stalinx20
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Crazy Crazy.... Over 5,000 employees fired instantly. Be careful using Wells Fargo: Wells Fargo is facing a fine of $185 million courtesy of the Consumer Finance Protection Bureau. For the past five years, thousands of Wells Fargo employees collectively participated in a scam to systemically defraud and abuse its customers. Bank employees created new accounts for customers using fake email addresses, issued credit cards without customer consent, and set up sham accounts. In many cases, customers only became aware of the scheme when they received credit or debit cards they hadn’t applied for, or were hit by overage charges on an account they didn’t know existed.
The problems at Wells Fargo are tied to a company culture that values cross-selling products across the entire range of services that the bank offers. Already have a checking account? Wells Fargo wants to sell you a credit card or a home mortgage. Need a car? Wells Fargo wants to handle your auto loan. This strategy has been widely described as key to the bank’s success and a major component of its earning strategy. Unfortunately, these strengths were kept afloat by internal reward programs and quota targets that pressured sales associates to “find” new sign-ups and accounts whether the customers in question knew what they were being signed up for or not.\
Currently, it’s estimated Wells Fargo employees created 565,000 false credit cards, and at least some people may have been damaged by overage charges they didn’t know existed. Shahriar Jabbari sued Wells Fargo last year, according to the New York Times, after seven accounts were created in his name and without his consent. Monthly fees associated with those accounts were assessed, which resulted in unpaid overage charges that were then reported to financial institutions as unpaid debts. The end result was that Mr. Jabbari ended up being chased by debt collectors for debts he had not agreed to incur. http://www.extremetech.com/internet/235382-wells-fargo-faces-185-million-fine-for-massive-fraud-and-theft-scheme-5300-employees-firedMakes you wonder if you can even trust the bank you use....
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XrayMan
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Re: Wells Fargo faces $185 million fine for massive fraud and theft scheme
2016/09/13 23:06:14
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I've always liked my Chase bank. =)
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stalinx20
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Re: Wells Fargo faces $185 million fine for massive fraud and theft scheme
2016/09/13 23:10:39
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I have Chase also, but I feel they have some "iffy" promotions too sometimes.
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stalinx20
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Re: Wells Fargo faces $185 million fine for massive fraud and theft scheme
2016/09/13 23:23:41
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kaninja
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Re: Wells Fargo faces $185 million fine for massive fraud and theft scheme
2016/09/13 23:50:38
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lol. She won't see a day in jail. How many billions have been stolen from the public over the years by banks and lending institutions?
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stalinx20
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Re: Wells Fargo faces $185 million fine for massive fraud and theft scheme
2016/09/13 23:51:40
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Yeah I know... It was the thought really. And Apples should be thrown at her too.
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kaninja
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Re: Wells Fargo faces $185 million fine for massive fraud and theft scheme
2016/09/14 00:01:10
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Breaking public trust in this form should be minimum 30 year sentence. Let me put it this way......if some street person had gone and stole a million $ from her.......see ya in a few decades.
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Cool GTX
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Re: Wells Fargo faces $185 million fine for massive fraud and theft scheme
2016/09/14 00:17:12
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Unfortunately none of the Bank's Employees will be convicted of any crime --> if history repeats itself. There will be a plea agreement -- no admission of guilt -- pay the fine and walk away The shareholder of WFC, should take the management team to task and Court, past Quarterly statements will obviously need to be restated.
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stalinx20
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Re: Wells Fargo faces $185 million fine for massive fraud and theft scheme
2016/09/14 00:35:51
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Hopefully this puts their reputation on the line and has customers banking at another company. When I searched Wells Fargo on Google, a CNN article came up, stating Wells Fargo has lost the crown as most trusted bank, and has been surpassed by Chase Bank. Obviously this caused them to lose that crown, or it's part of it at least.
post edited by stalinx20 - 2016/09/14 00:39:07
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kaninja
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Re: Wells Fargo faces $185 million fine for massive fraud and theft scheme
2016/09/14 00:38:40
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Cool GTX Unfortunately none of the Bank's Employees will be convicted of any crime --> if history repeats itself. There will be a plea agreement -- no admission of guilt -- pay the fine and walk away The shareholder of WFC, should take the management team to task and Court, past Quarterly statements will obviously need to be restated.
Actually you can't adjust the past ones......the future ones take the full hit.
