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Rule #1: Use enough gun |
Why would anyone continue to do business with these weasels? http://www.al.com/business/ind...ml#incart_river_home Wells Fargo & Co. announced today it has found another 1.4 million accounts which were created without customers' knowledge. The total, which came about through an independent review, raises the number of bogus accounts to 3.5 million. According to the Los Angeles Times, the review looked at more than 165 million retail banking accounts created between January 2009 and September 2016. The earlier review scanned 93.5 million current and former accounts opened between May 2011 and mid-2015. The company said about 190,000 accounts incurred fees and charges, about 60,000 more than had been previously announced. Wells Fargo announced it would provide another $2.8 million in refunds and credits. The company has already paid out $3.3 million after the first review. When a strong man, fully armed, guards his own house, his possessions are undisturbed. Luke 11:21 "Every nation in every region now has a decision to make. Either you are with us, or you are with the terrorists." -- George W. Bush | ||
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| Staring back from the abyss  |
They have my mortgage. No choice. I don't do any banking with them though. I keep everything local. ________________________________________________________ "Great danger lies in the notion that we can reason with evil." Doug Patton. | |||
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| I believe in the principle of Due Process  |
I despise all very large banks, but none with more enthusiasm than Wells Fargo. The malevolent incompetence it has displayed over the years, in my every dealing with it, will not be surpassed. For a couple of decades, I've regarded AT&T as what organized crime in America has come to, but I may have to rethink this. Luckily, I have enough willpower to control the driving ambition that rages within me. When you had the votes, we did things your way. Now, we have the votes and you will be doing things our way. This lesson in political reality from Lyndon B. Johnson "Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." - Justice Janice Rogers Brown | |||
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Member |
Bank of America is still the top dirtbag bank IMO but Wells Fargo is a close second. | |||
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Member |
I refi'd my mortgage out of those a-holes as soon as I could.....they are less useful than tits on a boar hog. Unfortunately, my company moved our 401k benefits plan from T. Rowe Price to Wells Fargo...just exactly why is above my pay grade, but rest assured I am NOT happy in the least bit about that bullshit. "If you’re a leader, you lead the way. Not just on the easy ones; you take the tough ones too…” – MAJ Richard D. Winters (1918-2011), E Company, 2nd Battalion, 506th Parachute Infantry Regiment, 101st Airborne "Woe to those who call evil good, and good evil... Therefore, as tongues of fire lick up straw and as dry grass sinks down in the flames, so their roots will decay and their flowers blow away like dust; for they have rejected the law of the Lord Almighty and spurned the word of the Holy One of Israel." - Isaiah 5:20,24 | |||
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His Royal Hiney |
Millions of fake accounts. These fake accounts has to be seeded with money, right? Otherwise, what's the point of having a fake account on your books. How much a bank can loan out depends on how much money they keep on the books which is tied proportionately to how many accounts and how much deposits are in those accounts. The more a bank can loan out, the more money they make. How come the feds are not investigating this as a crime against the banking regulations / federal reserve requirements? "It did not really matter what we expected from life, but rather what life expected from us. We needed to stop asking about the meaning of life, and instead to think of ourselves as those who were being questioned by life – daily and hourly. Our answer must consist not in talk and meditation, but in right action and in right conduct. Life ultimately means taking the responsibility to find the right answer to its problems and to fulfill the tasks which it constantly sets for each individual." Viktor Frankl, Man's Search for Meaning, 1946. | |||
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Baroque Bloke |
Most of the market indices are up right now, but WFC is down 0.71% Serious about crackers | |||
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Member |
Loaning money is in no way shape or form tied proportionally to the number of accounts. Banks lend, and by lend, I mean create money through fractional reserve lending Those fake accounts probably cost the bank money. It sounds like the branch people were getting credit for the accounts open regardless of the quality. They would take Account A and transfer whatever the minimum amount to receive credit ($25 or whatever) to newly created Account B. Then they either moved the money back to Account A after they received credit or they let the account kill itself in fees. This scheme just benefitted the people that were counting tick marks for new accounts opened. | |||
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Member |
Wells Fargo holds our mortgage as well. And for those who would suggest a re-fi to get away from WF, just remember, mortgages are sold daily, and WF is one of the largest purchasers. That's how my mortgage landed in their hands in the first place. ----------------------------- Guns are awesome because they shoot solid lead freedom. Every man should have several guns. And several dogs, because a man with a cat is a woman. Kurt Schlichter | |||
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Fool for the City |
That works out to 2$ an account. Wow, that's mighty big of them. _____________________________ "A free people ought not only to be armed and disciplined but they should have sufficient arms and ammunition to maintain a status of independence from any who might attempt to abuse them, which would include their own government." George Washington. | |||
