I hope you don't bank at Wells Fargo

[CommuterBob]

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

Holy shit. If I were a Wells Fargo customer, I'd be pulling my money out of that shady company ASAP.

On Thursday, federal regulators said Wells Fargo employees secretly created millions of unauthorized bank and credit card accounts -- without their customers knowing it -- since 2011.

The phony accounts earned the bank unwarranted fees and allowed Wells Fargo employees to boost their sales figures and make more money.

"Wells Fargo employees secretly opened unauthorized accounts to hit sales targets and receive bonuses," Richard Cordray, director of the Consumer Financial Protection Bureau, said in a statement.

Wells Fargo confirmed to CNNMoney that it had fired 5,300 employees related to the shady behavior. Employees went to far as to create phony PIN numbers and fake email addresses to enroll customers in online banking services, the CFPB said.

Wells Fargo concluded that bank employees opened up over 1.5 million deposit accounts that may not have been authorized, according to the CFPB.

The way it worked was that employees moved funds from customers' existing accounts into newly-created accounts without their knowledge or consent, regulators say. The CFPB described this practice as "widespread" and led to customers being charged for insufficient funds or overdraft fees -- because the money was not in their original accounts.

Additionally, Wells Fargo employees also submitted applications for 565,443 credit card accounts without their knowledge or consent, the CFPB said the analysis found. Many customers who had unauthorized credit cards opened in their names were hit by annual fees, interest charges and other fees.

The CFPB said Wells Fargo will pay "full restitutions to all victims."

 

[1ofTheseKnights]

Just hope the stock tanks so I can get me a panic discount. I'm sure Warren & I will be selling our positions.

 

[Boston.Knight]

slap on the wrist. Nothing to see here . Move along.

 

[EweSeaEff]

TBTF

 

[jetsaholic]

#BanFees

 

[USFSucks]

#BanBreakingTheLaw

 

[jetsaholic]

#BanBreakingTheLaw

Breaking the law should be illegal.

 

[USFSucks]

Breaking the law should be illegal.

#MakeThingsIllegal

 

[chemmie]

Why do you hate capitalism?

 

[knightsagainstblmandzog]

BLM owns Wells Fargo. You ever see one burn down in a black neighborhood?

 

[Good Knight Sweetheart]

Well....it would appear that our least favorite racist poster has a new name, since he got banned.

.

 

[Boston.Knight]

What Wells did not disclose publicly to anyone is that the head of the group responsible for Wells' biggest consumer fraud scandal in years, is quietly leaving the bank with a $125 million bonus, a bonus which as Fortune's Stephen Gandel writes today will not see even one cent clawed back as part of the dramatic revelations.

According to Gandel, Carrie Tolstedt, the Wells Fargo executive who was in charge of the unit where employees opened more than 2 million largely unauthorized customer accounts—a seemingly routine practice that employees internally referred to as “sandbagging”— is leaving the giant bank with an enormous pay day, some $124.6 million.

http://www.zerohedge.com/news/2016-...aud-wells-fargo-leaves-bank-125-million-bonus

 

[1ofTheseKnights]

BLM owns Wells Fargo. You ever see one burn down in a black neighborhood?

Lolz. Nice. BLM is just more globalist AstroTurf rooted zog nonsense.

You'll never reach the majority of the WC all about that zog bout that zog no red pill.

 

[UCFKnight85]

What Wells did not disclose publicly to anyone is that the head of the group responsible for Wells' biggest consumer fraud scandal in years, is quietly leaving the bank with a $125 million bonus, a bonus which as Fortune's Stephen Gandel writes today will not see even one cent clawed back as part of the dramatic revelations.

According to Gandel, Carrie Tolstedt, the Wells Fargo executive who was in charge of the unit where employees opened more than 2 million largely unauthorized customer accounts—a seemingly routine practice that employees internally referred to as “sandbagging”— is leaving the giant bank with an enormous pay day, some $124.6 million.

http://www.zerohedge.com/news/2016-...aud-wells-fargo-leaves-bank-125-million-bonus

The Board could absolutely challenge this compensation on the grounds of gross negligence or a miscarriage of his duties as CEO. They could at least attempt to challenge him walking away with this money after leaving the company in a legal shitstorm.

But they won't. They're probably getting favors from him as it is and just don't give a shit.

 

[UCFWayne]

Well....it would appear that our least favorite racist poster has a new name, since he got banned.

.

Tell that worthless mod roommate of yours to ban that scumbag.

 

[Boston.Knight]

This is why Bernie should have got in over Hillary. Like this guy and how he goes after the banks while the rest of the politicians sit on their hands.

 

[1ofTheseKnights]

Wells Fargo deleted e-mails. They're good to go.

 

[UCFWayne]

This is why Bernie should have got in over Hillary. Like this guy and how he goes after the banks while the rest of the politicians sit on their hands.

What they did is identity theft. It is completely insane to think that no one is going to jail for this...

Our system is broken.

 

[1ofTheseKnights]

What they did is identity theft. It is completely insane to think that no one is going to jail for this...

Our system is broken.

Too big to fail bro.

Watch your sports & reality TV. Don't question the controlled media.

 

[KNIGHTTIME^]

So let me guess...the government gets their shakedown fine. The execs get to keep their job and money. The customers that have to run around and close accounts get nothing. Typical!

 

[CommuterBob]

It gets better. Former employees saying they were fired for being whistleblowers.

http://money.cnn.com/2016/09/21/inv...-workers-retaliation-fake-accounts/index.html

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.

