5,300 Wells Fargo employees fired for creating over 2 million phony accounts without customers knowing it
Goto page 1, 2, 3, 4  Next

 
Post new topic    LakersGround.net Forum Index -> Off Topic Reply to topic
View previous topic :: View next topic  
Author Message
4stargeneralbulldog
Starting Rotation
Starting Rotation


Joined: 26 Aug 2012
Posts: 578

PostPosted: Thu Sep 08, 2016 4:27 pm    Post subject: 5,300 Wells Fargo employees fired for creating over 2 million phony accounts without customers knowing it

Quote:
Everyone hates paying bank fees. But imagine paying fees on a ghost account you didn't even sign up for.

That's exactly what happened to Wells Fargo customers nationwide.

On Thursday, federal regulators said Wells Fargo employees secretly created millions of unauthorized bank and credit card accounts -- without their customers knowing it -- since 2011.

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 related to the shady behavior. Employees went to far as to create phony PIN numbers and fake email addresses to enroll customers in online banking services, the CFPB said.
Related: ATM and overdraft fees top $6 billion at the big 3 banks
The scope of the scandal is shocking. An analysis conducted by a consulting firm hired by Wells Fargo concluded that bank employees opened up over 1.5 million deposit accounts that may not have been authorized, according to the CFPB.
The way it worked was that employees moved funds from customers' existing accounts into newly-created accounts without their knowledge or consent, regulators say. The CFPB described this practice as "widespread" and led to customers being charged for insufficient funds or overdraft fees -- because the money was not in their original accounts.
Additionally, Wells Fargo employees also submitted applications for 565,443 credit card accounts without their knowledge or consent, the CFPB said the analysis found. Many customers who had unauthorized credit cards opened in their names were hit by annual fees, interest charges and other fees.
The CFPB said Wells Fargo will pay "full restitutions to all victims."
Related: Goldman Sachs' top 1% can't donate to Trump
Wells Fargo is being slapped with the largest penalty since the CFPB was founded in 2011. The bank agreed to pay $185 million in fines, along with $5 million to refund customers.
"We regret and take responsibility for any instances where customers may have received a product that they did not request," Wells Fargo said in a statement.
Wells Fargo confirmed to CNNMoney that the firings represents about 1% of its workforce.
"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.
It's not clear when Wells Fargo hired a consulting firm to investigate the allegations, nor what triggered the response. Wells Fargo did not respond to a request for comment on this.

http://money.cnn.com/2016/09/08/investing/wells-fargo-created-phony-accounts-bank-fees/
Back to top
View user's profile Send private message Reply with quote
Aussiesuede
Star Player
Star Player


Joined: 27 Jul 2005
Posts: 9722

PostPosted: Thu Sep 08, 2016 4:32 pm    Post subject:

I still see no compelling reason for a non-business owner to maintain their accounts at a commercial bank as opposed to a Credit Union. They're just too shady. I've not had a single issue, nor complaint, with any of my credit unions, nor their practices, in the past 30+ years.
_________________
I'm On point, On task, On message, and Off drugs. A Streetwise Smart Bomb, Out of rehab and In denial. Over the Top, On the edge, Under the Radar, and In Control. Behind the 8 ball, Ahead of the Curve and I've got a Love Child who sends me Hate mail.
Back to top
View user's profile Send private message Reply with quote
focus
Star Player
Star Player


Joined: 23 May 2012
Posts: 1294

PostPosted: Thu Sep 08, 2016 4:59 pm    Post subject:

Aussiesuede wrote:
I still see no compelling reason for a non-business owner to maintain their accounts at a commercial bank as opposed to a Credit Union. They're just too shady. I've not had a single issue, nor complaint, with any of my credit unions, nor their practices, in the past 30+ years.


I don't know much about credit unions. One concern is whether I can go anywhere in the Bay, SValley, LA, and OC and get cash, make deposits, write checks without inconvenience, and without much in fees. If in downtown SF or around LA mainly, convenience is the main thing as things come up and plans change. I want to switch ideally.
Back to top
View user's profile Send private message Reply with quote
Aussiesuede
Star Player
Star Player


Joined: 27 Jul 2005
Posts: 9722

PostPosted: Thu Sep 08, 2016 5:28 pm    Post subject:

focus wrote:
Aussiesuede wrote:
I still see no compelling reason for a non-business owner to maintain their accounts at a commercial bank as opposed to a Credit Union. They're just too shady. I've not had a single issue, nor complaint, with any of my credit unions, nor their practices, in the past 30+ years.


