Wells Fargo Bank; what a dreadful shame
September 20, 2016 7:50pm CST
I don't mean that it is a shame that the bank got fined $185+ million. They deserved that. The way they pressured low level employees to up-sell and cross-sell customers, even to issue unwanted credit cards and other charges to bank accounts to unsuspecting customers, that is the shame. Then, when the well known substance hit the fan and the bank examiners popped up, who gets fired? Right, 5000 low-level customer service people. The same ones that management pressured to commit the acts they got fined for. But, the bank President told the Senate Banking Committee today that the executive in charge of that huge department retired, Right, retired with several million dollars in her fund. Has anyone on the exec level been fired? No. Some Senators said that the bank Pres himself should resign and maybe be investigated for criminal charges. Were you a customer of that bank who got burned with unauthorized charges? I am happy to say that I was not. The customers have not been offered any compensation.
11 people like this
• Singapore, Singapore
21 Sep 16
@JamesHxstatic Yup! Do you know when 2008 collapsed of US market? Only one was apprehended by law. Most of the people who wore decently are the one who put a lot of people at risk. Have you watched The Big Short film? Bank playing all the people and government is always there to bail them out.
• Nevada City, California
21 Sep 16
We used to have an account with Wells Fargo. We closed it a few years ago. My hubby was not happy with the service he got there. I would think the customers would have got stuff in the mail about their new accounts. It's surprising they could get away with this for so long.
• Laguna Woods, California
21 Sep 16
@JamesHxstatic - We used to bank with Wells Fargo, but haven't used them in about a decade. Now I am glad that we are no longer with them. I agree that their behavior was shocking. It is hard to believe that 5,000 employees were doing something and the CEO did not know! Give me a break.
• Otis Orchards, Washington
21 Sep 16
I had a loan there back in the 90s, but didn't do my main banking there. I had always thought Wells Fargo was a good bank (until I heard about this scandal) but preferred to bank at credit unions. I can't remember why I went to Wells Fargo for the loan instead of my credit union but I'm guessing I must have gotten a better rate, maybe for being a first time customer. Thank goodness I did not move all my banking there.
• Winston Salem, North Carolina
23 Sep 16
@JamesHxstatic It used to be that when a company failed usually the owner/president went down with it. Now-a-days it seems that corporate leadership are all equipped with golden parachutes that keep them from actually suffering the consequences of their mistakes.