• This is a political forum that is non-biased/non-partisan and treats every person's position on topics equally. This debate forum is not aligned to any political party. In today's politics, many ideas are split between and even within all the political parties. Often we find ourselves agreeing on one platform but some topics break our mold. We are here to discuss them in a civil political debate. If this is your first visit to our political forums, be sure to check out the RULES. Registering for debate politics is necessary before posting. Register today to participate - it's free!

Wells Fargo customers livid over phantom accounts

Celebrity

Celebrity

DP Veteran
Joined
May 13, 2016
Messages
5,257
Reaction score
761
Location
VT, USA
Gender
Undisclosed
Political Leaning
Undisclosed
Wells Fargo got caught red handed with a bunch of phony new accounts. Customers all over the country have been hit with surprise fees. What prompted this fraud on such a large scale?

I'm tired of being the taxpayer that bails out big business. I guess these customers were paying it forward.

Jeanne Young of South Amboy, New Jersey was also really angry at Wells Fargo. She was signed up for a credit card she never asked for. In response, she closed her Wells Fargo checking account and refinanced her mortgage away from the bank. Her fiance moved his IRA out of the bank.
Click to expand...
160909163057-jeanne-young-wells-fargo-780x439.jpg



Luckily, not everyone has jumped ship. The Consumer Financial Protection Bureau has already issued a statement that customers will receive full refunds.
Janice Redding, a retiree from Greenville, South Carolina, said she assumed that the bank employee at her local branch had mistakenly hit the wrong button when a line of credit was opened in her name. She had asked about her credit card account just before she got a notice in the mail about the line of credit.

"I didn't think too much more about it," she said. "I called the 800-number, and I let the person there know I didn't appreciate it being done. He apologized to me."

Redding said she was concerned that someone might run up a large balance on the line of credit. "I don't have any money to start with," she said.
But unlike Kennedy and Young, she said she's not ready to leave Wells Fargo, even after her experience.

"I've been with them since 1990. I hate to say anything negative about them. They're my bank," she said.
Click to expand...

Wells Fargo customers livid over phantom accounts - Sep. 10, 2016
 
Too bad we can't achieve this level of accountability in the government.
 
I had a Wells Fargo account for about 6 months a long time ago. They screwed around with my account to charge me extra fees. I closed the account. Since then I have had several friends that have also closed their accounts for the same kind of situation. Wells Fargo sucks.
 
RogueWarrior said:
Wells Fargo is a slime sucking dysenteric amoeba.
Wells Fargo pledges $425 million in lending to settle suit - May. 30, 2012

You guys sure that unregulated capitalism is the way to go?
Click to expand...

They were regulated, thats just Eric Holder doing what he did best when he worked for Janet Reno. Shaking down banks and financial institutions for " discriminatory lending practices ".

You know, extortion

Fun Fact: Did you know that the two most corrupt and unregulated and influential financial entites involved in the Subprime meltdown, Fannie Mae and Freddie Mac, were exempt from filings SEC quarterly reports?

Yup, they were exempt from submitting quarterly reports to the SEC right up until Fannie got nailed in 2004 for corrupt accounting practices.

After 2004, they starting submitting reports to the SEC that ommited hundreds of billions of dollars in worthless securities and loans
Thats securities fraud. Thats unprecedented securities fraud so where was Holder ?
 
I left Wells Fargo years a go when they ate my bank. The first thing they did was, bounce a bunch of checks because they were changing systems. I took my money and ran and never looked back.
 
I'm just surprised they didn't get a bigger fine for this. That fine is a drop in the bucket for them.
 
I've heard Wells Fargo was crappy on customer service, but this takes the cake. Now they have to pay millions to their customers. Is it enough to make them to learn any lesson other than don't get caught?
 
FreedomFromAll said:
Bought out a local bank.
Click to expand...

I'd have done the same if anyone buys out my local bank. We give up a bit of convenience and a slick website but they're responsive to depositors, very friendly, must treat their folks OK because they stay a long time, and the money stays local instead of being transferred overnight to NY or London and used for lending who the hell knows where or for what purpose.
 
prometeus said:
So what, if the person responsible gets properly compensated?
Wells Fargo Phony Accounts: Unit Manager Gets $125 Million
Click to expand...

Hilarious that the CEO actually did accidentally tell the truth when she left the company:

Wells Fargo’s CEO John Stumpf said Tolstedt had been one of the bank’s most important leaders and “a standard-bearer of our culture” and “a champion for our customers.”
Click to expand...

I'd say that's exactly right - she's a standard bearer of a culture of greed and complete contempt and disregard of their customers and their financial well being. Any sane person would drop that bank tomorrow.

The really frustrating part is if the plutocrats steal millions, they get a bonus. If the proles smoke a joint, god forbid sell a joint, or steal $100, they get to go to prison.
 
Wells Fargo has all kinds of issues. I can't take the money orders they issue because they can be cancelled. A customer can order with a Wells Fargo money order and then cancel the money order after shipment. It happened twice to me. Whenever I get one I return it to the sender explaining the problem and inviting them to send a personal check instead. Much less risk in a personal check. If they were the last bank on the planet, I would use my mattress.
 
I go with credit unions in general. Learned a long time ago that the huge corporate banks are scum.
 
JasperL said:
Hilarious that the CEO actually did accidentally tell the truth when she left the company:



I'd say that's exactly right - she's a standard bearer of a culture of greed and complete contempt and disregard of their customers and their financial well being. Any sane person would drop that bank tomorrow.

The really frustrating part is if the plutocrats steal millions, they get a bonus. If the proles smoke a joint, god forbid sell a joint, or steal $100, they get to go to prison.
Click to expand...
The best justice money can buy.
 
You must log in or register to reply here.
Back
Top Bottom