I don't know much about credit unions. One concern is whether I can go anywhere in the Bay, SValley, LA, and OC and get cash, make deposits, write checks without inconvenience, and without much in fees. If in downtown SF or around LA mainly, convenience is the main thing as things come up and plans change. I want to switch ideally.


Yep. Most CU's are a member of the CO-OP which let's you use the deposit and withdrawal services of other member CU's just as if it were your own(About 5000 locations nationwide). They share a common computer network and all your account details are available at each member CU. It's in essences a larger network than any commercial bank. Most CU's will also reimburse you for out of network ATM fee's. CU's typically have better deposit availability policies as well (ie, funds from deposits are generally made available immediately instead of 'waiting for the check to clear') CU's also don't have many of the the ever growing myriad of fees that commercial banks have. Better loan rates, better pre-approvals, and are generally much more willing to work with members when something unforeseen comes up. My current Credit Union is in Hawaii. Any in person business I need is done through a CO-OP member that right up the street. I get 24 access to their secured ATM to make deposits or withdrawals, (and they've got the new ATM's that process cash deposits as well). Cashback rewards dumped into my account every month and well as better than commercial banks interest payments.
_________________
I'm On point, On task, On message, and Off drugs. A Streetwise Smart Bomb, Out of rehab and In denial. Over the Top, On the edge, Under the Radar, and In Control. Behind the 8 ball, Ahead of the Curve and I've got a Love Child who sends me Hate mail.
Back to top
View user's profile Send private message Reply with quote
focus
Star Player
Star Player


Joined: 23 May 2012
Posts: 1294

PostPosted: Thu Sep 08, 2016 6:04 pm    Post subject:

Aussiesuede wrote:
focus wrote:
Aussiesuede wrote:
I still see no compelling reason for a non-business owner to maintain their accounts at a commercial bank as opposed to a Credit Union. They're just too shady. I've not had a single issue, nor complaint, with any of my credit unions, nor their practices, in the past 30+ years.


I don't know much about credit unions. One concern is whether I can go anywhere in the Bay, SValley, LA, and OC and get cash, make deposits, write checks without inconvenience, and without much in fees. If in downtown SF or around LA mainly, convenience is the main thing as things come up and plans change. I want to switch ideally.


Yep. Most CU's are a member of the CO-OP which let's you use the deposit and withdrawal services of other member CU's just as if it were your own(About 5000 locations nationwide). They share a common computer network and all your account details are available at each member CU. It's in essences a larger network than any commercial bank. Most CU's will also reimburse you for out of network ATM fee's. CU's typically have better deposit availability policies as well (ie, funds from deposits are generally made available immediately instead of 'waiting for the check to clear') CU's also don't have many of the the ever growing myriad of fees that commercial banks have. Better loan rates, better pre-approvals, and are generally much more willing to work with members when something unforeseen comes up. My current Credit Union is in Hawaii. Any in person business I need is done through a CO-OP member that right up the street. I get 24 access to their secured ATM to make deposits or withdrawals, (and they've got the new ATM's that process cash deposits as well). Cashback rewards dumped into my account every month and well as better than commercial banks interest payments.


Thank you. Sounds pretty sweet actually. Better loan rates is good to know too. Any drawbacks in your view? Also, are you saying you chose the Hawaii credit union but live somewhere else and it's no problem because of the Co-op member union nearby?
Back to top
View user's profile Send private message Reply with quote
PLATNUM
Star Player
Star Player


Joined: 17 Dec 2002
Posts: 4687
Location: L.A. area

PostPosted: Thu Sep 08, 2016 6:10 pm    Post subject:

I just recently opened a CU account with WesCom. My mom has been a member for over 15 years now. I have had the same BofA account for 20 years and when they denied me for an auto refinance loan last year, I got fed up and opened the CU account. So far they have been great.
_________________
"You've got to bring nuts to take nuts." -UGK
Back to top
View user's profile Send private message Reply with quote
ringfinger
Franchise Player
Franchise Player


Joined: 08 Oct 2013
Posts: 15849

PostPosted: Thu Sep 08, 2016 6:11 pm    Post subject:

I think CUs are the way to go financially, but I will say, finding an ATM isn't as easy as a BA or WF where there is a location on every corner. Although I bet theres an app for that. Ha.

