Wells Fargo, Is It Just The Beginning?

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Wells Fargo, retirement money, money If you have not heard the recent financial news lately then you probably are living with plugs in your ears. The word is out that banking giant, Wells Fargo has been using excessive practices, threatening, applying scare tactics on their employees to bring in more business, forcing their employees to meet extremely high, almost demanding them to fulfill an exorbitant amount of sale quotas.

According to employees, the quotas were set to almost unreachable amounts, setting employees up to

do whatever they had to do to get new checking accounts, and credit card accounts.

Taking on the pressures of opening up fake accounts include, setting up fake email address, authorizing  fake pin numbers, charging unbelievable fees, all leading to personal credit ratings being ruined, unauthorized accounts, even leading to accounts going into collections and dealing with debt collectors.

It has turned into a fiasco with over 5,300 low paying employees being fired over a period of five years regarding the whole situation. Millions of fines are now imposed onto Wells Fargo, and restitution is to be repaid.

What it comes down to is Wells Fargo executives and managers (who have received multi million dollar salary packages) have been sitting  pretty on the top of the of this mountain while all those small employees had to partake in unethical techniques, taking aggressive actions setting up false accounts, all for the purpose of increasing sales.

Perhaps this is just the start of something bigger. Of course more investigations will be ongoing, more charges, more finger pointing, back stabbing, and more lives being ruined. (Sounds sort of similar to what is going on in the payday/cash advance industry with the CFPB still compiling thhpgskv9mmountains of information).

One good thing is the Consumer Financial Protection Bureau is on top of the whole fiasco, exposing all of the details that the public needs to be aware of and they are saying that restitution will be paid.

With Wells Fargo being exposed, will this open a river of other business dealing the same or similar sales practices? Could it be going on within your bank or credit union? Think about it. Are all of the policy makers within the company accepting responsibility? Do we classify this as corporate greed? Look at what is going on with the cost of the EpiPen.

 I just heard today that employees in other banks and cash advance places are coming forward, with statements of how they are pressured into making sales, and cleverly not discussing or disclosing fees and options.   

 

Steps to protect yourself:

Learn how your financial institution works.  

Watch your accounts.

Question anything that seems out of the ordinary with your personal information

Pull your credit report on regular basis.

Demand answers from your financial institution

Be aware something like this could also lead to identity theft 

Watch your finances, your retirement accounts

Get more information from the Consumer Financial Protection Bureau at http://www.consumerfinance.gov/

 

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The class action lawsuits are just beginning. Here is a recent story  from ABC News that could affect over one million people. Click here for story.   

I understand that businesses need sales. Yet customer satisfaction is what business is all about, setting standards when dealing with excessive sales tactics should be addressed.

Wells Fargo has been a trusted institution for so many years, yet it just shows you what greed and big business can turn into. With the Wells Fargo employees being fired over a five year period, what took so long for this scandal to be exposed?

Ask yourself: what else is going on out there?

Nobody should be blindsided. 

 

Never Stop Learning….Angela


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2 Comments

  1. JeffWA

    Angela,
    My now deceased mom, a very wise woman often told me late in her life, (late 70s/early 80s) that the greedy individuals who run these large corporate banks simply cannot be trusted. They don’t give a hoot about their low level employees. They push them to do despicable acts against the very customers who trust them with their money; all so that these CEO’s and bank presidents can put more money in their already loaded pockets.

    It’s the very same thing taking place with scam online businesses that have their structure set up as illegal pyramids. The low-level distributors/affiliates/employees do all of the grunt work making little pay. The great portion of all monetary gains funnel their way up to those small percentage of individuals on the very top of the pyramid.

    Mankind ever since Adam and Eve ate the apples in the Garden of Eden that they had no place even being in, is full of sin. Sadly so many individuals don’t give a hoot about their fellow human beings. They have no compunction about bleeding innocent people completely dry seeking to hurt them financially and psychologically or else they force them under the threat of job loss to do something illegal.

    Wells Fargo is just a symbol of the disgusting amount of corporate greed that exists in the financial/business world. As you suggested Angela a person needs to be ever so vigilant in checking his/her savings that they have entrusted to so many of these banks.

    Great and a very eye-opening article Angela!

    Jeff

    Reply
    1. Angela

      Jeff,

      Thank you for your enlightening response. You have said so much but unfortunately all types of scams will continue in life just like it has been for thousands of years before us. Yes people need get informed of all possibilities of how to protect themselves and to be in control of all of their personal information.

      Come back and visit often

      Angela

      Reply

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