Wells Fargo admits it ripped off its customers, creates low-response-rate opt-in system for its victims to get paid back


#1

Originally published at: https://boingboing.net/2018/02/15/shareholder-logic.html


#2

Let’s see if this will onebox


#3

I’ve been aware of various shenanigans by Wells Fargo and others for over 25 years now. That’s a very gentle learning curve.


#4

Can we just bypass this and go straight to the Bank Burning?


#5

A few years ago I had my mortgage with these mother fuckers. All of my other accounts are with my local credit union. Then, I re-fie’d my mortgage with my credit union. It feels good to not be a part of these Dickinson robber barons. Corporations, be they financial, health, retail etc will NEVER do what is in the best interest of their customers and citizens of this nation. A well administered government that regulates corporations for the benefit and welfare of its citizens is the best for all. I knew this when I was 16 years old. Funny how moronic, so-called conservative adults still don’t get it.


#6

I was actually going to write something in regards to bank burning, but wise regulations and prison time for those who flaunt the banking laws should be sufficient. Maybe nationalize the banks.


#7

The fact that Wells Fargo is still in business does not speak well of the intelligence of American banking customers. I took the last of my money out of WFB some 25 years ago. Why would anyone still have a checking or savings account there?


#8

Too big to fail and too big to succeed.


#9

You don’t generally have control over who your lender is. You get the loan from one bank, then they sell it to another lender, then they sell it to another lender.

Generally this seems to be based on which lender thinks they can skim the most money from you, so it’s no surprise loans end up with crooked banks.


#10

#11

Yes, that’s why I specified checking and savings accounts. You DO have control over where you deposit your money. If Wells Fargo had no deposits, they would be out of business.


#12

Welch Fargo.


#13

We had our mortgage with a credit union for years, and they never sold it. But when we bought the house we’re in now, we decided to go for a better rate than the credit union. Upshot is that the mortgage changed hands 3 times the first year. Fortunately we have dodged WF to date.

Our friend has her accounts with them. We asked her why she doesn’t move them, since she’s pretty savvy with her money. She didn’t have an answer, and acknowledged that she should.


#14

There’s only one problem: your house mortgage can get sold to another lender without your permission. I financed my home through a lending institution that wasn’t Wells Fargo, then they sold the loan to Wells Fargo. I ended up getting a refinance with them right after the switch (and before I knew of their sneaky practices) so it wouldn’t really be in my interest to re-finance with another bank. And if I did, they still might sell my mortgage to Wells Fargo.

In other words, the system sucks!


#15

You’re right, that’s why I addressed only deposits, not mortgages. I switched from WFB to a credit union 25 years ago, and it was one of the best life decisions I’ve ever made.


#16

My dad’s current wife teaches accounting at one of the Chicago metro higher institutions of learning. They’ve been Bank of America customers for three decades at least.

Headdesk.


#17

I’d think that jail time would be the proper suppository to address WF’s constipation.


#18

There’s at least one reason to bank with a major instead of a CU: foreign checks. I bank with a neighborhood CU that charges me $25 every time I get a check from the UK or Canada, and takes six weeks to clear. Often these are checks for less than $50. I still do it, even though every time I deposit one, the head cashier calls me and says, “Are you sure you don’t want to open an account with the Citi or Chase down the street? This really sucks for you.” But they seem to have no way to improve on this – and the situation is the same at the CU serving my wife’s employer, which suggests it’s widespread among CUs.


#19

That’s good information to have. But I still maintain that there are major banks that have NOT done what Wells Fargo has done.


#20

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