Wells Fargo Hit with $1B in Fines • Hacker News Board

Re: Wells Fargo Hit with $1B in Fines

#291

Post by ensignavenger » Fri, Apr 20, 2018, 10:00 PM UTC

kylehotchkiss wrote: post #186

theossuary wrote: post #177

Earlier quoted context omitted.

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.

I was hopeful simple would have become this magic solution but they just released the concept of savings funds that transactions won't pull from after waiting seemingly 7 years for it. Along with their strange "no long term travel" policy, I'd wouldn't recommend their service for anybody outside out college.

I've been Simple customer for years- never heard of this "no long term travel" policy- can you elaborate?

Edit: I just looked, and they indeed state that they may have close your account if you are traveling for "a very long time" or moving out of the country... odd, I wonder what their definition of "a very long time" is?

Re: Wells Fargo Hit with $1B in Fines

#292

Post by eanzenberg » Fri, Apr 20, 2018, 10:03 PM UTC

yjftsjthsd-h wrote: post #275

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…

> Eventually, they told me I would just have to find a different bank, and they were closing my account in 7 days, and they were going to keep any money left in the account at that point. Is that even legal? If so it sounds like an extraordinary loophole.

Doubt that's legal. I've had a few hundred bucks I lost track of in an ING account a decade ago that I was able to collect through CA collections. They can't just keep it. Smells super shady.

Re: Wells Fargo Hit with $1B in Fines

#293

Post by belorn » Fri, Apr 20, 2018, 10:05 PM UTC

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 Sweden bank provide two forms of services. All digital services which is what they are strongly pushing for, and ATM machines where customers withdraws (with a max of $1500 per week) and store owners can deposits in a few special machines in the "large" cities. Practically no office deal with cash and the few remaining is purely for consultations.

Through all this digitization and cost savings the numbers of banks has gone down. From a infrastructure perspective it has never been as cheap and easy to start up a bank, and yet what we see is the opposite. Now why do we not see new competition in banking?

Re: Wells Fargo Hit with $1B in Fines

#294

Post by ensignavenger » Fri, Apr 20, 2018, 10:08 PM UTC

Klathmon wrote: post #290

ensignavenger wrote: post #286

Earlier quoted context omitted.

As part of your disclosures, lenders that plan to sell your loan will usually be required to disclose this fact, so you can deal with a lender that keeps their loans in house. The last house I bought the company disclosed that they might sell the loan, but they remain the servicer on the loan, so I don't even know who owns it.

Since then I've bought 2 houses, and both mortgage companies I've worked with had that clause. Is it actually possible to find someone who won't? Or is it just a false sense of choice like the ability to "choose an ISP that says they won't sell your information"?

Some small community banks maybe? Some banks keep at least a portion of their loans in house. In some cases they may still have that clause in case they decide to sell it later, even if they plan to keep it in house.

Re: Wells Fargo Hit with $1B in Fines

#295

Post by haZard_OS » Fri, Apr 20, 2018, 10:14 PM UTC

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…

Agreed. I rely mostly on my credit union for financial matters and eschew large banks whenever possible. The service I get at my credit union and a local bank (that I won't name for obvious reasons) is light-years ahead of what I have received in the past from larger institutions.

Re: Wells Fargo Hit with $1B in Fines

#296

Post by kolinko » Fri, Apr 20, 2018, 10:17 PM UTC

heurist wrote: post #38

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…

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…

Quite amazing how backwards US is in this manner.

I had an account with exactly this functionality ~18 years ago (sic!) in Poland already. All three bank accounts I have in Poland right now offer that - and I think it's the standard in the mainstream ones.

