Think your Bank is safe? Wells Fargo Rips off customers.... again.
"Another 750,000 customers become victims"
Wells Fargo, one of the top 10 banks by assets, once again finds itself embroiled in scandal.
After the widely publicized debacle last year for abusive and illegal activities including:
Opening new deposit accounts and transferring customer money without their knowledge or consent, generating millions in overdraft fees.
Activating fake debit cards using fake emails, to sign customers up for bogus "services".
Applying for credit cards with out customer consent, and you guessed it- generating hundreds of thousands in late fees.
Sound slim shady?
Does that make you angry?
It should.
After firing over 3000 employees and settling for $185 million brought by the Consumer Financial Protection Bureau, you'd think Wells Fargo would be on the straight and narrow right?
I mean seriously, right?
Well they're back at it again.
After learning that The New Times would blow its cover, Wells Fargo admitted that it had wrongfully charged 570,000 of its auto-loan customers for comprehensive and physical damage insurance (CPI) since 2012 though they already had their own insurance.
Translation: Over the course of a 6 year loan, if you were banking with Wells Fargo you could have been ripped off to the tune of four to six thousand dollars.
Irate customers who noticed and complained were refunded their money, the rest of them.... well not so much.
These extra charges led to late fees, overdraft fees, and in some cases the dreaded REPO man.
Remember, no one cares about your money as much as you do.
And Bankers are NOT to be trusted.
Until next time.
What's your next move?
JESS
"The road to riches is paved with gamblers and charlatans."
what are your thoughts on credit unions?
i think they're definitely a better bet than the large institutions, as they're usually community owned and actually perform beneficial banking functions as opposed to playing in the global derivative casino, blowing all their clients money, and getting bailed out be the government.
The downside is they are still a bank, that can be frozen and such at a whim's notice, you can't take out large chunks of money if you so wished. I guess I just hate the idea of capital controls in general.
ya, credit unions to me are really a good alternative but not 100% the answer. I think that the when institutional banking combines with block-chain technology then this might help both worlds. what are your thoughts on that happening
IMO online banks are a better choice than credit unions or other traditional banks. The cashless nature of online probably would make a full blown bank run less likely. The savings rate of online usually trounces whatever pittance the big banks offer. Same capital control issues though.