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Wells Fargo Hit with $1B in Fines

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Re: Wells Fargo Hit with $1B in Fines

#101

Post by thaumaturgy »

paulie_a wrote: post #71
citilife wrote: post #37

Earlier quoted context omitted.

And thats when he realized Wells Fargo got the last laugh, 10 years of late fees

Personally I would simply ignore those fees. At the end of the day they have zero leverage to collect.

If only.

All banks, even the local ones, use something called Chex Systems, which works somewhat like Equifax for bank accounts. If you leave an account open with a $0 balance, and something hits it, and causes an overdraft, and accumulates fees, and then they close it later on for you with a negative balance for hundreds of dollars, then this gets reported to Chex and the next time you try to open an account with any other bank, they say, "Nope, we have a record here for you for account abuse."

These records stick around for about 7 years -- longer than many items on a credit report.

Re: Wells Fargo Hit with $1B in Fines

#102

Post by JumpCrisscross »

Critically, Well Fargo "submitted to an unprecedented order Friday that would give the Office of the Comptroller of the Currency the right to remove some of the lender’s executives or board members" [1]. TL; DR Senior management and even Board members can be fired by the OCC.

[1] https://www.bloomberg.com/news/articles/2018-04-20/wells-far...

Re: Wells Fargo Hit with $1B in Fines

#103

Post by samstave »

djschnei wrote: post #54
samstave wrote: post #45

Earlier quoted context omitted.

Stop paying taxes.

Well, taxes go towards some stuff I appreciate... plus I would probably be thrown in jail. So not sure that is a solution :p

Conscientious objection to taxation should be a thing though.

Re: Wells Fargo Hit with $1B in Fines

#104

Post by dageshi »

madeofpalk wrote: post #60
heurist wrote: post #38

Earlier quoted context omitted.

It's definitely an industry ripe for rebirth. For instance, I should be able to partition my money into several lightweight accounts - one for groceries, one for home expenses, investment, etc - and automatically have fractions of my deposits sent to those accounts so my budgeting and money management are handled without any effort on my part. I should have lightweight cards available for each of those accounts with…

The UK actually has a bunch of 'challenger banks' that are doing cool things like this. I use Monzo which, a few month ago added support for 'Pots' - super lightweight mini bank accounts that let you partition up your money. Among others, I have a Holiday pot and a Savings pot. They even have this early stage feature where if you name a pot "Coin Jar" they'll automatically round up transactions to the nearest £ and t…

ah hah! I was looking for a bank with this type of feature about 6 months ago, thanks

Re: Wells Fargo Hit with $1B in Fines

#105

Post by rectang »

The executives responsible (principally Carrie Tolstedt and John Stumpf) not only did not go to jail, they ended up money ahead to the tune of 8-9 figures, even after clawbacks.

So if you're an executive, you know what to do...

And if you're a shareholder, is a billion dollar fine compared against 88.4 billion in 2017 revenue sufficient to sustain your motivation in an endless fight against the backscratching director and executive culture?

Re: Wells Fargo Hit with $1B in Fines

#106

Post by lukeschlather »

kevin_thibedeau wrote: post #93
sandeeps_ wrote: post #50

Earlier quoted context omitted.

You can try capital one 360 account. It allows you to create virtual accounts for different categories. It doesn’t have all the features you desire, but is better than most other banks in this respect.

Capitol One has one of the largest advertising budgets at > $1.5B. Seems a bit insane to support an organization that is willing to send so much revenue out the door when a good chunk of it could be recaptured by its customers.

$1.5 billion in marketing on $30 billion in revenue doesn't seem that outlandish. Maybe it is for a bank.

Re: Wells Fargo Hit with $1B in Fines

#107

Post by rhizome »

emodendroket wrote: post #47
aphextron wrote: post #4

Something has happened to big banks along the way, where they no longer actually provide banking services to their customers. When I walk into a Wells Fargo branch now and sit down with a "banker" to take care of my accounts, it consists of sitting next to them while they call 1-800-WELLSFARGO for me and talk to a call center. There simply is no service anymore. I walked into my local branch to open up an IRA last we…

In principle this makes sense, but I've had pretty negative experiences dealing with community banks, where the tellers weren't any better, but there wasn't an 800 line for them to go to.

Thanks for sharing.

Re: Wells Fargo Hit with $1B in Fines

#108

Post by criddell »

p-funk wrote: post #81
heurist wrote: post #38

Earlier quoted context omitted.

It's definitely an industry ripe for rebirth. For instance, I should be able to partition my money into several lightweight accounts - one for groceries, one for home expenses, investment, etc - and automatically have fractions of my deposits sent to those accounts so my budgeting and money management are handled without any effort on my part. I should have lightweight cards available for each of those accounts with…

I've been planning a side project with a lot of those features. That's exactly how I think about my budgeting and that's exactly how I would like to allocate my money. I'm really not aware of any way to do this currently, apart from a lot of manual work in a spreadsheet, which is annoying and still requires restraint in spending. Mint isn't even that helpful when it comes to budgeting because their alerts and categor…

SmartyPig does some of that. You set savings goals which is a little different than just funding categories, but you might be able to make it work. Maybe they have an API and you could let them deal with the banks?

Re: Wells Fargo Hit with $1B in Fines

#109

Post by swlkr »

aphextron wrote: post #4

Something has happened to big banks along the way, where they no longer actually provide banking services to their customers. When I walk into a Wells Fargo branch now and sit down with a "banker" to take care of my accounts, it consists of sitting next to them while they call 1-800-WELLSFARGO for me and talk to a call center. There simply is no service anymore. I walked into my local branch to open up an IRA last we…

This sounds like huge tech companies as well

Re: Wells Fargo Hit with $1B in Fines

#110

Post by bombledmonk »

Someone1234 wrote: post #77
cspags wrote: post #70

Earlier quoted context omitted.

I highly recommend checking out https://www.youneedabudget.com for the ability to do this and more. (No affiliation, just a very satisfied customer)

Does that require giving them your banking online login details?

There's yet another thing that's needed industry wide. Oauth or similar concept with read only access to a data api.
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