Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Wells Fargo Hit with $1B in Fines

npr.org

Post reply on HN
Print view View original

261–270 of 439 posts

Re: Wells Fargo Hit with $1B in Fines

#261

Post by charleyma »

swsieber wrote: post #92
p-funk wrote: post #81

Earlier quoted context omitted.

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…

Have you looked at plaid? I'm not sure what their rates are like, but if you're doing just a personal project, you might be able to get away with their developer evaluation (though that only lets you interface with big banks, not the small ones - the developer evaluation that is). Edit: plaid is a nice abstraction bank api: https://plaid.com/

Hi there - full disclosure, I work at Plaid . Anyone can signup for API keys and access all the thousands of banks that we currently support on Plaid for free in our dev environment.

Once you want to add more than 100 accounts, we recommend reaching out to learn more about pricing at scale; it depends on what APIs are being used, how much data is being pulled, how often, etc. Feel free to shoot me an email directly if you have any questions! (charley@plaid.com)

Re: Wells Fargo Hit with $1B in Fines

#262

Post by dd36 »

Klathmon wrote: post #238
narag wrote: post #225

Earlier quoted context omitted.

It's definitely an industry ripe for rebirth. Or simply for death. Not my idea, I first thought it was a joke when they told me, but it makes perfect sense. I get exactly zero interest for my savings, not even to compensate inflation. It's stock options or bs funds. Only useful service I get is cards and avoiding keeping cash in a physical safe. Credit comes from cards or specialized loan companies. There are two ser…

You don't even get to choose your mortgage company. A few years ago a friend of mine bought a house and actually turned down a house who's sellers had a bank of America mortgage as he had bad experiences in the past. He went out of his way to choose not to deal with them, but to his suprise 30 days after he closed he got a letter in the mail telling him that his mortgage was sold to Bank of America! And not suprising…

*servicer. Fannie or Freddie probably own the note.

Re: Wells Fargo Hit with $1B in Fines

#263

Post by henrikschroder »

madamelic wrote: post #131
ianamartin wrote: post #116

Earlier quoted context omitted.

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…

You didn't even mention when cards didn't work for three days for "maintenance" Surprisingly I grinned and bared it until I decided the world wasn't ready for life without checks, unfortunately.

> the world wasn't ready

Your world. The US. There are plenty of countries where checks were phased out many decades ago. :-)

Re: Wells Fargo Hit with $1B in Fines

#264

Post by dd36 »

henrikschroder wrote: post #260
Klathmon wrote: post #238

Earlier quoted context omitted.

You don't even get to choose your mortgage company. A few years ago a friend of mine bought a house and actually turned down a house who's sellers had a bank of America mortgage as he had bad experiences in the past. He went out of his way to choose not to deal with them, but to his suprise 30 days after he closed he got a letter in the mail telling him that his mortgage was sold to Bank of America! And not suprising…

I have never purchased property in the US, but I keep reading horrible anecdote after horrible anecdote, so I have to ask: As a buyer, why would I even care who the seller has their mortgage with? Why would that matter? Where I'm from, the real estate agent deals with that shit. When you close the deal, the agent calls up the new bank or faxes them or whatever so that they open a mortgage for X amount for the piece o…

No. There are no loan assumptions in US. Seller’s mortgage holder is irrelevant.

Re: Wells Fargo Hit with $1B in Fines

#265

Post by rmk »

acdha wrote: post #252
rmk wrote: post #247

Earlier quoted context omitted.

You just compared Apples and Oranges. First Republic is typically for the higher-earning, higher net-worth individual, whereas Wells Fargo caters to a much broader set. Not to say that Wells Fargo should not provide better service, but I just want to point out that these are two different types of banks. I had a similar experience with Bank of America. The person who was supposed to help me was rude, untrained, and a…

> You just compared Apples and Oranges. First Republic is typically for the higher-earning, higher net-worth individual, whereas Wells Fargo caters to a much broader set. Okay, so pick any other bank which serves the entire community — whether it's a small credit union, a smaller regional bank, or a larger one which isn't BofA (I use TD Bank). The service will still be worlds better and they won't periodically requir…

My point was only about the type of service you can expect at a bank of this type. Therefore, I gave another anecdote (my experience at a comparable bank, and another at a smaller/different type of bank).

