F*&k You, F&*king Wells Fargo, You Motherf&%ckers!

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Re: F*&k You, F&*king Wells Fargo, You Motherf&%ckers!

Post by Isgrimnur »

Image

Bloomberg
Wells Fargo & Co. will pay $1 billion to settle U.S. probes into mistreatment of consumers, the largest sanction of a U.S. bank under President Donald Trump, as the firm tries to resolve a year and a half of scandals across its operations.

The bank will pay $500 million in penalties each to the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency, according to a statement Friday from the CFPB. Wells Fargo warned shareholders last week it would soon face a fine of that size, which it will book retroactively in the first quarter. The bank remains under a Federal Reserve penalty that bans growth in total assets.

The settlement covers issues in Wells Fargo’s auto-lending and mortgage units. The bank revealed last year that it had forced unwanted insurance on customers who took out car loans, prompting investigations by U.S. and California regulators. It was also accused of imposing inappropriate charges for locking in interest rates on new home loans.
...
This will be the second straight quarter that legal costs hurt results. In the fourth quarter, Wells Fargo booked a record $3.25 billion charge related to regulatory investigations, sales practices and other matters.
...
The latest settlement matches the biggest-ever for the OCC. It is also a record for the CFPB, which hasn’t announcement any new enforcement cases since Mick Mulvaney started running the bureau in November. Mulvaney, a former GOP congressman who once called the bureau a “sad, sick joke,” has faced criticism from Democratic lawmakers for going easy on companies and slow-walking investigations.
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Re: F*&k You, F&*king Wells Fargo, You Motherf&%ckers!

Post by Paingod »

Heard that on the radio. I'm glad they hit them hard enough to dent their profitability for the quarter. :roll:
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Re: F*&k You, F&*king Wells Fargo, You Motherf&%ckers!

Post by Daehawk »

Wells Fargo says hundreds of customers lost homes after computer glitch
Hundreds of people had their homes foreclosed on after software used by Wells Fargo incorrectly denied them mortgage modifications.

The embattled bank revealed the issue in a regulatory filing this week and said it has set aside $8 million to compensate customers affected by the glitch.
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Re: F*&k You, F&*king Wells Fargo, You Motherf&%ckers!

Post by AWS260 »

Daehawk wrote: Sun Aug 05, 2018 10:45 pm Wells Fargo says hundreds of customers lost homes after computer glitch
Hundreds of people had their homes foreclosed on after software used by Wells Fargo incorrectly denied them mortgage modifications.

The embattled bank revealed the issue in a regulatory filing this week and said it has set aside $8 million to compensate customers affected by the glitch.
The article says 400 people were foreclosed on. $8 million / 400 people = $20,000 per person.

Scant compensation for causing someone to lose their home.
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Re: F*&k You, F&*king Wells Fargo, You Motherf&%ckers!

Post by LawBeefaroni »

Wells Fargo acknowledged Tuesday that, due to a calculation error, it had improperly foreclosed on 545 distressed homeowners after they asked for help with their mortgages.

Overall, 870 homeowners were denied help they qualified for -- with more than half losing their homes afterward, Wells Fargo said.

...
The problem began in 2010 and wasn't corrected until last April, the bank said.
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Re: F*&k You, F&*king Wells Fargo, You Motherf&%ckers!

Post by Max Peck »

Wells Fargo: We can't be sued for lying to shareholders because it was obvious we were lying
Wells Fargo has asked a court to block a shareholder lawsuit that seeks to punish the company for lying when it promised to promptly and completely disclose any new scandals; Wells Fargo claims that the promise was obvious "puffery," a legal concept the FTC has allowed to develop in which companies can be excused for making false claims if it should be obvious that they are lying (as when a company promises that they make "the best-tasting juice in America).

The lawsuit stems from Wells Fargo's crooked car-loan program that used deceptive tactics to defraud 800,000 customers, ultimately stealing 25,000 of their cars through fraudulent repossessions.