One former Wells Fargo human resources official even said the bank had a method in place to retaliate against tipsters. He said that Wells Fargo would find ways to fire employees "in retaliation for shining light" on sales issues. It could be as simple as monitoring the employee to find a fault, like showing up a few minutes late on several occasions.

"If this person was supposed to be at the branch at 8:30 a.m. and they showed up at 8:32 a.m, they would fire them," the former human resources official told CNNMoney, on the condition he remain anonymous out of fear for his career.

 

[KNIGHTTIME^]

I hate Wells Fargo. Once my mortgage is paid off I'm closing my accounts with them.

 

[Boston.Knight]

So let me guess...the government gets their shakedown fine. The execs get to keep their job and money. The customers that have to run around and close accounts get nothing. Typical!

I give the libs a lot of credit here - leading the charge for criminal convictions. I don't think Hillary will be going after the banks like that though. They are huge Clinton Foundation supporters.

 

[Boston.Knight]

So let me guess...the government gets their shakedown fine. The execs get to keep their job and money. The customers that have to run around and close accounts get nothing. Typical!

The government fine is a joke. It's hardly more than the compensation the exec got with the golden parachute they gave her on the way out the door. The banking system is still a mess.

 

[CommuterBob]

http://www.orlandosentinel.com/business/ct-wells-fargo-scandal-20160927-story.html

The board of directors at the nation's second-largest bank said Tuesday that Stumpf will forfeit $41 million in stock awards, while former retail banking executive Carrie Tolstedt will forfeit $19 million of her stock awards, effective immediately. Both are also giving up any bonuses for 2016, and Tolstedt will not receive any severance or any other compensation in connection with her retirement, the bank's directors said.
The San Francisco-based bank's independent directors are also launching their own investigation, hiring the law firm Shearman & Sterling to assist them.
In their announcement, Wells Fargo's independent directors said the pay clawbacks did not preclude the board from pursuing more salary clawbacks from Stumpf or Tolstedt.

Good. It's a start.

 

[CommuterBob]

But wait, there's more. Not only were there fraudulent accounts, but some of those customers were either duped into buying term life insurance, or unwittingly signed up for it through Prudential.

http://www.nytimes.com/2016/12/09/b...accusations-sham-insurance-policies.html?_r=0

Oh, and Wells Fargo is racist.

"According to three former managers in Prudential’s corporate investigation division, Wells Fargo employees appeared to have signed up bank customers for Prudential insurance without the customers’ knowledge or permission. In some cases, they even arranged for monthly premium fees to be withdrawn from their customers’ accounts.

When investigators reviewed tapes of calls to Prudential’s customer service line, they found complaints from Wells Fargo customers about policies they did not remember buying. Many of the customers did not speak English and needed a Spanish interpreter, the three plaintiffs said."

"...policies were “sold predominantly to individuals with Hispanic-sounding last names concentrated in Southern California, southern Texas, southern Arizona and southern Florida,” the lawsuit states. Those four states also accounted for the bulk of the sham accounts created by Wells Fargo’s employees, according to the bank’s disclosures."

 

[1ofTheseKnights]

I didn't think I could like WFC any more than I already did.

Everyone panic & sell. They're doomed.

 

[UCFKnight85]

"Sir, I'm going to be signing you up for a $30,000,000 term life insurance policy. Mmmmkay?"

"Que?"

 

[Bob the Citronaut]

BoA did that to me when I first got my mortgage. Like $50 a month for life insurance and I went through the paperwork and there was nothing in there about it. I caught it after a few months so I didn't make that big of a deal about it with them but they fought be tooth and nail to not cancel it. "What happens if you die? Don't you want to be protected?" I was like IDGAF what happens to my mortgage if I'm dead, I'd be dead.

 

[chemmie]

Don't worry, guys. Once these guys get their tax cuts and less regulations, all of that money is going to trickle down to the other 99% of the population.

 

[UCFKnight85]

Don't worry, guys. Once these guys get their tax cuts and less regulations, all of that money is going to trickle down to the other 99% of the population.

WE SHOULD HAVE ONE REGULATOR FOR EVERY SINGLE EMPLOYEE AT EVERY BANK!!!

OTHERWISE MEANIE CAPITALISM WILL RUIN EVERYTHING, WAHH!!

 

[chemmie]

WE SHOULD HAVE ONE REGULATOR FOR EVERY SINGLE EMPLOYEE AT EVERY BANK!!!

OTHERWISE MEANIE CAPITALISM WILL RUIN EVERYTHING, WAHH!!

That is a seriously dumb comment within a thread about one of the largest banks in the country purposely committing fraud in multiple ways.

But, we just need to deregulate them a little more, and give them bigger tax breaks. Then they'll stop ripping us off and let the money flow right to us!

 

[UCFKnight85]

That is a seriously dumb comment within a thread about one of the largest banks in the country purposely committing fraud in multiple ways.

But, we just need to deregulate them a little more, and give them bigger tax breaks. Then they'll stop ripping us off and let the money flow right to us!

No, you're just a dolt who believes that you can regulate away all criminal activity. Meanwhile our regional banks can't lend for shit which is stifling small business, all thanks to the obscene amounts of regulation forced upon them by Dodd Frank. But of course you don't care about that, you just want someone to tell you that we're regulating our banks to death and have a regulator for every employee.