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Brad_Hawthorne
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Re: Wells Fargo faces $185 million fine for massive fraud and theft scheme
2016/09/14 01:00:47
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stalinx20 Hopefully this puts their reputation on the line and has customers banking at another company. When I searched Wells Fargo on Google, a CNN article came up, stating Wells Fargo has lost the crown as most trusted bank, and has been surpassed by Chase Bank. Obviously this caused them to lose that crown, or it's part of it at least.
Odd, ever since the internet first existed all I had ever heard of Well Fargo was constant email phishing scams. They actually have had credibility to begin with?
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MSim
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Re: Wells Fargo faces $185 million fine for massive fraud and theft scheme
2016/09/14 01:47:14
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kaninja Breaking public trust in this form should be minimum 30 year sentence. Let me put it this way......if some street person had gone and stole a million $ from her.......see ya in a few decades.
+1
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HAZMAN_THE_GREAT
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Re: Wells Fargo faces $185 million fine for massive fraud and theft scheme
2016/09/14 01:50:45
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Man being a big banker must be nice.
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fearpoint
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Re: Wells Fargo faces $185 million fine for massive fraud and theft scheme
2016/09/15 10:40:13
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I'm shocked people still use banks for non business accounts.
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kaninja
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Re: Wells Fargo faces $185 million fine for massive fraud and theft scheme
2016/09/15 12:29:54
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I really can't believe the fine is not bigger.
Wells Fargo has a history of securities Fraud, lying to regulators, bond bid rigging, loan & foreclosure abuse, ethnic discrimination, fraudulent loan certifications, illegal predatory student loan practices, defrauding investors........the list goes on.
These are not just oversights. These are purposeful illegal actions in order to make profit by defrauding citizens.
These banks might be "Too Big to Fail", but they sure as heck aren't "Too big to steal your money".
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WackyWRZ
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Re: Wells Fargo faces $185 million fine for massive fraud and theft scheme
2016/09/15 12:34:38
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This is not a surprise to me at all. I used to have a WF account and that bank had some of the worst policies and customer service I'd ever seen. I had "fraud" issues on more than one occasion with them and it was a nightmare. I made the switch to a local credit union and have never looked back. Credit unions are like hidden gems!
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Cool GTX
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Re: Wells Fargo faces $185 million fine for massive fraud and theft scheme
2016/09/15 13:08:25
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WackyWRZ This is not a surprise to me at all. I used to have a WF account and that bank had some of the worst policies and customer service I'd ever seen. I had "fraud" issues on more than one occasion with them and it was a nightmare. I made the switch to a local credit union and have never looked back. Credit unions are like hidden gems!
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candle_86
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Re: Wells Fargo faces $185 million fine for massive fraud and theft scheme
2016/09/15 14:29:46
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Not suprised, I closed my account, paid off the balance back in 2012, I get a call once a month saying I owe them 263 dollars, I tell them I closed my account, and am informed that my account wasn't closed, just a clerical error but I must pay an admin fee of 115 to correct it. Bunch of lying thevies. Ive even provided them proof the account was closed.
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notfordman
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Re: Wells Fargo faces $185 million fine for massive fraud and theft scheme
2016/09/17 00:12:35
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It's a shame there can't be anything done about the "bonus" or whatever it is. It's a reward for being a thief, basically. I know a couple of friends/family that had mortgages years ago with them, and they had some predatory practices.
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Dukman
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Re: Wells Fargo faces $185 million fine for massive fraud and theft scheme
2016/09/18 08:52:16
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The loan for my central air conditioner is through them. They keep sending emails asking me to set up a checking and savings accounts. No thanks. It's interesting. While Bank of America is known as one of the most hated, Wells Fargo all this time was flying under the radar. I wonder are their stocks still down?
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BF3PRO
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Re: Wells Fargo faces $185 million fine for massive fraud and theft scheme
2016/09/18 08:55:43
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I like how they blame it on "cross selling". No, it was just employees who aren't good at their jobs and should pick a different field. I see this as employee wrong doing, not Wells. In fact, I hope Wells Fargo decides to prosecute those involved.
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BF3PRO
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Re: Wells Fargo faces $185 million fine for massive fraud and theft scheme
2016/09/18 08:58:20
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kaninja I really can't believe the fine is not bigger.