The shareholders argue that when Wells Fargo CEO Tim Sloan misled investors in 2016, when he said that he was "not aware" of lurking sales scandals (this was four years after the company's internal investigations revealed the car ripoffs and a year before they were made public after a leak to the New York Times).

The company argue that Sloan was making "generic statements...on which no reasonable investor could rely" and thus the shareholders should not be able to sue for the losses they suffered when the scandal became public.

In other words, as the LA Times's Michael Hiltzik puts it, "We can’t be sued because no one believed us anyway."
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Re: F*&k You, F&*king Wells Fargo, You Motherf&%ckers!

Post by Zarathud »

Not a good PR move, even if they do win.
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Re: F*&k You, F&*king Wells Fargo, You Motherf&%ckers!

Post by coopasonic »

Zarathud wrote: Mon Nov 12, 2018 2:46 pm Not a good PR move, even if they do win.
Can public opinion of Wells Fargo get any worse? I mean if you are still happy with Wells at this point, I doubt this is going to change your mind. I guess they might have a dream of some day recovering their image and this might delay that goal I suppose...
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Re: F*&k You, F&*king Wells Fargo, You Motherf&%ckers!

Post by GreenGoo »

Oh crap, I just realized I haven't heard from tgb!

Please tell me that something didn't happen to him or that I missed a conversation regarding same.

edit: Board says we last heard from him in August. Trepidation rising.
edit: Ok, I see this is being discussed in the colonoscopy thread. No wonder I missed it. No reassurances yet. :(
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Re: F*&k You, F&*king Wells Fargo, You Motherf&%ckers!

Post by Daehawk »

Wells Fargo stole their home and years later OOOPS it was a glitch.

https://www.cnn.com/2018/12/12/business ... index.html
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Re: F*&k You, F&*king Wells Fargo, You Motherf&%ckers!

Post by LawBeefaroni »

Computer error my ass. It was common and deliberate practice.
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Re: F*&k You, F&*king Wells Fargo, You Motherf&%ckers!

Post by em2nought »

Come February I get the privilege, courtesy of Wells Fargo, to drive seven miles one way to make my weekly cash deposits. I get the further distinction of having to produce my ID ever time I make a cash deposit. :dance:
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Re: F*&k You, F&*king Wells Fargo, You Motherf&%ckers!

Post by stessier »

LawBeefaroni wrote: Wed Dec 19, 2018 8:34 am Computer error my ass. It was common and deliberate practice.
I haven't read it...why do they still exist? Seems like they really shouldn't from the blurbs.
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Re: F*&k You, F&*king Wells Fargo, You Motherf&%ckers!

Post by coopasonic »

stessier wrote: Wed Dec 19, 2018 12:00 pm
LawBeefaroni wrote: Wed Dec 19, 2018 8:34 am Computer error my ass. It was common and deliberate practice.
I haven't read it...why do they still exist? Seems like they really shouldn't from the blurbs.
They've been fined for the stuff they have done, but largely the CFPB has been defanged and consumers and the market don't appear to give much of a damn.
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Re: F*&k You, F&*king Wells Fargo, You Motherf&%ckers!

Post by Isgrimnur »

NYT
Wells Fargo has agreed to pay $575 million to resolve investigations by all 50 states and Washington, D.C., into a range of practices, the latest chapter in the bank’s long-running legal problems.

The deal ends investigations that began after federal regulators revealed in September 2016 that Wells Fargo employees had for years opened millions of unauthorized bank accounts in customers’ names. The employees said they had done so because they feared losing their jobs if they could not meet the bank’s aggressive sales goals.

The agreement comes after New York reached a separate, $65 million settlement with Wells Fargo in October over the sham accounts, and after the bank paid $1 billion in April to settle federal charges related to its handling of mortgages and auto loans.
...
On Dec. 19, the bank agreed to pay $480 million to settle a class-action claim from shareholders who said they were harmed by the bank’s false statements about its misdeeds.

