Current Events > Why is Wells Fargo still allowed to be a bank?

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CableZL
12/13/22 3:20:06 PM
#1:


They were literally stealing the identities of millions of their customers by opening accounts in their names without permission, and were doing so a lot longer than they were willing to admit to.

They did this to me around 2004 - 2005 with my student loan account. I was checking the balance one day and saw a random new account with a 0 balance on my profile. I ignored it because I didn't think it was important. Then about a month later, they charged me money for not having the required minimum amount of money in the account.

When I called them to ask about it, the rep deleted the account without me asking them to do that. I was just asking about the fee. I wish I had been more aware at the time and recorded the account number.

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#2
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Jupiter
12/13/22 3:25:37 PM
#3:


Wow, that's fucking terrible. I really hope they faced huge repercussions for this, but clearly not enough if they are still in business.

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VFrenchY3K
12/13/22 3:26:19 PM
#4:


No idea - but Warren Buffett invests in them - so be sure to laugh at people who tell you Warren Buffet is a "nice" billionaire.
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Payzmaykr
12/13/22 3:28:19 PM
#5:


The one that gets me is Chase Bank. Way back when, Aaron Burr scammed the country out of a ton of money by claiming that he would fix the polluted drinking water issues. He kept the money and made a private bank with it, which is Chase.

https://www.msn.com/en-us/news/us/inside-the-water-company-scam-created-by-aaron-burr-and-alexander-hamilton/ar-AAY59r2
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VFrenchY3K
12/13/22 3:29:26 PM
#6:


Payzmaykr posted...
The one that gets me is Chase Bank. Way back when, Aaron Burr scammed the country out of a ton of money by claiming that he would fix the polluted drinking water issues. He kept the money and made a private bank with it, which is Chase.

https://www.msn.com/en-us/news/us/inside-the-water-company-scam-created-by-aaron-burr-and-alexander-hamilton/ar-AAY59r2

You're mad at Chase Bank in the year 2022 because of Aaron Burr circa 1800?
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MacadamianNut3
12/13/22 3:31:26 PM
#7:


I'm freezing my ass off in my condo right now and could've had heat last Friday, but I nope'd out of signing a contract with one HVAC company because they wanted me to open up a Wells Fargo account for financing. Hardest of the passes.

And then realized later that was a good idea because the HVAC representative was starting to sound shady as shit, asking me to send screenshots of info to their mobile phone.

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garan
12/13/22 3:32:41 PM
#8:


Revnir posted...
There's really little consequences for corporations like this breaking the law. If they pay a fine and the profits are bigger than the fine, they don't care.

People can go to prison for breaking the law, but not companies.
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gatorsPENSbucs
12/13/22 3:33:00 PM
#9:


Ive had Wells Fargo for quite some time now and never really had any issues. I hear people talk bad about it, but I guess Im a lucky one.

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BewmHedshot
12/13/22 3:35:20 PM
#10:


I financed a car with WF once and they kept demanding proof of insurance every 2 months or something and instantly slapped me with supplemental coverage if I didn't give it to them. They lost a class action suit about it and I got a check for like 8 bucks.
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littlebro07
12/13/22 3:54:35 PM
#11:


Payzmaykr posted...
The one that gets me is Chase Bank. Way back when, Aaron Burr scammed the country out of a ton of money by claiming that he would fix the polluted drinking water issues. He kept the money and made a private bank with it, which is Chase.

https://www.msn.com/en-us/news/us/inside-the-water-company-scam-created-by-aaron-burr-and-alexander-hamilton/ar-AAY59r2

don't take my Freedom Unlimited away, I get soooo much free money with it >_>

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TaylorHeinicke
12/13/22 3:56:34 PM
#12:


littlebro07 posted...
don't take my Freedom Unlimited away, I get soooo much free money with it >_>
man of culture, etc

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VeggetaX
12/13/22 4:06:05 PM
#13:


I think a ton of the top execs and even the CEO all got fired, and they paid a ton of fees. It's basically being ran with new people so I guess that's what makes it okay.

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TaylorHeinicke
12/13/22 4:43:04 PM
#14:


VeggetaX posted...
I think a ton of the top execs and even the CEO all got fired, and they paid a ton of fees. It's basically being ran with new people so I guess that's what makes it okay.
it is wild how being allowed to retire with fat million-dollar payouts is seen as a "punishment"

like when CEOs are "forced to resign"

here's seven-eight figures to fuck off and do nothing for the rest of your life

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frozenstar
12/13/22 4:44:43 PM
#15:


gatorsPENSbucs posted...
Ive had Wells Fargo for quite some time now and never really had any issues. I hear people talk bad about it, but I guess Im a lucky one.
same

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_BlueMonk
12/13/22 4:45:22 PM
#16:


cuz they're sorry

geez tc they said they're sorry!

now give them your money!!!

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Dan_Haren-
12/13/22 4:56:14 PM
#17:


Had it for like 20+ years. They did automatically convert my student account to a full account after I graduated undergrad. Then they started charging me a fee cuz I didn't have the minimum balance. I went to grad school so I was still a student. I had to meet with them in person to sort it out which was annoying because I didn't even realize the charges for several months and they wouldn't give me that money back.

I haven't had many other issues, other than their credit card auto-lock system is trash. If you travel anywhere they frequently end up locking your card. With amex I never had that problem.

I'm gonna switch to something else eventually...just not sure what else...thinking about Schwab. I'm hearing great things about it.
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frozenstar
12/13/22 4:57:25 PM
#18:


^arent you supposed to call to inform them if you are traveling?

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Dan_Haren-
12/13/22 4:58:52 PM
#19:


frozenstar posted...
^arent you supposed to call to inform them if you are traveling?

With Amex: "We use industry-leading fraud detection capabilities that help us recognize when our Card Members are traveling, so you don't need to notify us before you travel"

I also get notifications on my phone every time my card is used.
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FatAnimeBooty
12/13/22 5:00:13 PM
#20:


Payzmaykr posted...
The one that gets me is Chase Bank. Way back when, Aaron Burr scammed the country out of a ton of money by claiming that he would fix the polluted drinking water issues. He kept the money and made a private bank with it, which is Chase.

https://www.msn.com/en-us/news/us/inside-the-water-company-scam-created-by-aaron-burr-and-alexander-hamilton/ar-AAY59r2
You are ze' worst, Burr.
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VeggetaX
12/13/22 5:24:58 PM
#21:


TaylorHeinicke posted...
it is wild how being allowed to retire with fat million-dollar payouts is seen as a "punishment"

like when CEOs are "forced to resign"

here's seven-eight figures to fuck off and do nothing for the rest of your life
Yeah it sucks and they deserve much worst but think about it this way; these kind of people don't care about money. They care about being in power, having control, being able to manipulate shit and having a reputation of this kind of power. It's what thrives them that's why they won't retire in the first place. You can argue that forcing these people to resign, to lose their power hurts them more than giving them money to retire.

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