Wells Fargo has a history of securities Fraud, lying to regulators, bond bid rigging, loan & foreclosure abuse, ethnic discrimination, fraudulent loan certifications, illegal predatory student loan practices, defrauding investors........the list goes on.
These are not just oversights. These are purposeful illegal actions in order to make profit by defrauding citizens.
These banks might be "Too Big to Fail", but they sure as heck aren't "Too big to steal your money".
They're not too big to fail. People are just afraid of a true free market and don't realize it would be much better than what exists now.
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kaninja
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Re: Wells Fargo faces $185 million fine for massive fraud and theft scheme
2016/09/18 09:31:58
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People are not afraid of a free market....the large corporations don't want one. This is why you see a lot of bankers leave the banking industry to join government, help shape policy and regulation, then jump back into the bank industry to reap the rewards of the rigged system they helped create.
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BF3PRO
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Re: Wells Fargo faces $185 million fine for massive fraud and theft scheme
2016/09/18 09:57:11
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kaninja People are not afraid of a free market....the large corporations don't want one. This is why you see a lot of bankers leave the banking industry to join government, help shape policy and regulation, then jump back into the bank industry to reap the rewards of the rigged system they helped create.
When you ask your everyday Joe in the states what they think about the free-market, they say it's evil.
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kaninja
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Re: Wells Fargo faces $185 million fine for massive fraud and theft scheme
2016/09/18 10:21:35
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BF3PRO
kaninja People are not afraid of a free market....the large corporations don't want one. This is why you see a lot of bankers leave the banking industry to join government, help shape policy and regulation, then jump back into the bank industry to reap the rewards of the rigged system they helped create.
When you ask your everyday Joe in the states what they think about the free-market, they say it's evil.
Of course they do! That is because they don't have one but believe they do.
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Cool GTX
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Re: Wells Fargo faces $185 million fine for massive fraud and theft scheme
2016/09/18 10:29:25
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Dukman The loan for my central air conditioner is through them. They keep sending emails asking me to set up a checking and savings accounts. No thanks. It's interesting. While Bank of America is known as one of the most hated, Wells Fargo all this time was flying under the radar. I wonder are their stocks still down?
WFC is the stock ticker 31 Aug $50.80 and 16 Sept $45.43
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Cool GTX
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Re: Wells Fargo faces $185 million fine for massive fraud and theft scheme
2016/09/18 10:32:39
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notfordman It's a shame there can't be anything done about the "bonus" or whatever it is. It's a reward for being a thief, basically. I know a couple of friends/family that had mortgages years ago with them, and they had some predatory practices.
By "retiring" she gets to keep her stock options. If she had stayed and/or was fired up to $45 Million would have been surrendered. If the profits were bogus then the metric for All Bonuses were bogus -- should be clawed back across the entire company; but, especially Senior Management and the Board of Directors as they have failed to do their fiduciary duty. I believe, Senior Management and the Board of Directors have a fiduciary duty to the stockholders (edit typo)
post edited by Cool GTX - 2016/09/18 12:05:10
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kaninja
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Re: Wells Fargo faces $185 million fine for massive fraud and theft scheme
2016/09/18 10:55:33
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More imprtantly they have a duty to their customers.
With thousands of employees involved it isn't just a couple bad apples. The whole orchard is rotten. There was obviously a corporate atmosphere of "do whatever it take, no matter what it takes".
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Cool GTX
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Re: Wells Fargo faces $185 million fine for massive fraud and theft scheme
2016/09/18 12:04:20
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kaninja More imprtantly they have a duty to their customers.
With thousands of employees involved it isn't just a couple bad apples. The whole orchard is rotten. There was obviously a corporate atmosphere of "do whatever it take, no matter what it takes".
Respectfully disagree ---> "More importantly they have a duty to their customers." (edit typo) Stockholders are the Owners of the corporation and that establishes the fiduciary duty "Senior Management and the Board of Directors have a fiduciary duty to the stockholders" Their is no fiduciary duty to basic customers Legal obligations to generic customers because of regulations and dare I say Morale obligations to society.
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Cool GTX
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Re: Wells Fargo faces $185 million fine for massive fraud and theft scheme
2016/09/18 12:08:39
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I would like to see a complete investigation into the Regulatory Oversight Government Entities. How are they so easily hoodwinked by these Banks ? Thought regulation had been tightened up since the financial meltdown.
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