Ethics At Wells Fargo

[eltf177]

And the bad news keeps rolling in...

https://consumerist.com/2016/10/04/s...ll-businesses/

From the article: "Much of the attention surrounding the ongoing Wells Fargo fake account fiasco has focused on the millions of individual banking and credit customers who had bogus accounts opened in their name without authorization. But Wells Fargo is also a major provider of small business loans and accounts, and the head of the Senate Small Business Committee wants the bank to find out how many, if any, of these customers were affected by this widespread fraud."

Just gets worse and worse, I don't see Wells Fargo recovering from all of this...

[mjr]

I'm wondering if I should talk to my wife about moving her money out of WF into another account...

[DGoddessChardonnay]

I'm wondering if I should talk to my wife about moving her money out of WF into another account...

I would if I were in your shoes. I have no regrets moving my money from there last year. Getting my Mom to go w/me to open the new account was the challenge (physically, that is as Mom doesn't get around that well w/out her power chair.) But we got it done and have no regrets.

What I did before selecting a new bank was to check out other banks that operate in my area that have branches close by and see what they offer. You can start that way or ask family members or coworkers who they bank w/and what kinds of benefits those banks offer their customers.

My bank, for example, offers savings that have the option to auto transfer a minimum amount each month on the day I select (I have 25 transferred to this account on the 3rd of every month.) I also like the fact that I can transfer between the savings and checking accounts at a moment's instant w/the mobile app.

Only thing I wish they would update to is setting up the electronic pay via Apple Pay, Samsung Pay and Google Pay with the debit cards. They just got set up w/their credit cards to be used that way (I check the updates on Samsung Pay app every so often to see which banks are signed up to participate.) Something else to consider if you or your wife use the pay w/your smartphone option.

But yes, talk w/your wife about it and see what she thinks on this. IF she agrees to move, then start doing your research and see what appeals to you and your needs.

[Seanette]

I'm fond of my credit union, so you might want to consider those.

As a FORMER WF customer, I admit to a bit of schadenfreude seeing the reputation hit they're taking.

[eltf177]

I didn't even want to be with them. I was with First Union which got bought out by Wachovia which got bought out by Wells Fargo. And I wasn't happy with Wells Fargo and left rather quickly. And no one bothered to stop me.

For which I'm eternally grateful...

[DGoddessChardonnay]

I didn't even want to be with them. I was with First Union which got bought out by Wachovia which got bought out by Wells Fargo. And I wasn't happy with Wells Fargo and left rather quickly. And no one bothered to stop me.

For which I'm eternally grateful...

That's the same history I have with them.

Started our account as First Union back in 2000 or so, then went through the name changes to Wachovia then Wells Fargo.

We really didn't start having issues w/overdrafts until after it'd changed to Wachovia, then the problem grew worse after the Wells Fargo change.

When Mom and I decided to go to a new bank, I simply checked our available balance at WF, wrote out a check for that amount, cashed it at the drive thru window and we drove across the street and opened our new accounts.

My mother to this day only has two words for them: Fuck You.

[Food Lady]

I haven't read the whole thread, but from some of these comments I'm glad I have never banked there.

Dispatch LOVES to give assignments that can't be met under HOS. Why? Because customers (both outbound and inbound) have their loads ready in the late afternoon and expect next morning delivery, and sales doesn't take HOS into account when making promises to customers. Of course, the top brass pipes up at a safety meeting that over half the drivers are falsifying logs, and this has to stop NOW. A driver responds that dispatch assignments can't be met legally, and the response is "This isn't about dispatch - it's about drivers falsifying logs".

I once worked for a tow company and quit on the 1st or 2nd day because they wanted me to falsify pick-up times so that they could keep their contract with AAA. I gave an exit interview. Those dummies documented that I was quitting because they wanted me to lie and I refused to do so.

[DGoddessChardonnay]

I once worked for a tow company and quit on the 1st or 2nd day because they wanted me to falsify pick-up times so that they could keep their contract with AAA. I gave an exit interview. Those dummies documented that I was quitting because they wanted me to lie and I refused to do so.

Wonder how long they stayed in business after that . . .

[eltf177]

Wonder how long they stayed in business after that . . .

If AAA found out I doubt very long...

[Food Lady]

They've expanded but they get terrible yelp reviews. Not surprised.

[DGoddessChardonnay]

They've expanded but they get terrible yelp reviews. Not surprised.

Remember the old saying:

The bigger they are, the harder they fall

Also, every dog has its day

WF has pretty much shot their dying wad with this scandal. I suspect things will go downhill from here for them, and they will crumble.

So will that tow company you used to work for, Food Lady. It's just a question of time.

[Food Lady]

My dad was so mad that I quit because I needed a job so badly. But I don't lie for anyone, period.

[DGoddessChardonnay]

My dad was so mad that I quit because I needed a job so badly. But I don't lie for anyone, period.

Nothing is worth lying for. It would have eventually caught up w/you and gave that company ammunition for if they decided to get rid of you.

You're much better off.

[eltf177]

Nothing is worth lying for. It would have eventually caught up w/you and gave that company ammunition for if they decided to get rid of you.

Absolutely! You lied on your own, THEY never told you to do it...

...

And Wells Fargo continues to suffer repercussions...

https://consumerist.com/2016/10/12/r...ounts-in-2006/

It appears this has been going on for a LONG time: "In the 2005 letter, the former manager wrote that he’d had a customer complain that after taking out a mortgage loan from one branch, a different Wells branch opened up unauthorized accounts — checking, savings, and debit card — in his name."

https://consumerist.com/2016/10/12/w...ccount-fiasco/

And CEO John Stumpf is "retiring". Much of his US $41 million bonus has been revoked but you know he'll still walk away from all this with a totally undeserved golden parachute...

...

And just when you think Wells Fargo has hit rock bottom they get out a jackhammer...

https://consumerist.com/2016/10/13/n...ccount-fiasco/

"...The Wells exec who has stepped into the CEO spot has a history of denying that any such atmosphere [of creating fake accounts] existed at the bank.

Fortune.com dredged up some things that new CEO Tim Sloan said in the years and months leading up to the Sept. 2016 $185 million settlement over the fake accounts, and the exec has repeatedly shaken off allegations that the bank’s policies inadvertently encouraged employees to use fake accounts to game the system."

Denying this is NOT going to make it go away...

...

And the bad news just keeps pouring down, now on the remaining employees...

https://consumerist.com/2016/10/14/w...inal-epidemic/

"Thousands of Wells Fargo employees have already been fired for opening unauthorized accounts to meet sales goals, but what about all of those employees who remain at the bank? They’ve seen the value of their 401(k) retirement plan sink during this fake account fiasco, and some are saying that Wells hid the truth from them about the huge bogus account sinkhole that was waiting to collapse underneath them.

The plaintiff...claims that senior Wells executives sold off their shares in the bank before the bank acknowledged the fake accounts publicly."

Isn't that simply wonderful, the senior executives sold out before coming clean!

Unfortunately: "...Bloomberg points out that this lawsuit faces an uphill battle, as recent, similar actions by employees at Whole Foods, BP, and RadioShack, were each ultimately thrown out out court for failing to meet the threshold for bringing an ERISA suit."

Yet corporate wonders where employee loyalty has gone...

[Tama]

It's beginning to look a lot like Enron...