I agree that the culture at Wells Fargo appears to have been one of rapacious greed. What I do not understand is how the previous CEO and his underling (the woman who retired) were not hauled before a judge on a range of criminal charges. Maybe CFPB does not have prosecuting power, but surely they can refer to DoJ for prosecution?

Re: Wells Fargo Hit with $1B in Fines

#266

Post by henrikschroder »

dd36 wrote: post #264
henrikschroder wrote: post #260

Earlier quoted context omitted.

I have never purchased property in the US, but I keep reading horrible anecdote after horrible anecdote, so I have to ask: As a buyer, why would I even care who the seller has their mortgage with? Why would that matter? Where I'm from, the real estate agent deals with that shit. When you close the deal, the agent calls up the new bank or faxes them or whatever so that they open a mortgage for X amount for the piece o…

No. There are no loan assumptions in US. Seller’s mortgage holder is irrelevant.

Ok. Good. :-)

So why was Klathmon's friend bothered by it?

Re: Wells Fargo Hit with $1B in Fines

#267

Post by charleyma »

madamelic wrote: post #138
swsieber wrote: post #92

Earlier quoted context omitted.

Have you looked at plaid? I'm not sure what their rates are like, but if you're doing just a personal project, you might be able to get away with their developer evaluation (though that only lets you interface with big banks, not the small ones - the developer evaluation that is). Edit: plaid is a nice abstraction bank api: https://plaid.com/

>I'm not sure what their rates are like Very opaque and very expensive ($500 / mo+) Also, they will shut down your account if you don't use your free edition enough.

Hi Madeline - happy to share more info on pricing - we're working on simplifying pricing for early stage / bootstrapped products . Feel free to reach out directly to my email if you want to learn more (charley@plaid.com).

We'll occasionally flag accounts that have dormant API activity in our development tier, but as long as you're still using the API we're happy to cover the cost of the free account.

Re: Wells Fargo Hit with $1B in Fines

#268

Post by yjftsjthsd-h »

HenryBemis wrote: post #258
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…

Having worked in "big banks", I can say that there is a complete disconnect on the top. These people (on the top) sit on an ivory tower, think that they will bark orders and the slaves will obey. They become so big and slow-moving, that only by insane cost-cutting (at the expense of real customer service) keeps them viable, and keeps the shareholders happy. The disconnect from the ground (and being surrounded by cron…

> "big banks"

Is it (even) worse in banking, or is this just something that happens to all companies above a certain size? I can totally see it being the case that a more heavily regulated industry suffers more, but that's pure conjecture.

Re: Wells Fargo Hit with $1B in Fines

#269

Post by suyash »

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 had very similar experience at one of the large banks, no one cared about helping me, everyone just directed me to go online on their website to call the 1-800 number. What's the point of Physical Banking Centers anymore. Not the mention the horrendous wait for the customer care to answer the phone when called.

Re: Wells Fargo Hit with $1B in Fines

#270

Post by Klathmon »

henrikschroder wrote: post #260
Klathmon wrote: post #238

Earlier quoted context omitted.

You don't even get to choose your mortgage company. A few years ago a friend of mine bought a house and actually turned down a house who's sellers had a bank of America mortgage as he had bad experiences in the past. He went out of his way to choose not to deal with them, but to his suprise 30 days after he closed he got a letter in the mail telling him that his mortgage was sold to Bank of America! And not suprising…

I have never purchased property in the US, but I keep reading horrible anecdote after horrible anecdote, so I have to ask: As a buyer, why would I even care who the seller has their mortgage with? Why would that matter? Where I'm from, the real estate agent deals with that shit. When you close the deal, the agent calls up the new bank or faxes them or whatever so that they open a mortgage for X amount for the piece o…

In his case Bank of America attempted to forclose on a house he bought after he bought it.
Post reply on HN