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Wells Fargo Hit with $1B in Fines

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Re: Wells Fargo Hit with $1B in Fines

#211

Post by kevindqc »

minthelper wrote: post #191
djsumdog wrote: post #126

Earlier quoted context omitted.

I deleted all my Mint stuff years ago just because of the security concerns. If you mention the security concerns on Hackernews, a Mint employee typically replies with a link to the wikipedia page on their patented security model. Still, I'd rather not type all my bank passwords into an Intuit website. I like your concept of the multiple credit/card style budgeting. That makes a lot of sense. There are even some of t…

Hi djsumdog, We understand you have concerns about security. Here at Mint, we use a very strong proprietary cryptographic security model which guarantees the safety of your personal information. We'd love to discuss this more with you so if you reach out to us at https://help.mint.com/ we would love to make sure you're happy with our services. /KEB

You forgot the wikipedia link!

Re: Wells Fargo Hit with $1B in Fines

#212

Post by feocco »

ianamartin wrote: post #116
ericcholis wrote: post #76

Earlier quoted context omitted.

Simple[1] is pretty close. Create "Goals" for any amount and time period, Save $X by Y Date . Simple automatically allocates money to your Goals from your Available Balance daily, every friday, or any other schedule. They show you a "Safe to Spend" balance which is your Available Balance minus your total Goals. You can associate a Goal with a spending category, say Groceries, and have all transactions marked Grocerie…

I was a Simple customer from when they were still in beta, and I really loved them and talked a fair number of people into opening accounts with them over the years. Things went really downhill after a while. Moving physical addresses was a total shitshow. It involved them snail-mailing two verification codes. One to the current address and one to the new address. And you had to be able to collect them both and get t…

I'm so happy to hear about your pain with the new banking partner. I thought I was the only one. That alone almost made me abandon them for good.

They just created a new goals system that "locks" off your money more than original goals. It seems like a good system, I need more experience to really say.

I still love Simple. But they made it readily apparent that I need to have funds in multiple banks to stay financially safe.

Re: Wells Fargo Hit with $1B in Fines

#213

Post by Mc91 »

arca_vorago wrote: post #201
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…

>These huge banks have simply become way too big, and it serves no one's interest but their own. They have zero incentive to provide actual customer service anymore. There needs to be a massive restructuring of our system to allow smaller banks to thrive and provide actual competition. Thats not the plan though. Now that they have IMF'd almost the whole world, they have no one elses pie to take from... so they are tu…

Looking at that chart...unremarked is the 1991 $1.9 billion merger of Manufacturers Hanover with Chemical...it's more a commentary on the reality than the chart, a $1.9 billion bank merger doesn't make the cut as being important enough in the current post-Glass–Steagall "too big to fail" TARP banks...I interviewed for an IT role with the old Manny Hanny group within Chase Manhattan bank in the late 1990s...they were a bank buried within a larger bank, and soon to merge with JP Morgan and a host of other banks.

Re: Wells Fargo Hit with $1B in Fines

#214

Post by PHPMyAdmin »

volandovengo wrote: post #208

I've interacted a lot with the larger banks and been flabbergasted at how they view the world. Banks, big and small, regard the consumer operations of the bank as a cost center, which they should do as little as possible to maintain. In fact - I believe the only reason that they even have public facing consumer branches is largely to get access to capital as cheaply as possible. Every proposed improvement to the cons…

> In fact - I believe the only reason that they even have public facing consumer branches is largely to get access to capital as cheaply as possible

I would agree with this. Banks nowadays– maybe not local independent banks or credit unions– leverage your money to purchase investment vehicles on better credit for their higher-profile clientele, and also as liquid capital to dispense as needed.

> If a direct line from improving the customer experience to make more money can't be drawn, the bank won't do it.

Yep. I have an account at a sizable bank, and their mobile app has been broken the half dozen times I've used it, across as many months.

It's the 21st century and a bank cannot figure out how to finance a proper mobile management application.

Re: Wells Fargo Hit with $1B in Fines

#215

Post by reaperducer »

TuringNYC wrote: post #29
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…

Sounds bad, but you should see some Citibank branches -- they dont even make the call for you nor do you get a place to sit down -- I was trying to resolve an issue and the representative literally took me to an in-bank phone booth, dialed the number and handed the phone to me. Basically -- deal with call-center-hell while standing up. What's the point? The good news is that this behavior is not universal, I looked a…

On the topic of "tiers," I have found that with Citibank, when my credit card has a small balance, I get really good phone support. If my card has a medium balance (say, $2,000 to $9,000), I get shoved off to a third-world call center. But when my balance climbs over $20,000, I get the good service again.

Yes, my balance fluctuates wildly month-to-month. Travel.

Re: Wells Fargo Hit with $1B in Fines

#216

Post by scotch_drinker »

tinbad wrote: post #72

I had high hopes for Bank Simple some time ago when they came out. Then they got acquired by a bigger bank. This industry is nearly impossible to disrupt. Just like the Oil companies back in the day, these banks are so big and powerful that it's impossible to innovate in the current market conditions.

Big Oil was broken up by anti trust legislation. It's possible this comes back around. Currently reading a biography on Brandeis who was one of the titans of anti-trust in the 30s and 40s. I'm hoping that kind of regulation comes back around.

Re: Wells Fargo Hit with $1B in Fines

#217

Post by chiph »

Rapzid wrote: post #36
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…

I wonder if all these small banks have to re-invent the SaaS wheel, or if there is a company out there providing a banking platform to them...

One such is Jack Henry. I just interviewed with them (but didn't get the job, which is too bad as I really wanted to work there). They offer everything you need to start a bank or credit union, at a couple of different complexity levels.

Re: Wells Fargo Hit with $1B in Fines

#218

Post by ScottBurson »

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…

I gave up on Wells Fargo over 15 years ago and have never regretted it for a moment. Small credit unions are just fine. I'll never again use a big bank.

Re: Wells Fargo Hit with $1B in Fines

#219

Post by djschnei »

dumbfounder wrote: post #181
djschnei wrote: post #140

Earlier quoted context omitted.

I object to most of the roughly 50% of my income that is taken from me and can't say I've ever been called a freeloader... That's an interesting point of view you have there; "either don't be a US citizen or never complain about tax policy".

"Conscientious objection" to taxes means you wouldn't pay taxes, it doesn't mean you just complain about it. You can't do that and stay a US Citizen and not go to jail.

I guess I just don't care enough to ruin my life over it. It's a pretty interesting thing to think about, actually. To think that a bloody revolution was sparked over much less than what we put up with today... It's almost like Stockholm Syndrome.

Re: Wells Fargo Hit with $1B in Fines

#220

Post by ejlangev »

Until people start going to jail for their illegal activity rather than just paying out nominal fines I wouldn't expect their behavior to change. This is at least the 3rd major fine Wells Fargo has paid in the last few years.

If only people remembered that the second half of the expression about "a few bad apples" is that they "spoil the bunch."

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