Maybe its a stupid question... but what do these agencies do with so much fine money?
Wells Fargo Hit with $1B in Fines
171–180 of 439 posts
Re: Wells Fargo Hit with $1B in Fines
#172Something 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…
Very strongly agreed.
Re: Wells Fargo Hit with $1B in Fines
#173Not sure how they calculate fines like these but it sure should work something like the following: $100M + [(entire bank profit gained from illegal activity) * 7.0] + [(number of people screwed) * (average fees charged per person) * 2.0] In addition, there should be a stipulation that the bank cannot (in present or future) pay the fee through employee layoffs or other cop-outs. Ideally, the government is able to requ…
> Ideally, the government is able to require fine payments to come directly from executive compensation or by selling assets, etc.
Interestingly enough, DF allows the government to do this if the bank is considered "too big to fail", which is a classification they define precisely in the bill.
But not before that.
Re: Wells Fargo Hit with $1B in Fines
#174Earlier quoted context omitted.
I work for a large bank and can offer a tip. When you find yourself in this situation -- please create an incident report by lodging a complaint with the branch manager or online . Tweet if you must : your goal is to make sure that an incident shows up in the CRM. Branch managers bonus is tied to customer satisfaction parameters. This will not make you situation more bearable but it will force the branch to be more r…
That's not my job.
Yes, but there are two issues here. One is getting your trouble resolved. Sadly that means doing some work you shouldn't have to at present. The other is sharing all those experiences so that we can garner momentum to change things.
Re: Wells Fargo Hit with $1B in Fines
#175Earlier 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 work for a large bank and can offer a tip. When you find yourself in this situation -- please create an incident report by lodging a complaint with the branch manager or online . Tweet if you must : your goal is to make sure that an incident shows up in the CRM. Branch managers bonus is tied to customer satisfaction parameters. This will not make you situation more bearable but it will force the branch to be more r…
Account closure doesn't register in manager KPIs?
Re: Wells Fargo Hit with $1B in Fines
#176Gone are the days of Enron when the people responsible actually go to jail, it seems :(
Re: Wells Fargo Hit with $1B in Fines
#177Something 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…
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 can actually do this with Simple. I have been disappointed with their velocity of new features, but they do that really well with their "goals", I really like the feature.
Re: Wells Fargo Hit with $1B in Fines
#178Where are the proceeds of the fine going? This "fine" should be returned to the American people and not used to fund obscure government programs
It is being returned to the victims as the law requires the CFPB to do.
Re: Wells Fargo Hit with $1B in Fines
#179Earlier 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 work for a large bank and can offer a tip. When you find yourself in this situation -- please create an incident report by lodging a complaint with the branch manager or online . Tweet if you must : your goal is to make sure that an incident shows up in the CRM. Branch managers bonus is tied to customer satisfaction parameters. This will not make you situation more bearable but it will force the branch to be more r…
What I do, is just take my business somewhere else. Most people don’t review or give feedback, you just lose them and their word-of-mouth network forever. If it takes a bunch of extra steps to get your institution to do its job, I count myself lucky to have avoided deeper engagement to begin with. With any luck, enough people do this and your bank changes or dies.
I’m tired of businesses trying to get me to do their jobs for them.
Re: Wells Fargo Hit with $1B in Fines
#180Earlier 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 work for a large bank and can offer a tip. When you find yourself in this situation -- please create an incident report by lodging a complaint with the branch manager or online . Tweet if you must : your goal is to make sure that an incident shows up in the CRM. Branch managers bonus is tied to customer satisfaction parameters. This will not make you situation more bearable but it will force the branch to be more r…
Don't direct people to bullshit bureaucratic snakeholes.