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| Member |
How did their BSA/AML compliance folks miss this volume of unusual activity? It is not typical for customers to move funds from account to account in that fashion. And KYC profiles would need to have been created for each of those accounts by the relationship manager. The Wells Fargo BSA department had to have been ignoring the issue, because there is no way on earth their BSA compliance team missed irregularities that glaring. In fact, the Wells Fargo transaction monitoring systems likely have records of alerts generated for fund circulation/transaction velocity spikes. | |||
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Tinker Sailor Soldier Pie |
Yeah, refinancing just to have a different bank hold your mortgage would be retarded. My mortgage has been sold I don't know how many times now. Probably six or seven times. ~Alan Acta Non Verba NRA Life Member (Patron) God, Family, Guns, Country Men will fight and die to protect women... because women protect everything else. ~Andrew Klavan "Once there was only dark. If you ask me, light is winning." ~Rust Cohle | |||
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| Member |
I refi'd to lower my rates. I got what was probably THE last 80/20 loan in the country when I closed on my house May 2008. The respective rates were 6.0% and 10.0%...whopper! I combined the two and shortened the mortgage by 7 years and lowered the rate to something like 3.6%. A collateral (no pun intended) benefit is I got away from WF.....useless turds. Oh yeah.....I paid almost $0.00 out of pocket to refi. Added bonus... "If you’re a leader, you lead the way. Not just on the easy ones; you take the tough ones too…” – MAJ Richard D. Winters (1918-2011), E Company, 2nd Battalion, 506th Parachute Infantry Regiment, 101st Airborne "Woe to those who call evil good, and good evil... Therefore, as tongues of fire lick up straw and as dry grass sinks down in the flames, so their roots will decay and their flowers blow away like dust; for they have rejected the law of the Lord Almighty and spurned the word of the Holy One of Israel." - Isaiah 5:20,24 | |||
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| Just because you can, doesn't mean you should |
My accounts were involuntarily converted to Wells Fargo accounts during the great banking meltdown last decade. I have been a BOA customer and other large banks and can say that by far, Wells Fargo was the worst bank I ever had the misfortune to deal with. Anytime I had to visit a branch for any sort of "service", there was a long wait and the other customers sat around comparing horror stories about their experiences with Wells. I changed to a local community bank and am amazed at the difference. You actually see the same person more than once, they act happy to see you and for your business and the hassle factor (or lack of) is on a completely different scale. ___________________________ Avoid buying ChiCom/CCP products whenever possible. | |||
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| It's not easy being me |
Our last mortgage was acquired by WF under this practice. When we went to pay it off early about 6 years ago, it was like jumping through hoops of fire. The bank manager at WF was less than helpful. Thank goodness we had all our paperwork in order before visiting them. I was glad to rid myself of them once and for all. _______________________________________ Flammable, Inflammable, or Nonflammable....... Hell, either it Flams or it doesn't!! (George Carlin) | |||
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| Member |
US Bank is good. No problems with them at all. Very nice and on top of their game in all aspects of banking or any questions or concerns we may have. I have a car loan through Wells Fungus. That is it. That was through the dealership and they had the lowest rates at that time. Otherwise I would not touch WF or Bank of America with a ten foot pole. | |||
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| Member |
You didn't mention who holds your mortgage now. You are aware it could very likely be sold at some point, and you'll have absolutely 'zero' control over who its sold to. Heck, at one point in time, I wasn't 100% sure who held our mortgage. ----------------------------- Guns are awesome because they shoot solid lead freedom. Every man should have several guns. And several dogs, because a man with a cat is a woman. Kurt Schlichter | |||
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| Baroque Bloke |
I use a WF branch in a supermarket most frequently, and a stand-alone branch occasionally. My experience has been good at both. Seldom more than one other customer ahead of me when I need to speak with a teller. But I generally use the ATM, which does its function very well. This is in San Diego. Serious about crackers | |||
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| Crusty old curmudgeon  |
Wells Fargo was one of the reasons I stopped dealing with national banks and converting everything to a local credit union 20+ years ago. I couldn't be happier with that choice. Jim ________________________ "If you can't be a good example, then you'll have to be a horrible warning" -Catherine Aird | |||
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| Member |
New York Community Bank. To my knowledge, they haven't sold it.....yet. But then again, there really wouldn't be any way of knowing if they did. "If you’re a leader, you lead the way. Not just on the easy ones; you take the tough ones too…” – MAJ Richard D. Winters (1918-2011), E Company, 2nd Battalion, 506th Parachute Infantry Regiment, 101st Airborne "Woe to those who call evil good, and good evil... Therefore, as tongues of fire lick up straw and as dry grass sinks down in the flames, so their roots will decay and their flowers blow away like dust; for they have rejected the law of the Lord Almighty and spurned the word of the Holy One of Israel." - Isaiah 5:20,24 | |||
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