Wells Fargo bank fraud

jmanz

I bought you the sims
Members
Basically the company forced them to do this. I think they got bonuses, and meet their goals by doing this. If the company wasn't a Best Buy of the bank world (push your warranties or get written up) then the employees wouldn't had a need to do this. The average Joe was just trying to make a living and keep his job.
This is true. I've heard from former employees first hand. They put the pressure on the employee to cross sell different services.
 

Davidc

Caulk Sucker
Members


The Wall Street Journal reported last night that Wells has been screwing its customers on foreign currency exchange rates.

According to the Journal, Wells Fargo conducted an internal review of its fee arrangements and found that they had massively overcharged 88% of the sampled customers.

For example, the bank might have signed a contract with a customer to charge 0.15% on foreign currency transactions, but instead charged as much as 4%… about 26x higher than agreed.
http://www.zerohedge.com/news/2017-11-28/it-tuesday-time-another-banking-scandal
 

ndboarder

Bill Gates' Gimp
Members
This is true. I've heard from former employees first hand. They put the pressure on the employee to cross sell different services.
If you think a sales person at any company is not pressured to meet a sales goal, cross sell services, up sell to "better" items, you are nuts.  You will never talk to a sales person that puts your best interest over their bottom line
 

jmanz

I bought you the sims
Members
If you think a sales person at any company is not pressured to meet a sales goal, cross sell services, up sell to "better" items, you are nuts.  You will never talk to a sales person that puts your best interest over their bottom line
I would agree for a person truly in a sales position. But I was referring to even bank tellers. Their customers that want to make a simple transaction are met with all sorts of sales pitches from the tellers. Are you a Wells Fargo customer? If so, perhaps you can shed some light on if it is as over the top as some of their former employees have claimed it to be to me.

I think I recall @Nodle saying it was a complete fiasco every time he would go in to cash a check.
 

ndboarder

Bill Gates' Gimp
Members
I would agree for a person truly in a sales position. But I was referring to even bank tellers. Their customers that want to make a simple transaction are met with all sorts of sales pitches from the tellers. Are you a Wells Fargo customer? If so, perhaps you can shed some light on if it is as over the top as some of their former employees have claimed it to be to me.

I think I recall @Nodle saying it was a complete fiasco every time he would go in to cash a check.
Yeah, I have accounts with WF.  I can't say I've ever had a teller say much to me when I was in to make a deposit or a withdrawal.   Granted it is not something I do often at all.  Part of the reason I stick with them is that I can use an app on my phone to deposit any checks I receive, I can get cash from an ATM, I get free checking/savings, i can easily transfer money from checking/savings/credit/other banks through their web site and app.   

So, no I've never personally seen anything that over the top from a teller, but I wouldn't put it past them or any other bank.  The exceptions might be small local banks that do not have the advanced web/app capabilities where customers can manage every aspect of an account they need to without having to go into a bank.  

Not attempting to defend anything, nor do I care if anyone likes or dislikes Wells Fargo - I just haven't seen the behaviors myself and stick with them because they are big enough to have all the functionalities I want online/app to where I almost never actually have to go to the bank.
 

jmanz

I bought you the sims
Members
Yeah, I have accounts with WF.  I can't say I've ever had a teller say much to me when I was in to make a deposit or a withdrawal.   Granted it is not something I do often at all.  Part of the reason I stick with them is that I can use an app on my phone to deposit any checks I receive, I can get cash from an ATM, I get free checking/savings, i can easily transfer money from checking/savings/credit/other banks through their web site and app.   

So, no I've never personally seen anything that over the top from a teller, but I wouldn't put it past them or any other bank.  The exceptions might be small local banks that do not have the advanced web/app capabilities where customers can manage every aspect of an account they need to without having to go into a bank.  

Not attempting to defend anything, nor do I care if anyone likes or dislikes Wells Fargo - I just haven't seen the behaviors myself and stick with them because they are big enough to have all the functionalities I want online/app to where I almost never actually have to go to the bank.
Yeah I don't care if anyone banks there. Nor am I trying to slander their name, they've done a good enough job of that themselves. In fact, I even had a small position in Wells Fargo stock in my brokerage portfolio that I sold when this news was first coming out. A shame but that's business for ya.
 

ndboarder

Bill Gates' Gimp
Members
So like in september of 2016?  I mean people can make a huff about this stuff, but the value of their sock is up since this thread started.
 

jmanz

I bought you the sims
Members
So like in september of 2016?  I mean people can make a huff about this stuff, but the value of their sock is up since this thread started.
So is about every other stock in the world though. One year performance, they are up about 9ish percent. Their counterpart JP Morgan around 33%. Citigroup about 35% in that same time period. They are riding the coat tails of the financial sector in spite of themselves. Wells Fargo image will eventually come back. After they clean house from the top board members on down, which is what is happening now. Give people about 16 months to forget about it, as long as nothing else comes up and they will most likely be just fine.
 

nodle

Cheesemonger
Administrator
Give people about 16 months to forget about it
A lot of business do this, and people as well. Slow your advertisements, lay low for awhile. Humans are funny and like to move onto a new problem and forget the old.
 
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