Wells Fargo is still trying to fulfill regulators’ requirements before getting a clean bill of health. In October, as scrutiny by the Fed and the Comptroller of the Currency continued, the bank suspended two top executives. Its chief executive, Timothy Sloan, warned investors that the bank would not meet an expectation that it would be free of regulatory restraints by the end of this year or the beginning of 2019.
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Re: F*&k You, F&*king Wells Fargo, You Motherf&%ckers!

Post by GreenGoo »

A little over 10 mil per state.

Seems legit.
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Re: F*&k You, F&*king Wells Fargo, You Motherf&%ckers!

Post by Isgrimnur »

Nevada
Under the terms of this settlement, Nevada will receive $13,363,512.80. Additionally, Wells Fargo will create a consumer redress review program within 60 days through which consumers who haven't been made whole by other restitution programs already in place can seek review of their inquiry or complaint by a bank escalation team for possible relief. Wells Fargo will create and maintain a website for consumers to use to access the program and will provide periodic reports to the states about ongoing restitution efforts.
...
Wells Fargo has committed to or already provided restitution to consumers in excess of $600 million through its agreements with the OCC and CFPB as well as through settlement of a related consumer class-action lawsuit and will pay more than $1 billion in civil penalties to the federal government.
...
​​​More information on the redress review program, including Wells Fargo escalation phone numbers and the Wells Fargo dedicated website address for the program will be available on or before February 26, 2019.
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Re: F*&k You, F&*king Wells Fargo, You Motherf&%ckers!

Post by em2nought »

Downloaded these @ssholes' app so I don't have to drive 15 miles round trip just to deposit checks & money orders come February. :roll:
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Re: F*&k You, F&*king Wells Fargo, You Motherf&%ckers!

Post by Isgrimnur »

Outage
Wells Fargo is working to fix a widespread outage preventing some customers from using the mobile app and accessing their online banking accounts.

When attempting to log in online, some customers are met with a screen that says: "We're experiencing some technical difficulties. We apologize for the inconvenience as some of our web pages are temporarily unavailable."
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Re: F*&k You, F&*king Wells Fargo, You Motherf&%ckers!

Post by Daehawk »

I saw a tv ad from then last night and my first thought was this thread. It struck me as them trying to put on a fake face to the world and hide their shit.
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Re: F*&k You, F&*king Wells Fargo, You Motherf&%ckers!

Post by Scuzz »

The outage effected ATMs and some in bank banking, at least all of hem here in Fresno. I was able to make a deposit today but I was unable to get money from my EDD debit card. Also all 4 ATM machines were down.
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Re: F*&k You, F&*king Wells Fargo, You Motherf&%ckers!

Post by Isgrimnur »

WaPo
Wells Fargo announced Thursday that its CEO Tim Sloan will step down immediately as the bank struggles to address years of scandals related to its alleged abuse of customers.

Sloan will be temporarily replaced by C. Allen Parker, who has served as Wells Fargo’s general counsel.
...
Sloan, a 31-year veteran of the company, has spent years apologizing for the bank’s bad behavior and attempting to rebuild its reputation with customers, regulators and lawmakers. He told the House Financial Services Committee earlier this month that the bank had revamped its board, significantly increased its charitable giving and no longer emphasizes sales goals, which were blamed for many of the company’s problems. However, it did little to quiet criticism of the bank.
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Re: F*&k You, F&*king Wells Fargo, You Motherf&%ckers!

Post by em2nought »

Bank of America is bad too.

I went in to order a new debit card for my other business partner and I swear they're making it up as they go. They don't seem to even understand their own software. They tried to update our information in the process and I really hope they didn't screw the proverbial pooch. I went in the day before and they only had a few people in the bank compared to the usual crowd of twenty plus, but they still made me make an appointment for the next day. I got there for my appointment 15 minutes early the next day, and I waited an hour until they saw me. Took them about an hour to order a new debit card, at first they weren't even sure they could do it without my business partner there. They should give back the "America", I don't want it associated with their bank. :idea:
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Re: F*&k You, F&*king Wells Fargo, You Motherf&%ckers!

