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5,300 Wells Fargo employees fired over 2 million phony accounts
invite response
2016 Sep 8, 11:16pm 6,425 views 16 comments
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justme
2016 Sep 9, 12:54am
Two remarks:
Wells Fargo already planned to fire lots of people. This was just a convenient excuse, applied selectively.
This is how identity theft happens. Wells Fargo is the thief, and open credit card accounts in your name!
NICE!
Y
2016 Sep 9, 6:28am
Links???
Wells Fargo already planned to fire lots of people. This was just a convenient excuse, applied selectively.
FNWGMOBDVZXDNW
2016 Sep 9, 8:03am
Doesn't anyone check their bank accounts anymore?
It blows my mind that they could fuck over so many people without hordes coming in to read the riot act to local branch employees.
lostand confused
2016 Sep 9, 8:12am
Probably will use the Hillary defense-don't recall, was not my intent.
lostand confused
2016 Sep 9, 8:54am
Ok I don't get this. 5 million goes to the customers and 100 million plus goes to the gubmnt?? Why is Los Angeles getting 50 million and the victims getting 5 million??
The bank agreed to pay $185 million in fines, along with $5 million to refund customers.
Of the total fines, $100 million will go toward the CFPB's Civil Penalty Fund, $35 million will go to the Office of the Comptroller of the Currency, and another $50 million will be paid to the City and County of Los Angeles.
Patrick
2016 Sep 9, 9:00am
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 over the last few years related to the shady behavior. Employees went so far as to create phony PIN numbers and fake email addresses to enroll customers in online banking services, the CFPB said.
Wow, impressively corrupt.
FNWGMOBDVZXDNW
2016 Sep 9, 9:30am
The bank should reimburse all customers, give them a $100 check for their trouble, and a $100 check for customer loyalty if they promise not to take part in a class action suit.
The bank is a victim, but they set the corporate culture and are responsible for their employees. You yourself admit that the bank incentive policy was terrible for employees. They reaped what they sowed.
justme
2016 Sep 9, 10:49am
NICE!
"Crackles with sexual tension!"
Women find Onslow pretty irresistible. I'm working on emulating him myself.
Probably will use the Hillary defense-don't recall, was not my intent.
Do I need to list all the Rep/Con/Teas that have said "I don't recall."
"When an insured depository institution fails, the FDIC is ordinarily appointed receiver. In that capacity, it assumes responsibility for efficiently recovering the maximum amount possible from the disposition of the receivership’s assets and the pursuit of the receivership’s claims. Funds that are collected from the sale of assets and the disposition of valid claims are distributed to the receivership’s creditors according to priorities set by law.
The FDIC seeks to terminate receiverships in an orderly and expeditious manner. Once the FDIC has completed the disposition of the receivership’s assets and has resolved all obligations, claims, and other legal impediments, the receivership is terminated, and a final distribution is made to its creditors. Receivership creditors may include secured creditors, unsecured creditors (including general trade creditors), subordinate debt holders, shareholders, uninsured depositors, and the DIF (as subrogee). The FDIC is often the largest creditor of the receivership.
https://www.fdic.gov/about/strategic/strategic/receivership.html
FUCK DEMOCRATIC & REPUBLICAN VOTERS! for their TBTF bailouts.
casandra
2016 Sep 9, 4:23pm
If Wells Fargo is doing this trust me they are not alone. Many other institutions are doing the same thing, the light has just not been shown on them yet. I see another bubble coming with the slob taxpayers paying the cost and Banking Giants "winning!"
neplusultra57
2016 Sep 9, 4:41pm
WF was so aggressive it used to drive us crazy. They didn't pull this phantom account crap on us but every time we went in (usually the wife) they would shriek aloud "There's a lot of money in this account you need to see a personal banker to blah, blah, blah..." in front of ten or twelve other customers. (The nature of my business required a checking account balance larger than they could tolerate) We complained and insisted they put an alert on our account telling any teller to just shut the fuck up about pitching any services or "products" when they accessed our account. Didn't work: they couldn't quit jacking their jaws. I finally produced a high volume "moment" with the branch manager in front of a large crowd of customers. Then they stopped. Upon retiring and closing the biz and checking accounts it was like hitting the mute button on a screaming car commercial.
Everything that happened was a result of upper management pressure on their employees. I don't care where the fines go as long as the fines were hefty.
Strategist
2016 Sep 9, 4:47pm
WF was so aggressive it used to drive us crazy. They didn't pull this phantom account crap on us but every time we went in (usually the wife) they would shriek aloud "There's a lot of money in this account you need to see a personal banker to blah, blah, blah..."
They want to sell you managed investment accounts, and annuities. Managed accounts are a waste, and annuities are just a rip off.
neplusultra57
2016 Sep 9, 4:54pm
WF was so aggressive it used to drive us crazy. They didn't pull this phantom account crap on us but every time we went in (usually the wife) they would shriek aloud "There's a lot of money in this account you need to see a personal banker to blah, blah, blah..."
They want to sell you managed investment accounts, and annuities. Managed accounts are a waste, and annuities are just a rip off.
Fuck 'em. As far as I'm concerned they don't have any "rape-roductive" rights to my booty. No means no and I had to say it too many times. Besides, what they wanted to "manage" was 8 months of living expenses. It was hilarious; you would have thought they were looking at Ft. Knox. Idiots.
http://money.cnn.com/2016/09/08/investing/wells-fargo-created-phony-accounts-bank-fees/index.html
Here we have bank employees caught stealing from customers, and apparently the punishment is a fine, restitution, fired employees.
Shouldn't people go to prison for theft?
""At Wells Fargo, when we make mistakes, we are open about it, we take responsibility, and we take action," the bank said in a memo to employees on Thursday. "
So they call this a "mistake", but clearly it is a deliberate action of actual people. So?
And naturally, no one is surprised enough to even notice.
#banking