Wells Fargo Just Made The Case For Elizabeth Warren’s Bank Agency

[Stuart G]

http://www.huffingtonpost.com/entry/wells-fargo-fraud_us_57d2d237e4b03d2d459a083c?

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The bank was scamming customers for years, until the CFPB put an end to it.

 09/09/2016 02:09 pm ET | Updated 15 hours ago,... Emily Peck, Ben Walsh, Huffington Post
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Wells Fargo just proved, again, that no scam is beneath America’s financial institutions. And no institution is above being watched by a federal agency.

On Thursday, the Consumer Financial Protection Bureau ― the watchdog group proposed by Sen. Elizabeth Warren (D. Mass.) in the aftermath of the financial crisis ― announced that Wells Fargo would pony up a total of $185 million for perpetrating a huge scam on its customers.

Over at least the past five years, Wells Fargo employees created more than 1.5 million sham checking accounts and applied for 565,000 credit cards, using customer names and money. Customers were charged unnecessary fees, saw their credit scores fall or were simply confused when debit and credit cards they never asked for showed up in the mail

“Was the Great Financial Crisis so long ago that all chasteness and propriety are already out the window? This scam has been apparently going on for five years,” writes Josh Brown, a financial blogger. “These people are fearless.”
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This article shows greed has no bounds. More money for a bank is all that matters, ..and fuck the consumer..The Consumer Financial Protection Bureau is a "watchdog agency" to ..protect the consumer and it did its job and caught these crooks.. to Senator Elizabeth Warren (D. Mass.)

[tazkcmo]

1. WF makes out like the bandits they are.

185 million means it cost them about 123 bucks in fines per account. The persons behind the fraud will be getting a nice bonus.

They aren't fearless, they're good at math.

[napi21]

2. Listened to Norman Goldmans show last night. Two callers said this same thing has been

going on at two other BIG BANKS since the 80's. One guy was fired when an older woman came to him asking for help with a checking account that had been compromised. She had her dead husband's pension, her SS, and an annuity payment direct deposited into this account. The bank told him to cancel the old account and set up a new one. He refused telling them that he wouldn't put her through the arduous task of switching all those auto accounts. They fired him, and had somebody else do the dirty work. He said the "new account would show up as the local bank manager adding NEW BUSINESS.

Seems like all the big banks have been working against the customers interest, and only their gain for years. I found this to be true many years ago when they began charging for every damn little thing they did for you. I switched to s Credit Union and have been happy ever since. I hope the CFPB finds them all and shows the public just how bad they are. Maybe the LOSS OF BUSINESS will wake them up, and if it doesn't, the credit unions will benefit and the banks can be happy with their Corporate Customers.