But if you know off the top of your head where the nearby CUs are, then, problem solvdd.

The other thing is they may not be as technologically advanced as the commercial banks. Not all CUs offer online bill pay, or deposit checks via phone, etc.
Back to top
View user's profile Send private message Reply with quote
xxsicrokerxx
Star Player
Star Player


Joined: 11 Dec 2011
Posts: 1823

PostPosted: Thu Sep 08, 2016 6:41 pm    Post subject:

This is nothing new. When I worked at 24 hour fitness, my manager would occasionally make fake "new members" to boost his sales goal (he would typically have them pay the more expensive packages). But he would cancel the membership within 3 days. It would still reflect in his sales goal though.
Back to top
View user's profile Send private message Reply with quote
Aussiesuede
Star Player
Star Player


Joined: 27 Jul 2005
Posts: 9722

PostPosted: Thu Sep 08, 2016 6:47 pm    Post subject:

focus wrote:

Thank you. Sounds pretty sweet actually. Better loan rates is good to know too. Any drawbacks in your view? Also, are you saying you chose the Hawaii credit union but live somewhere else and it's no problem because of the Co-op member union nearby?


I've had accounts at my Hawaii Credit Union since I lived there in the 90's. The fact that they are CO-OP members means it's absolutely no issue since I'm able to goto any other CO-OP member and use their location the same as I would if I were still in Hawaii walking into my actual credit unions location. Here in the Seattle area, there are a couple dozen Credit Unions that are Co-Op members, each with multiple locations. One of them happens to be about a mile and a half from where I live, so I use them as my Defacto Branch.

My credit union will refund any out of network ATM fee's I should incur, so I can use whatever ATM I desire (although I still try to find network ATM's when possible since I want to do my part in helping keep operating costs as low as possible). But sometimes I have to use an out of network ATM. My CU uses the Star network, so it's usually easy to find, and the CU app will automatically locate all the ones nearby based on my actual location. I can deposit checks with a picture, and unlike some of the commercial banks, the funds are immediately available. Unlimited online bill pay. Persoanl account alerts, The local CU I use most often let me enroll in the Rewards program even though I'm not technically a member, so that I could take advantage of all their locally negotiated specials (ie, 15% cash back from Starbucks, Subway, Nordstroms, 5 Guys, etc)_These are just some of the things that make working with CU's nicer. One of the clerks noticed I was coming in a lot but my CU was in Hawaii and she was thoughtful enough to offer me enrollment out of the blue. I get about $40 cash back every month as a result. But more than anything, it's just nice to have someone looking out for you like that.
_________________
I'm On point, On task, On message, and Off drugs. A Streetwise Smart Bomb, Out of rehab and In denial. Over the Top, On the edge, Under the Radar, and In Control. Behind the 8 ball, Ahead of the Curve and I've got a Love Child who sends me Hate mail.
Back to top
View user's profile Send private message Reply with quote
focus
Star Player
Star Player


Joined: 23 May 2012
Posts: 1294

PostPosted: Thu Sep 08, 2016 7:46 pm    Post subject:

Aussiesuede wrote:
focus wrote:

Thank you. Sounds pretty sweet actually. Better loan rates is good to know too. Any drawbacks in your view? Also, are you saying you chose the Hawaii credit union but live somewhere else and it's no problem because of the Co-op member union nearby?


I've had accounts at my Hawaii Credit Union since I lived there in the 90's. The fact that they are CO-OP members means it's absolutely no issue since I'm able to goto any other CO-OP member and use their location the same as I would if I were still in Hawaii walking into my actual credit unions location. Here in the Seattle area, there are a couple dozen Credit Unions that are Co-Op members, each with multiple locations. One of them happens to be about a mile and a half from where I live, so I use them as my Defacto Branch.

My credit union will refund any out of network ATM fee's I should incur, so I can use whatever ATM I desire (although I still try to find network ATM's when possible since I want to do my part in helping keep operating costs as low as possible). But sometimes I have to use an out of network ATM. My CU uses the Star network, so it's usually easy to find, and the CU app will automatically locate all the ones nearby based on my actual location. I can deposit checks with a picture, and unlike some of the commercial banks, the funds are immediately available. Unlimited online bill pay. Persoanl account alerts, The local CU I use most often let me enroll in the Rewards program even though I'm not technically a member, so that I could take advantage of all their locally negotiated specials (ie, 15% cash back from Starbucks, Subway, Nordstroms, 5 Guys, etc)_These are just some of the things that make working with CU's nicer. One of the clerks noticed I was coming in a lot but my CU was in Hawaii and she was thoughtful enough to offer me enrollment out of the blue. I get about $40 cash back every month as a result. But more than anything, it's just nice to have someone looking out for you like that.