Re: Wells Fargo Hit with $1B in Fines

#297

Post by henrikschroder » Fri, Apr 20, 2018, 10:21 PM UTC

ensignavenger wrote: post #282

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…

It really shouldn't be relevant. Your title company will usually handle closing (apparently where you are form the agent does this? Here, the agent usually helps you so you don't have to deal with the title company, but the title company is responsible), and they will deal with the previous mortgage company. Usually you should have title insurance in case a problem does crop up (required for most lenders)- and your t…

Title company? Title insurance?!? A third-party for-profit company handles some aspect of the transfer of property, instead of, you know, government? And in case this third party fucks up, you need to pay for insurance?!?

Jesus.

Re: Wells Fargo Hit with $1B in Fines

#298

Post by maxxxxx » Fri, Apr 20, 2018, 10:24 PM UTC

aeorgnoieang wrote: post #144

black6 wrote: post #48

Earlier quoted context omitted.

The repeal of the Glass-Steagall legislation (Banking Act of 1933) in 1999 deregulated and allowed banks to act as investment, commercial, and retail at will. That deregulation doomed us to the financial crisis a decade later and the "too-big-to-fail" atrocity that ensued.

That's not supported by the evidence from what I've read.

The bailouts certainly would have been easier if retail and investment banking had been separate. With the current state the investment bankers can hold everyone hostage because they may also blow up regular bank accounts.

Re: Wells Fargo Hit with $1B in Fines

#299

Post by icantdrive55 » Fri, Apr 20, 2018, 10:29 PM UTC

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…

1. In the US, becoming a Realator is 8 courses, and two years "experience". In California, up until a few years ago you didn't need any experience if you had a four year degree. (The added mandatory experience requirement was not necessary. It just cut back on the number of Broker's Licenses issued. Making the best looking real estate cheerleader just more wealthy. Will explain in more detail below.)

2. In all honestly, the Realator should have been retired by now.

3. They basically just hold your hand while collecting 3 percent on the biggest purchase of your life. That's full commission. Supposedly, paying full commission gets you a better deal?

4. I believe the biggest assent any agent possesses is a great Ommission & Error Insurance policy.

5. Yea--I do have gripes about the whole industry.

6. But if you are a foreigner, a Realtor is indispensable. In this wonderful country, we allow anyone, to buy up our Land with a phone call. It irks me to no end. We have strict immigration laws, but allow rich people to buy our Land? As I step over homeless, and see huge empty houses; I just want to scream.

7. Just letting off steam. As to a good mortgage, they all supposedly have a "guy", but do your homework.

(The experience requirement was lobbied to limit the number of Broker's licenses out there. Their wasen't any evidence experience made any difference, but Gov. Brown fell for the ploy. Ironically, Governor Schwartznegger didn't cave into the lobby effort. He saw no problem in the industry, and making it difficult to obtain a Broker's licence as anti-commpetive. I stopped looking at party affiliation when he did what was ethical/moral. Arnold wasen't a bad politician. I didn't appreciate him at the time, but I do now.)

Re: Wells Fargo Hit with $1B in Fines

#300

Post by maxxxxx » Fri, Apr 20, 2018, 10:29 PM UTC

saalweachter wrote: post #85

guelo wrote: post #30

Earlier quoted context omitted.

That deregulation already happened a month or two ago. But it's bullshit because the banks were awful before Dodd Frank too. What Obama should have done during the crisis is nationalize the failing big banks instead of bailing them out and then broken them down into a hundred little banks and sold them off.

The Emergency Economic Stabilization Act was enacted October 3, 2008, a month and a day before the election and nearly four months before Obama was inaugurated as President. While both McCain and Obama voted in favor of the act, and issued a joint statement in favor of the action as Presidential candidates, that part of the crisis was over and done with before he took office.

I remember a thing on Frontline about the banking crisis where they described a meeting with Obama and the bankers where the bankers were pretty much ready for big concessions. Obama instead didn't do anything and let that opportunity go. He did the same when the Obamacare negotiations were going on. Instead of kicking some of his colleagues in the rear he was pretty weak and got weak results. I think he learned from these lessons and became much more assertive over time. It seems most presidents do better in their second term once they have learned the job.