Post by AWS260 »

Wells Fargo: the gift that keeps on giving taking.
Current and former bank employees said Mr. Einaudi got charged because of the way Wells Fargo’s computer system handles closed accounts: An account the customer believes to be closed can stay open if it has a balance, even one below zero. And each time a transaction is processed for an overdrawn account, Wells Fargo tacks on a fee.

The problem has gone unaddressed by the bank despite complaints from customers and employees, including one in the bank’s debt-collection department who grew concerned after taking in an estimated $100,000 in overdraft fees over eight months. It is not clear how many people have been affected, but aggrieved customers have brought complaints to the Consumer Financial Protection Bureau, griped on the discussion sites Reddit and Quora and voiced their displeasure through the “Community” section of Wells Fargo’s website — a public comment feature that is now disabled.
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Re: F*&k You, F&*king Wells Fargo, You Motherf&%ckers!

Post by LordMortis »

Is that unique to Wells Fargo? I've been tempted to close my CU account because back in the day I opened it up to several companies for direct withdraw and over time AAA and DTE started screwing up. So I changed my routing for DTE and switched from AAA to a competitor. AAA continued to draw money after I just down my insurance with them. I asked my CU to plug that hole and they informed me I could not and that I would be liable for overdrafts if any occured for more than six day and the only way to stop it would be to close an account in good standing. I never did close the account, I just went frustrated and angry mode on AAA and so the fact remains that something like six businesses can do direct withdraw from my account at their discretion and their is nothing I can do unless I want to close the account (in good standing). I only use one because they won't let me pay with credit card, and will charge me another $5 a month if I don't use paperless billing, and I watch them (my stupid cable company that I am stupid enough not quit) and my bank account like a hawk.
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Re: F*&k You, F&*king Wells Fargo, You Motherf&%ckers!

Post by Isgrimnur »

MarketWatch
Lawmakers accused Wells Fargo & Co. of failing to comply with regulatory orders in a scathing report Wednesday, and said the bank poses a major risk to consumers.

The U.S. House Financial Services Committee published a report of its year-long findings into the bank late Wednesday, ahead of scheduled hearings with Chief Executive Charles Scharf and Chairwoman Betsy Duke next week.

Wells Fargo is “a reckless megabank with an ineffective board and management that has exhibited an egregious pattern of consumer abuses,” Rep. Maxine Waters, D-Calif., said in a statement accompanying the report. “Wells Fargo has clearly demonstrated an unwillingness and inability to stop harming its customers.”

“The potential for widespread consumer abuse still remains at Wells Fargo,” the report said.
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Re: F*&k You, F&*king Wells Fargo, You Motherf&%ckers!

Post by Isgrimnur »

NPR
Two Wells Fargo board members have resigned, including chairwoman Elizabeth Duke, the bank announced Monday. The departures come days after a House committee report found the bank has been too slow to reform itself in the wake of a series of scandals — including widespread fraud in the consumer banking business tied to overly aggressive sales goals.

Duke, who is known to many as Betsy, was elected chair of the bank's board effective January 2018. She had previously served as vice chair between October 2016 and December 2017. Wells Fargo said her resignation and that of another board member, James Quigley, were effective Sunday.
...
Both Quigley and Duke were scheduled to appear before the House Financial Services Committee on Wednesday. It wasn't immediately clear if they are still expected to testify.
...
In a joint statement, Duke and Quigley said they were stepping down from their posts to "avoid distraction" and allow Charles Scharf, who was named CEO and president of Wells Fargo in September, the "ability to turn the page."
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Re: F*&k You, F&*king Wells Fargo, You Motherf&%ckers!

Post by $iljanus »

We haven't been fucked over by Wells Fargo yet but I feel dirty for having a mortgage with them at a somewhat decent rate. That said they're one of a couple of financial institutions that really need sanctions and oversight.
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Re: F*&k You, F&*king Wells Fargo, You Motherf&%ckers!