Sounds like what banks are supposed to be. Actually, Chase branch folks have been pretty good on the customer service front for sure in my recent experience.
Back to top
View user's profile Send private message Reply with quote
dont_be_a_wuss
Franchise Player
Franchise Player


Joined: 29 Mar 2012
Posts: 15350

PostPosted: Thu Sep 08, 2016 8:41 pm    Post subject:

I have had nothing but excellent experiences with Wells Fargo. When I hit a cash flow crisis in my early 20's I had a few payments set up for automatic bill pay. I figured I was going to miss the payments and the credit holders would come repossess my car, and shut off my phone, ding my credit, etc. Instead, I learned that Wells Fargo saw the problem and automatically opened up a line of credit for me (maybe the banker got a bonus) and continued to pay my bills until my next check came through and I could pay them back. There is no way I would leave after that. Unless another bank had a $1 cheaper fee. Currently my accounts have no fee's if I transfer a certain amount to my saving account each month. You can even transfer it right back out and still get the fee waived.
Back to top
View user's profile Send private message Reply with quote
rwongega
Franchise Player
Franchise Player


Joined: 20 Jul 2005
Posts: 18351
Location: UCLA -> NY

PostPosted: Thu Sep 08, 2016 8:43 pm    Post subject:

Wells Fargo also ran an ad campaign which riled up a lot of my entertainment biz friends. Not a good time for them. http://www.nytimes.com/2016/09/06/theater/sorry-about-that-wells-fargo-to-end-ads-suggesting-science-over-arts.html?_r=0
_________________
http://media.giphy.com/media/zNyBPu5hEFpu/giphy.gif
http://bartsblackboard.com/files/2009/11/The-Simpsons-05x18-Burns-Heir.jpg

RIP Jonathan Tang
RIP Alex Gruenberg

Free KBCB
Back to top
View user's profile Send private message Reply with quote
LakerLanny
Retired Number
Retired Number


Joined: 24 Oct 2001
Posts: 36146

PostPosted: Thu Sep 08, 2016 10:18 pm    Post subject:

This is a really strange story. 5300 fired for this? Was it really on that level, if so that is nuts.
_________________
Love, Laker Lanny
Back to top
View user's profile Send private message Reply with quote
ringfinger
Franchise Player
Franchise Player


Joined: 08 Oct 2013
Posts: 15849

PostPosted: Fri Sep 09, 2016 6:03 am    Post subject:

LakerLanny wrote:
This is a really strange story. 5300 fired for this? Was it really on that level, if so that is nuts.


I have a friend who you used to work there a while back, and he posted the story to his facebook feed. And like 3-4 of his ex coworkers replied with comments somewhere along the lines of "finally!" and one person replied "good. I really hated having to do that".

Small sample size but it sounds like this wasn't just lower level sales associates doing this on their own accord but some being specifically instructed to do so.
Back to top
View user's profile Send private message Reply with quote
angrypuppy
Retired Number
Retired Number


Joined: 13 Apr 2001
Posts: 29960

PostPosted: Fri Sep 09, 2016 6:22 am    Post subject:

LakerLanny wrote:
This is a really strange story. 5300 fired for this? Was it really on that level, if so that is nuts.



Unlike most other big bank frauds, this wasn't committed by Wall Street trading operations, but rather rank and file bank branch employees. It's more of a worker revolt, in that Wells Fargo management set extremely unrealistic sales quotas for cross sales. The branch employees couldn't hit those numbers given the limited branch visits and face-to-face interactions with customers (something that a "Key Performance Indicator" aka KPI should have noted to the turds in upper management setting the goals). So in order to not get fired, or be forced to work longer, uncompensated hours, the low-wage bank branch employees crafted fake customer accounts which counted as cross sales. The customers affected mostly got hit with penny ante (bleep), like a couple of dollars here and there, the kind of thing many of us miss on our bank statements or credit card bills.
Back to top
View user's profile Send private message Reply with quote
audioaxes
Star Player
Star Player


Joined: 26 Apr 2004
Posts: 8845

PostPosted: Fri Sep 09, 2016 7:39 am    Post subject:

ringfinger wrote:
I think CUs are the way to go financially, but I will say, finding an ATM isn't as easy as a BA or WF where there is a location on every corner. Although I bet theres an app for that. Ha.

