trip and journey through literal American history
Ask them to go beyond their daily routine, to go the extra mile. They do everything by the book ... no exceptions, no understanding that not every need fits in one of their neatly defined boxes.
They totally suck at customer service.
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