Post by Hrdina »

From America's Finest News Source:
Wells Fargo Board Members Resign Following Congressional Report
Amy Barber • Corn Detasseler wrote:ImageI think it sets a dangerous precedent if we start holding corporations to the impossible standard of not abusing their customers.
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Re: F*&k You, F&*king Wells Fargo, You Motherf&%ckers!

Post by Daehawk »

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Re: F*&k You, F&*king Wells Fargo, You Motherf&%ckers!

Post by AWS260 »

OK, this is just weird.

Wendy Williams (the daytime TV host) wants to move her money out of Wells Fargo to another bank. Instead of saying "sorry to see you go," Wells Fargo claims that Williams is mentally incapacitated and convinces a judge to appoint a financial guardian for her.

I guess the lesson is never try to move your money out of Wells Fargo. Or never give it to Wells Fargo in the first place.
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Re: F*&k You, F&*king Wells Fargo, You Motherf&%ckers!

Post by LawBeefaroni »

They don't want to lose the 27 credit cards they opened for her.
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Re: F*&k You, F&*king Wells Fargo, You Motherf&%ckers!

Post by Skinypupy »

I had to close mom’s Wells Fargo account today.

At the three other banks where she had accounts, I simply had to provide death certificates and court documents showing I’m the executor of the estate. They then cut a check for the funds in the account to moms trust. Longest this process has taken at the other banks was 30 minutes.

Not Wells Fargo. They apparently can’t just cut a check. They instead require me open my own Wells Fargo account, they transfer the money from moms account into my new account, then I have to close this brand new account (that they just opened) before I can get a check.

I’ve been here for nearly two hours now and we’re still not done. Fucking clown show.
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Re: F*&k You, F&*king Wells Fargo, You Motherf&%ckers!

Post by LawBeefaroni »

Customer accounts is a performance metric. If they can force you to open one, they will. It helps their stats.

WFC is a really shitty bank. For them, never attribute to incompetence that which can be explained by greed or malice.
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Re: F*&k You, F&*king Wells Fargo, You Motherf&%ckers!

Post by Carpet_pissr »

They REALLY are and I won’t even recount my tale (also has to do with an elderly mother’s account) because it gets me too riled up.
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Re: F*&k You, F&*king Wells Fargo, You Motherf&%ckers!

Post by Skinypupy »

LawBeefaroni wrote: Fri May 19, 2023 3:38 pm Customer accounts is a performance metric. If they can force you to open one, they will. It helps their stats.
You know, I hadn't even considered that.

Funny thing is, I was looking at options for a secondary bank account and had actually considered opening one there since it's right across the street. Not any more.

Hope that one small tick on their "New Customer" metrics box was worth the rather significant deposit I now will not be making with them.
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Re: F*&k You, F&*king Wells Fargo, You Motherf&%ckers!

Post by em2nought »

Skinypupy wrote: Fri May 19, 2023 4:34 pm
LawBeefaroni wrote: Fri May 19, 2023 3:38 pm Customer accounts is a performance metric. If they can force you to open one, they will. It helps their stats.
You know, I hadn't even considered that.

Funny thing is, I was looking at options for a secondary bank account and had actually considered opening one there since it's right across the street. Not any more.

Hope that one small tick on their "New Customer" metrics box was worth the rather significant deposit I now will not be making with them.
I'm sure they ran a credit check on you too.
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Re: F*&k You, F&*king Wells Fargo, You Motherf&%ckers!

Post by Smoove_B »

em2nought wrote: Thu Mar 28, 2019 5:58 pm Bank of America is bad too.
They sure are:
Federal regulators said Tuesday they found that Bank of America harmed customers by double-dipping on fees, withholding credit card rewards and opening fake accounts, all of which are violations of various consumer financial protection laws.

As a result, the Consumer Financial Protection Bureau ordered Bank of America (BAC) to pay more than $100 million to customers and $90 million in penalties. The Office of the Comptroller of the Currency also ordered Bank of America (BAC) to pay $60 million in fines.

The bank is the second largest in the United States, serving 68 million individuals and small businesses.
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