But if you know off the top of your head where the nearby CUs are, then, problem solvdd.

The other thing is they may not be as technologically advanced as the commercial banks. Not all CUs offer online bill pay, or deposit checks via phone, etc.

actually many CUs have ATM support that is much better than major banks by being part of shared atm networks.
My "main" CU is Alliant and they have a supported ATM count that is greater than Chase and BofA combined. They also give surcharge refunds if you ever use your debit card at an ATM that they dont support but I never had to use it because there is a ATM everywhere. Heck I even have one in the lobby at my jobs office building.
Back to top
View user's profile Send private message Reply with quote
22
Franchise Player
Franchise Player


Joined: 05 Apr 2013
Posts: 14030

PostPosted: Fri Sep 09, 2016 10:15 am    Post subject:

Had a friend who worked there open an account for me like that. But he asked me if he could. He put his own money in as a deposit. They just had unrealistic sales quotas
_________________
Blake Griffin's ankles beware....Randle is coming
The youngins are YOUNG, let them learn.
Back to top
View user's profile Send private message Visit poster's website Reply with quote
venturalakersfan
Retired Number
Retired Number


Joined: 14 Apr 2001
Posts: 113099
Location: The Gold Coast

PostPosted: Fri Sep 09, 2016 10:33 am    Post subject:

We were with Wells Fargo for years with no complaints but when my wife got a job at the County we joined their credit union. We were able to re-finance our truck payment and saved a lot of money.
_________________
#lakerclownshow
Back to top
View user's profile Send private message Reply with quote
22
Franchise Player
Franchise Player


Joined: 05 Apr 2013
Posts: 14030

PostPosted: Fri Sep 09, 2016 12:49 pm    Post subject:

credit unions >* for the things I need
_________________
Blake Griffin's ankles beware....Randle is coming
The youngins are YOUNG, let them learn.
Back to top
View user's profile Send private message Visit poster's website Reply with quote
ringfinger
Franchise Player
Franchise Player


Joined: 08 Oct 2013
Posts: 15849

PostPosted: Fri Sep 09, 2016 12:51 pm    Post subject:

audioaxes wrote:
ringfinger wrote:
I think CUs are the way to go financially, but I will say, finding an ATM isn't as easy as a BA or WF where there is a location on every corner. Although I bet theres an app for that. Ha.

But if you know off the top of your head where the nearby CUs are, then, problem solvdd.

The other thing is they may not be as technologically advanced as the commercial banks. Not all CUs offer online bill pay, or deposit checks via phone, etc.

actually many CUs have ATM support that is much better than major banks by being part of shared atm networks.
My "main" CU is Alliant and they have a supported ATM count that is greater than Chase and BofA combined. They also give surcharge refunds if you ever use your debit card at an ATM that they dont support but I never had to use it because there is a ATM everywhere. Heck I even have one in the lobby at my jobs office building.


Is there one near me?

And what is the definition of "supported ATM" count?

Because if it is ATMs that support cash withdrawal, then BofA would have a supported ATM count of greater than WF, Chase, and all CUs combined, no?
Back to top
View user's profile Send private message Reply with quote
ribeye
Star Player
Star Player


Joined: 10 Nov 2001
Posts: 7566

PostPosted: Fri Sep 09, 2016 1:05 pm    Post subject:

Since this story was brought up and I don't see the CFPB mentioned in skimming, how about some props for Elizabeth Warren and Barack Obama for creating the Consumer Financial Protection Bureau--along with the City of LA, as sparked by a story from the LA Times--that investigated and fined Wells Fargo?

http://www.latimes.com/business/la-fi-wells-fargo-settlement-20160907-snap-story.html
_________________
For the adults in the room only
Back to top
View user's profile Send private message Reply with quote
Aussiesuede
Star Player
Star Player


Joined: 27 Jul 2005
Posts: 9722

PostPosted: Fri Sep 09, 2016 1:14 pm    Post subject:

ribeye wrote:
Since this story was brought up and I don't see the CFPB mentioned in skimming, how about some props for Elizabeth Warren and Barack Obama for creating the Consumer Financial Protection Bureau--along with the City of LA, as sparked by a story from the LA Times--that investigated and fined Wells Fargo?

http://www.latimes.com/business/la-fi-wells-fargo-settlement-20160907-snap-story.html


Reskim! (Sorry, couldn't resist) And yes, definitely one of the successes of the CFPB!


