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This is really unbelievable. Why isn't anybody going to jail for this?
This isn't surprising I'm not excusing this but this is the kind of crap that happens when you have companies with crazy unattainable goals some people will 'do what they have to do to make it look like the goals are being attained'. I have family that works in the banking field and apparently Wells Fargo has some crazy new account goals that are expected to be met. The bank should be scrutinized, basically corporate culture disgusts me.
This is obviously a company problem if that many employees are doing it. They have quotas to meet and upper management, who is usually out of touch with reality, asking them why they didn't open X new accounts on random weekday.
I don't work at a bank, but I am in sales and we each have to get 1 person to open an account per shift. I've seen people get fired for making people up with fake names/socials, having friends do it over the phone, whatever just to have all 6 standards. It's not even to get a big bonus, or win something, it's just to keep your mediocre job.
This isn't just happening at WF, they just got caught and put on the news.
This is obviously a company problem if that many employees are doing it. They have quotas to meet and upper management, who is usually out of touch with reality, asking them why they didn't open X new accounts on random weekday.
I don't work at a bank, but I am in sales and we each have to get 1 person to open an account per shift. I've seen people get fired for making people up with fake names/socials, having friends do it over the phone, whatever just to have all 6 standards. It's not even to get a big bonus, or win something, it's just to keep your mediocre job.
This isn't just happening at WF, they just got caught and put on the news.
I'm not surprised to hear about this Wells Fargo scandal. They pulled some crap on me 5 years ago.
Back in 2010 I set up a business checking account with Wells Fargo. They oddly REQUIRED that I also set up a savings account with $25 in it. There were no maintenance fees for any of these accounts. Well a year later they suddenly started charging me a monthly $20 maintenance fee on the savings account.
I also had a second business checking account that was suddenly getting hit with this $20 maintenance fee. I actually didn't discover these charges until about 3 months later.
After I complained and complained, they wound up only reimbursing me for 5 of these 6 fees totaling $120. So they got my $20, but I closed both of my business accounts AND closed my personal checking account that I had since 1979.
But all we need is government regulators to get out of the way, and cut taxes on big corporations. Those businesses will then do what is right by customers and employees out of the kindness of their hearts, make lots of money, and that money will trickle down to everyone else and create a job for everyone who wants one!
Quote:
Originally Posted by MikeBear
Because the BIG GUYS are probably hiding the phony skimming accounts they created, that make these ones look like pikers...
Misdirection at it's finest...
This is going to turn out to be fairly low level employees who were trying to get bonuses, very similar to the ones who helped applicants fluff up mortgage applications 10 years ago. Maybe those employees were trying to keep up with expenses of living in unaffordable large cities like Chicago and the coastal cities.
I used to work for wells fargo as an OCS rep at their Salt Lake City location. I quit back in 2014 because of their pressure to sell. I remember during training, we were told to only sell products to customers that would "genuinely help them", but the call floor was a much different story.
If I recall correctly, we were supposed to sell products to at least 40% of our customers, or we would be written up. Most of us resorted to selling useless features like online bill pay, but other times, we were taught to identify customer "weaknesses" or to build on customer anxieties to sell a product. Half the time, I knew Mrs. Granny didn't need a new checking account, personal loan, credit card, etc, but we still pressured our customers into these sales whenever we had the chance. While this isn't necessarily uncommon for call centers, we were required to keep all of our calls under 5 minutes as an additional requirement, so as you can imagine you needed a pretty thick skin to survive the call floor. I never personally got involved in illegally opening up fake accounts to reach sales goals, but I can see why others felt pressured to do so.
I finally quit a year into the job as my sales numbers weren't too good and I knew I was on the chopping block. This was a shame, because I did provide actual customer service and I liked solving problems. I have had calls were some people had their accounts hacked and their funds in the process of being transferred out, and I could fix all that in a single call under 5 minutes. . . but then I would sell them something stupid like fraud protection and the whole feeling of helping that customer was lost when I pushed, and pushed, and pushed a customer to buy whatever service I was trying to peddle them.
I feel bad for the 5000+ workers who get fired over this. They are the victims of a greedy upper-management culture. If anything, upper-management should be punished for this, but of course, the media and wells fargo are spinning this as a problem with the service reps. Sad.
Every time I say I hate banks, someone always sarcastically says, "are you just going to hide your money under mattress?" Well, it sounds a lot less craze with each passing day.
Good, but my mattresses doesn't steal from me. Plus banks and investors have falsified statements and paperwork in the past, my mattresses never falsified paper, well that I know of.
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