Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
They have to hit quotas to keep their job.
Higher numbers to hit bonus.
There develops a system between the people at the branches to do this.
It becomes culture.
Something similar happened in Dallas.
This was my thought at first. It is a sales culture and why I use a credit union rather than a bank. Then again, my previous bank (Chase) had two identity hacks on my account within a year, one of which I had to find out for myself and report. The other it did and was a smaller amount. It was like two $5 purchases in New York that somehow flagged Chase yet a $25 Starbucks gift purchase in Seattle didn't.
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.
Just do what I do, go and get a credit union membership. Those are still banks but are far better especially in customer service. There are tons of these around. They also have bank currency protection too.
Slap on the wrists for Wells Fargo. 185M penalty, 5300 firings against a bank that earns over 85 Billion in revenue, and has over 250k employees globally.
Location: Was Midvalley Oregon; Now Eastside Seattle area
13,070 posts, read 7,505,741 times
Reputation: 9796
I hope the some of the 5300 will file suit because the Company placing them in an untenable situation.
I wonder how far this will go up and who will be the scapegoat?
JMO.
Just do what I do, go and get a credit union membership. Those are still banks but are far better especially in customer service. There are tons of these around. They also have bank currency protection too.
I did once, they did the same thing as a corrupt bank. No joke, they lost 25% of their accounts in 4 years and I hear they're doing even worse now. I do like them better, but my a** still smoldering so I will let it cool of first.
I had my first bank account with First Union.. They bought up several banks, but stayed First Union.. Then they bought Wachovia, and took the Wachovia name.. Then Wells bought them and I had a Wells Fargo account.
About a year after that.. I had enough of them. Took my money and moved it over to USAA where I earn interest on my checking account (A whopping total of about 30 cents a year, but.. I'm not paying anything)..
I closed my Wells Fargo account.. 3 months later a gym membership auto-draft I had forgotten to move over came in.. Wells Fargo reopened the account and charged me, or tried to, $39.
I gave them the money that they legitimately paid for the gym membership and told them they'd never get the $39. They did the threaten collections thing.. Told them to have fun with that. Never showed up on my credit report.
Well Fargo’s “sandbagger”-in-chief is leaving the giant bank with an enormous pay day--$124.6 million
it does not appear that Wells Fargo is requiring Carrie Tolstedt, the Wells Fargo executive who was in charge of the unit whose employees were responsible for opening more than 2 million largely unauthorized customer accounts--a seemingly routine practice that employees internally referred to as “sandbagging”--to give back any of her nine-figure pay.
I worked for a subcontractor of Carolina First bank.. We were the cabling contractor.. They had a member of the board who signed off on work orders to install a buttload of cabling at his house.
Now.. Security cabling.. That was actually legit.. Banks cover security systems for their executives at their homes because.. They don't want them getting kidnapped and held for ransom or something like that.
But this guy authorized about $40k worth of additional work on his house that he was building. The bank found out about it and.. Fired his underling who he had told to authorize the work and payments.
He wound up with a golden parachute retirement package, because if they fired him, they would have had to report the reasons to the SEC and it would have become public.
I did once, they did the same thing as a corrupt bank. No joke, they lost 25% of their accounts in 4 years and I hear they're doing even worse now. I do like them better, but my a** still smoldering so I will let it cool of first.
Then I guess you would be resigned to stuff cash under your mattress unless you are willing to try others.
I hope the some of the 5300 will file suit because the Company placing them in an untenable situation.
I wonder how far this will go up and who will be the scapegoat?
JMO.
Wells Fargo is paying 185 million to the clients who sued, and paying a huge fine.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