Quote:
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 related to the shady behavior. Employees went to far as to create phony PIN numbers and fake email addresses to enroll customers in online banking services, the CFPB said.
Related: ATM and overdraft fees top $6 billion at the big 3 banks
The scope of the scandal is shocking. An analysis conducted by a consulting firm hired by Wells Fargo concluded that bank employees opened up over 1.5 million deposit accounts that may not have been authorized, according to the CFPB.
The way it worked was that employees moved funds from customers' existing accounts into newly-created accounts without their knowledge or consent, regulators say. The CFPB described this practice as "widespread" and led to customers being charged for insufficient funds or overdraft fees -- because the money was not in their original accounts.
Additionally, Wells Fargo employees also submitted applications for 565,443 credit card accounts without their knowledge or consent, the CFPB said the analysis found. Many customers who had unauthorized credit cards opened in their names were hit by annual fees, interest charges and other fees.
The CFPB said Wells Fargo will pay "full restitutions to all victims."
Related: Goldman Sachs' top 1% can't donate to Trump
Wells Fargo is being slapped with the largest penalty since the CFPB was founded in 2011. The bank agreed to pay $185 million in fines, along with $5 million to refund customers.
"We regret and take responsibility for any instances where customers may have received a product that they did not request," Wells Fargo said in a statement.
Wells Fargo confirmed to CNNMoney that the firings represents about 1% of its workforce.
"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.
It's not clear when Wells Fargo hired a consulting firm to investigate the allegations, nor what triggered the response. Wells Fargo did not respond to a request for comment on this.

_________________
I'm On point, On task, On message, and Off drugs. A Streetwise Smart Bomb, Out of rehab and In denial. Over the Top, On the edge, Under the Radar, and In Control. Behind the 8 ball, Ahead of the Curve and I've got a Love Child who sends me Hate mail.
Back to top
View user's profile Send private message Reply with quote
Aussiesuede
Star Player
Star Player


Joined: 27 Jul 2005
Posts: 9722

PostPosted: Fri Sep 09, 2016 1:36 pm    Post subject:

Quote:
Relentless pressure. Wildly unrealistic sales targets. Employees leaning on family members and friends to open unnecessary bank accounts.

That's how more than a dozen former Wells Fargo employees described the bank's culture to CNNMoney.

Former employees tell CNNMoney that they felt incredible demands from managers to meet sales quotas. The same managers turned a blind eye when ethical and even legal lines were crossed.

"I had managers in my face yelling at me," Sabrina Bertrand, who worked as a licensed personal banker for Wells Fargo in Houston in 2013, told CNNMoney. "They wanted you to open up dual checking accounts for people that couldn't even manage their original checking account."

Currently a middle school teacher, Bertrand said she believes the sales targets were set by managers who were higher up: "The sales pressure from management was unbearable."

The pressure cooker environment is also described in a lawsuit filed by Los Angeles against Wells Fargo in May 2015. The lawsuit says that Wells Fargo's district managers discussed daily sales for each branch and employee "four times a day, at 11 am, 1 pm, 3 pm and 5 pm."

It all stems from Wells Fargo's internal goal of selling at least eight financial products per customer. It's what Wells Fargo calls the "Gr-eight initiative." Currently, Wells Fargo boasts an average of about six financial products per customer.


Intense Pressure to UpSell
_________________
I'm On point, On task, On message, and Off drugs. A Streetwise Smart Bomb, Out of rehab and In denial. Over the Top, On the edge, Under the Radar, and In Control. Behind the 8 ball, Ahead of the Curve and I've got a Love Child who sends me Hate mail.
Back to top
View user's profile Send private message Reply with quote
audioaxes
Star Player
Star Player


Joined: 26 Apr 2004
Posts: 8845

PostPosted: Fri Sep 09, 2016 1:43 pm    Post subject:

ringfinger wrote:
audioaxes wrote:
ringfinger wrote:
I think CUs are the way to go financially, but I will say, finding an ATM isn't as easy as a BA or WF where there is a location on every corner. Although I bet theres an app for that. Ha.

