Close your Wells Fargo accounts

[monkeydelmagico]

Close them all. The ones you know about and the ones you don't.......

5,300 Wells Fargo employees fired over 2 million phony accounts

Old uncle Warren has fostered a culture of outright thievery and it has infected the whole company. I suspect this is just the tip of the iceburg. Just creating phony accounts isn't really all that lucrative. Now using fake accounts.....well that can really generate profits.

 

[Kwatt]

Obviously, Wells Fargo did not get a large enough bail-out funds and bonuses. This is just a way to catch up.

I mean really how does anyone think they should get nice things unless they can steal from others? It is almost as if people think it should be earned.

.

 

[hal2kilo]

Close them all. The ones you know about and the ones you don't.......

5,300 Wells Fargo employees fired over 2 million phony accounts

Old uncle Warren has fostered a culture of outright thievery and it has infected the whole company. I suspect this is just the tip of the iceburg. Just creating phony accounts isn't really all that lucrative. Now using fake accounts.....well that can really generate profits.

Fortunately, I've never had an account with Wells Fargo, but it sure seems that a lot of people I know that had a Wells Fargo account no longer have one and swear they will never do business with that bank again. This is before all this shit came down.

 

[MomentsofSanity]

Close them all. The ones you know about and the ones you don't.......

5,300 Wells Fargo employees fired over 2 million phony accounts

Old uncle Warren has fostered a culture of outright thievery and it has infected the whole company. I suspect this is just the tip of the iceburg. Just creating phony accounts isn't really all that lucrative. Now using fake accounts.....well that can really generate profits.

It's not lucrative for the bank but the bank didn't open the accounts. It's lucrative for call center employees who are in sales driven environments where inflated sales numbers lead to inflated bonuses or simply maintaining employment. Those are usually based on new accounts, deposits, lines of credit being opened etc... Any "new business".

Clearly whoever was managing their service centers was severely lacking in their oversight to have this be so rampant. 5300 employees fired for doing it is ridiculous. Clearly something in their employee model drives their staff to believe this is ok or worse, required to keep their jobs and meet quotas.

 

[senseamp]

Is it safe to get a mortgage from WF? They have the best rates.

 

[UglyCasanova]

Your mortgage will end up there anyways

 

[Fanatical Meat]

As a former Sales Manager, I can say I have seen similar activities in many different organizations. Bonus or Goal is set sales people do what it takes to meet or exceed them. Too many start hitting goal its raised again and again and again and again and again until ultimately many are dealing with shady behavior to keep their jobs. Selling stuff is brutal because there is usually a simple formula that can be applied to determine if an employee is productive or unproductive.
For the record I am not defending this behavior just saying it happens at many businesses.

 

[Fanatical Meat]

Is it safe to get a mortgage from WF? They have the best rates.

5 years ago we found Citizens bank had close to the best rates and were by far the easiest to work with.
We even had a minor payment timing thing happen right before the closing, a VP of (I forgot his title) called us Sunday morning to inform us of the problem. He contacted the sellers bank to certify the money would arrive just later than it was supposed to be someone screwed up AM for PM. He ended up authorizing some kind of money transfer thing into an account that was certified for the funds before the funds arrived and everything worked out fine.

 

[bradly1101]

According to yesterday's Nightly Business report, Wells Fargo is going to make good on every dime that was lost automatically through credits to the accounts.

 

[First]

Actually Wells Fargo typically is among the best from a consumer perspective, offer good rates for mortgages and are generally aggressive in trying to get your business. They're a great bank for deposits, biggest in the country, but yeah this is absolutely nuts. Can't honestly believe 5300 employees could have been fired over so many years and this not have been known earlier. Well actually I can totally believe that, it's just sad it was so rampant. As MomentsofSanity said, it's gotta be some low level call center scum making these decisions. For it to have been as rampant as it seems to be, it had to be a part of their culture in those centers, and maybe tellers? The articles I've read aren't 100% clear on what types of employees were doing this shit.

 

[MomentsofSanity]

According to yesterday's Nightly Business report, Wells Fargo is going to make good on every dime that was lost automatically through credits to the accounts.

Sadly that's a drop in the bucket to the possible impact clients would have had. Negative credit information, higher rates on other accounts resulting in significantly higher interest payments than they should have had, denials of credit etc... It's a really shitty deal for the people impacted.

 

[IronWing]

Have the class action ads started yet?

 

[zinfamous]

Fortunately, I've never had an account with Wells Fargo, but it sure seems that a lot of people I know that had a Wells Fargo account no longer have one and swear they will never do business with that bank again. This is before all this shit came down.

Same.

 

[Vic]

Is it safe to get a mortgage from WF? They have the best rates.

The mortgage division was not involved in this in any way.

 

[emperus]

But But But we need more deregulation. Also this makes a good case for the CFPB that Warren spearheaded and Trump and co. want to dismantle.

 

[MomentsofSanity]

http://money.cnn.com/2016/09/09/investing/wells-fargo-phony-accounts-culture/index.html

Looks like I was right. Ridiculous sales goals, extreme pressure from managers and a blind eye to unethical conduct.

 

[Fanatical Meat]

http://money.cnn.com/2016/09/09/investing/wells-fargo-phony-accounts-culture/index.html

Looks like I was right. Ridiculous sales goals, extreme pressure from managers and a blind eye to unethical conduct.

Yup sounds like stuff I've seen too.

 

[leper84]

Fortunately, I've never had an account with Wells Fargo, but it sure seems that a lot of people I know that had a Wells Fargo account no longer have one and swear they will never do business with that bank again. This is before all this shit came down.

+1
I had an account with them somewhere about 12 years ago. My personal experience is they would do shady stuff like clear a paycheck after a few days, wait till I paid bills for the month, then retroactively put a hold on the check a week later after they already released the first hold and then hit me for an overdraft fee for every single individual transaction. After arguing the fees away for the third time I cleared my account and never looked back.

I've heard the same story with Wells Fargo from more than a few people.

 

[Londo_Jowo]

Myself and my family have several Wells Fargo accounts, I can't tell the difference since our accounts were transferred over from Wachovia. None of our accounts have seen any odd activity either

 

[TheVrolok]

Myself and my family have several Wells Fargo accounts, I can't tell the difference since our accounts were transferred over from Wachovia. None of our accounts have seen any odd activity either

Same for me. We've had accounts going back decades and no issues. I do have a friend, though, who claims to have gotten signed up for a WF CC even though he adamantly declined the offer.

 

[IGBT]

..maybe we want to open account(s) and partake in the payback.

 

[Jimzz]

We dropped Wachovia/Wells Fargo a long time ago. Not sure why any one uses them, or other banks, when there are a lot of great Credit Unions out there.

 

[Puffnstuff]

I'm perfectly fine with WF and all accounts are covered by the FDIC making each account protected.

 

[cubby1223]

But But But we need more deregulation. Also this makes a good case for the CFPB that Warren spearheaded and Trump and co. want to dismantle.

If you had any clue how many hundreds of millions of dollars the large banks spend every year towards regulation compliance... takes boat loads of money coming in to cover the boat loads flying out the door.

 

[Fanatical Meat]

Hate Her or Love Her MS. Warren wants answers:

http://money.cnn.com/2016/09/12/inv...enate-ceo-testify-elizabeth-warren/index.html