But if you know off the top of your head where the nearby CUs are, then, problem solvdd.

The other thing is they may not be as technologically advanced as the commercial banks. Not all CUs offer online bill pay, or deposit checks via phone, etc.

actually many CUs have ATM support that is much better than major banks by being part of shared atm networks.
My "main" CU is Alliant and they have a supported ATM count that is greater than Chase and BofA combined. They also give surcharge refunds if you ever use your debit card at an ATM that they dont support but I never had to use it because there is a ATM everywhere. Heck I even have one in the lobby at my jobs office building.


Is there one near me?

And what is the definition of "supported ATM" count?

Because if it is ATMs that support cash withdrawal, then BofA would have a supported ATM count of greater than WF, Chase, and all CUs combined, no?

by supported ATM I mean "in network"... any ATM where I can do all the functions I could do at a bank branded ATM at no additional fee. With BofA you would get hit with fees going to a non-BofA atm. When I need to find the nearest in network branch I just search for co-op network atms or use my bank's atm locator tool. I also use 7-11's as quick indicators because there is always an in-network ATM in those stores.
Back to top
View user's profile Send private message Reply with quote
ribeye
Star Player
Star Player


Joined: 10 Nov 2001
Posts: 7566

PostPosted: Fri Sep 09, 2016 3:04 pm    Post subject:

Aussiesuede wrote:
ribeye wrote:
Since this story was brought up and I don't see the CFPB mentioned in skimming, how about some props for Elizabeth Warren and Barack Obama for creating the Consumer Financial Protection Bureau--along with the City of LA, as sparked by a story from the LA Times--that investigated and fined Wells Fargo?

http://www.latimes.com/business/la-fi-wells-fargo-settlement-20160907-snap-story.html


Reskim! (Sorry, couldn't resist) And yes, definitely one of the successes of the CFPB!


Quote:
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 related to the shady behavior. Employees went to far as to create phony PIN numbers and fake email addresses to enroll customers in online banking services, the CFPB said.
Related: ATM and overdraft fees top $6 billion at the big 3 banks
The scope of the scandal is shocking. An analysis conducted by a consulting firm hired by Wells Fargo concluded that bank employees opened up over 1.5 million deposit accounts that may not have been authorized, according to the CFPB.
The way it worked was that employees moved funds from customers' existing accounts into newly-created accounts without their knowledge or consent, regulators say. The CFPB described this practice as "widespread" and led to customers being charged for insufficient funds or overdraft fees -- because the money was not in their original accounts.
Additionally, Wells Fargo employees also submitted applications for 565,443 credit card accounts without their knowledge or consent, the CFPB said the analysis found. Many customers who had unauthorized credit cards opened in their names were hit by annual fees, interest charges and other fees.
The CFPB said Wells Fargo will pay "full restitutions to all victims."
Related: Goldman Sachs' top 1% can't donate to Trump
Wells Fargo is being slapped with the largest penalty since the CFPB was founded in 2011. The bank agreed to pay $185 million in fines, along with $5 million to refund customers.
"We regret and take responsibility for any instances where customers may have received a product that they did not request," Wells Fargo said in a statement.
Wells Fargo confirmed to CNNMoney that the firings represents about 1% of its workforce.
"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.
It's not clear when Wells Fargo hired a consulting firm to investigate the allegations, nor what triggered the response. Wells Fargo did not respond to a request for comment on this.


Ah . . . now if I had the balls of Trump and the brain of a fourth grader, I guess I could say, well . . . under the leadership of Barack Obama (and why not add Hillary Clinton), the Federal government has been reduced to rubble. It has been reduced to a point where it's embarrassing for our country. . . .

Or I could say, oops.
_________________
For the adults in the room only
Back to top
View user's profile Send private message Reply with quote
Display posts from previous:   
Post new topic    LakersGround.net Forum Index -> Off Topic All times are GMT - 8 Hours
Goto page 1, 2, 3, 4  Next
Page 1 of 4
Jump to:  

 
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum






Graphics by uberzev
© 1995-2010 LakersGround.net. All Rights Reserved. Privacy Policy. Terms of Use.
LakersGround is an unofficial news source serving the fan community since 1995.
We are in no way associated with the Los Angeles Lakers or the National Basketball Association.


Powered by phpBB